Common tax deductions and credits for individuals

As tax season is in full swing, let's take a look at the most common tax deductions and credits in Canada for individuals A tax deduction offsets your taxable income, whereas a tax credit offsets your tax payable. Tax credits are either refundable or non-refundable. A refundable tax credit will both decrease your tax payable …

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After filing your tax return

Most Canadians don’t really give much thought about what happens once they have filled their taxes with C.R.A. Besides issuing refunds or collecting owed amounts, there are a few steps in between that could impact you. Pre-assessment review: right after you file, the deductions and credits you claim are reviewed to issue your Notice of …

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Large tax refunds aren’t that great

Every year, at the same period, it is the great race to the tax refund. Everybody hopes for and wants one; the bigger, the better.