Are You Taking Advantage of Tax Credit Available To You?

Are You Taking Advantage of Tax Credit Available To You

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What is a Tax Credit?

A tax credit is a sum dedicated from the total amount of tax you owe to the government. It is one of the best ways to reduce how much you owe the government. The more tax credit you are eligible for the lesser tax you will pay. You can at times receive a refund from the government for paying too much taxes.

Who are Eligible for Tax Credit?

If you are an individual that files yearly tax returns you are eligble for such credits. There are numerous opportunities available to you to reduce how much money you owe the government.

The following are some tax credit available to individuals:

1) Public Transit: If you are using public transit to travel then you are eligible to receive a credit from the government. This is one of the ways the government is providing you with an incentive for reducing your environmental footprint.

2) Child Tax Credit: If you are helping your children stay active and fit, then you deserve a tax break from the government. Enroll your child into an afterschool activity and the government will help offset some of the costs associated with the program.

3) Senior Citizen Tax Credit: If you are a senior citizen and paying property taxes you could be eligible to receive this tax credit.

If you are an ambitious entrepreneur and planning to start your own business you are eligible to write off many of your business expenses. A discussion with your accountant will help you organize your expenses, plan properly for your businesses, and allow you the a successful transition to opening your business.

You are also able to write off many of your expenses if you are an independent contractor.

Canadian Economy

The Canadian economy was able to survive the recent recession better than many other countries because of excellent regulations of financial institutions. Nevertheless, the recession has affected Canadian greatly.

There are less new jobs that are opening up in the market. Individuals have to move further and further to find good jobs. Many Canadians are working two different jobs to make ends meet.

The government has incorporated new tax credit that can be used to help ease the burden of tax on individuals.

If you are moving to a different location because of a job, you could be eligible to write off many of your expenses. This is a great way to help put more money back into your pocket.

Conclusion

The government has been incorporating new tax credit to helps individuals and businesses. Many individuals and businesses have not heard of these credits or fail to inquire about them. By simply inquiring from your bookkeeper about the tax credit that you can receive, you will benefit immensely.

Start developing a comprehensive tax strategy with your bookkeeper and becoming efficient. In these economic times efficiency will lead to greater profits for your organization.

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