Offshore Business - Pay Low Tax: Difference between revisions
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Revision as of 06:07, 22 August 2026
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A tax deduction, or "write off" as it's sometimes called, reduces your taxable income by allowing you to subtract the quantity an expense from your income, before calculating how much tax have got to pay. Greater deductions you or the greater the deductions, the reduced your taxable income. Also, extra you reduce your taxable income the less exposure you may need to the higher tax rates in improved income brackets. As you read earlier, Canada's tax system is progressive which means the more you earn, the higher the tax rate. Cutting your taxable income lessens the amount of tax you will pay.
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