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Tax Accountant Mississauga – How to Save Taxes

Are you paying too much tax? As a tax accountant, I can reduce the tax you pay. There are several tax strategies available to reduce the taxes payable by individuals, business owners and investors. Please refer to few of the following strategies to reduce the personal tax.

1) Association or Professional Fees

Fees paid to a professional association is deductible to reduce your income. For example fees paid to Institution of Engineers of Ontario, Ontario Nursers Association, Royal College of Physicians and Surgeons Of Canada and many other association fees are deductible.

2) RRSP contribution

This is very popular strategy used by everyone. However, it may not be suitable for all. Therefore consult your Tax Consultant to determine if you should be contribution to your RRSP.

3) Making your interest payments tax deductible

Interest on money borrowed for investment purpose is deductible against your income. If you have investments outside your RRSP, consult your Tax Consultant to determine if you can restructure your investments so that the interest can be deductible.

4) Donate to your favorite Charity

This will not reduce your income, but you will get tax credit for your donation. Generally you will get about 40% of the amount you donate to a Charity. The Charity must have been registered with Canada Revenue Agency and the receipt should indicate the Charity registration number.

5) Tuition Payments

If you incur tuition fees paid to a post secondary college or University, you can claim a tax credit for the tuition fees. In addition you can get tax credit for additional $400 per each month you were studying.

If you pay examination fees paid to take an occupational, trade or professional examination that is required to obtain a professional status is now deductible.

Further the minimum duration of courses taken at a university outside Canada has been reduced to three consecutive weeks from 13 weeks.

About the Author – Tax Accountant Mississauga

The author is a Tax Accountant in Mississauga, Ontario, Canada.  He enjoys working with individuals, business owners  and investors.

While his expertise is in the area of taxation, his accounting firm, Tax One Centre offers many services, including wealth planning, corporate tax return, government grants and tax credit applications, personal tax return and tax advice.

 


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