The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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6 Ways to Save Money On Your Taxes
– ratesupermarket.ca
Canadians either love or dread tax season. Taxes are typically due in April; however, the 2019 tax filing deadline has been extended to June 1, 2020, for individuals and certain trusts. The extension may give taxpayers more time to review their returns, carefully scanning for benefits and ensuring potential deductions are not missed.
While taxes tend to be more complicated for those who are self-employed like freelancers, or small business owners, tax relief may come in the form of business cost deductions. For those finding themselves working from home during the COVID-19 pandemic, similar deductions may be possible next tax season.
Here are six ways you may be able to save money on your taxes.
1. The Canada Employment Amount
The Canada employment amount — once known as the employment tax credit — is designed to help offset a small portion of work-related expenses incurred by employees. For example, home computers, uniforms and supplies may fall under this category. For the 2019 tax year, the amount is calculated as the lesser of $1,222 or the amount of income you made during the year…
