Tax season is upon us.
COVID-19 support for taxes for 2021 tax year, including home office expenses and the temporary rate with the maximum deduction rising to $5000, as well as Canada’s Workers’ Benefits.
As the calendar flips over to February, people are preparing for March first RRSP contribution deadline.
National Tax Specialist with Ufile Gerry Vetrattos says the benefits of RRSP is that your getting a tax deduction based on the amount on your contribution.
He says if you make $50,000 and contributes $5,000 you are only getting taxed on $45,000 which is a big benefit as your reducing your tax on your contribution.