For years, banks have not offered competitive savings rates in deposit accounts. This allows them to make a lot more off of your money. With the current high rate of inflation, saving money in a “savings account” costs you about 4-5% in buying power annually (If you’re even getting a “decent” interest rate.) Compounding this over time, it’s losing you a ton of future buying power. If you’re planning to save your way to retirement, plan on being very poor.
What we’re talking about in this post is tax issues for students, what creates taxes, and what documents you need to file them.
Getting your student finances in order will help now – and in the future.
This post will cover some basic strategic moves you can make to have a brighter financial future.
In Canada, the more you make, the more income tax you pay.
The employment expenses tax deduction in Canada is very necessary for working Canadians.
The use of a personal vehicle can be tax deductible for both employees and self-employed individuals.
The working from home tax credit is still available in Canada for your 2021 taxes.
Personal tax credits are programs and incentives that help Canadians save money and reduce tax.
If you have all your documents ready early, you can potentially save a lot of money this tax season.