Tips to Reduce Your Taxable Income

We all know the New Year is just around the corner. The end of the year is a time for many to reflect on the past year and plan for the year ahead. It’s also a good time to get ready for tax season. If you think you might owe the taxman some money (like I do this year!), there are some things you can consider doing to reduce the amount you owe. What’s the catch? You need to squeeze them in before December 31st. Here are some end-of-year tax tips courtesy of H&R Block Canada. 

EOY Tax Tip infographic English

Note: Please speak to your local H&R Block office to see if these tips and others are applicable to your individual situation.

 

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About Kayla

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

Comments

  1. I really loved the poster…nice touch. I live in Japan, but still filling under my USA status. Shout out to New Jersey. Every year when its time for me to file my taxes I always wished that I had taking the time to research what would had put money back in my pocket. Hopefully next year I will not have that thought, but thanks for the tips.

    • Petrish, what an interesting tax situation – living in one place and filing in another. I hire an accountant for my tax purposes because I don’t know too much about how the rules and regs work. But I do try to contact my accountant in early December to see what my situation is looking like and if I need to do anything before the end of the year.

  2. Since your list is from H&R Block Canada (shout out to Canada) I would also suggest putting money in a RRSP. You will be taxed when you remove the money when you retire, but considering most people are in lower tax brackets when that happens, it shouldn’t be too high. I moved up one tax bracket with a raise this year and this will lower it.

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