A total of 29,629,657 returns were filed from February 8, 2021, to August 15, 2021, in Canada.
There are several benefits of filing for income tax returns in Canada. One of the most important ones is that you can claim tax deductions. There are different tax credits and deductions available to help maximize our tax returns.
Here we have listed some effective ways, which will help in boosting disposable income to help you save a lot of money.
The government is constantly changing its tax policy. At times it may get hard to keep up with the guidelines. For this reason, you may need a personal tax services Richmond hill.
1.Prepay Your 2020–21 Expenses
If your company or business is expecting a higher income this year, you can consider prepaying some of your expenses, such as subscriptions, memberships, or insurance.
You can deduct up to a year’s expenses in the current tax year.
2.Give Super Contributions
The lowest tax rate in Canada is 19 percent. But Pre-tax super contributions give 15% income tax relief. A company tax rate of 27.5% is charged; however, you can claim your tax returns on contributions.
3.Rewards to the Employees
At times you may offer rewards or celebrate with your employees. These expenses are about 50 percent deductible. Maximum 6 events can be conducted per year. It also includes entrance fees or tickets to any event or room rentals.
You may use an uber or Lyft; this will make you eligible for claiming GST/HST. But do keep all your parking receipts securely with you.
By focusing on these helpful tax tips, you’ll get a maximum tax return. Since it’s challenging to follow up on everything, you can contact a credible Canadian tax and accounting service provider who will assist you better with all the possible outcomes.
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