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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by permitting you to subtract when you start an expense from your income, before calculating the amount tax you'll want to pay. Today, the contemporary deductions possess to or the larger the deductions, the your taxable income. Also, much better you lower taxable income the less exposure you will be required to the higher tax rates in bigger income mounting brackets. As you read earlier, Canada's tax system is progressive hence you the more you earn, the higher the tax rate. Cutting your taxable income minimizes the amount of tax payable.

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