Tax season is now upon us.
COVID-19 support measures for taxes continue for the 2021 tax year, including home office expenses and the temporary flat rate, with the maximum deduction rising to $500, as well as the Canada Workers’ Benefit.
As the calendar flips over to February, people are preparing for the March 1st RRSP contribution deadline.
National Tax Specialist with UFile, Gerry Vittoratos, says the benefits of RRSPs is that you’re getting a tax deduction based on the amount of your contribution.
He says if you make $50,000 and contribute $5,000, you are only getting taxed on $45,000 which is a big benefit, as you’re reducing your tax by the tax rate on your contribution.
