Top 3 Tax Deductions for a LARGER Return!

Income taxes can easily represent one of the highest deductions from one's gross income. In Canada, personal income tax rates can reach levels north of 50% with an income above $120k, crazy! While paying your fair share of taxes is a reality most will be subject to, there are some legal ways to reduce your total taxable income. 1. Registered Retirement Savings Plan (RRSP) contributions are registered investment account contributions that are tax-deductible. This is because the Federal Government allows you to contribute to your RRSP on a pre-tax basis. 2. Student Loan Interest is tax-deductible if received under the Canada Student Loan Act. 3. Charitable contributions will allow you to benefit from a non-refundable tax credit. Once you have benefitted from the above tax deductions, hopefully, you will have a large tax return that you can use to your financial advantage. Here are some things you should consider: 1. Have some self-control 2. Pay off all high-interest debt 3. Build an emergency fund 4. Start investing in the stock market, real estate, or a business venture 5. Maintain momentum! Resources I Use and Recommend: ► Get $25 For FREE with Wealthsimple Trade 🇨🇦💵 (Stock Brokerage): https://wealthsimple.sjv.io/6a3Xb ► Accurately Track Your Stock Market Returns 📊 (Portfolio Tracker): https://www.griffinmilkscourses.com/spreadsheet ► Learn to Invest in the Stock Market 📈 (Full Course): https://www.griffinmilkscourses.com/course ► Get $50 for FREE with Wealthsimple Invest 🤑 (ETF Brokerage): https://wealthsimple.sjv.io/KY7mN ► Get $50 in Free Trades with Questrade 🇨🇦 (Stock Brokerage): http://www.questrade.com?refid=5cc1f638589bf ► Get up to $250 in BTC with BlockFi! 💸 (Free Crypto): https://blockfi.mxuy67.net/c/1442462/907782/10568 ► Get up to 1.25% interest with this savings account 💰 (Savings Account): https://api.fintelconnect.com/t/l/60c8c10b1164cb001dc0b38f Disclaimer: This video contains affiliate links, meaning that if you click on a product link I may receive a commission at no additional cost to you. I do not promote products, services or companies I have not personally used or those which I do not recommend. All opinions are my own.