The tax system wasn't built with women in mind, but there are still many useful tax breaks for people in social roles dominated by women. Here are some useful pointers by Huffington Post’s Daniel Tencer.
- If you have kids, make sure you file for the Canada Child Benefit, one of the most generous such benefits in the developed world.
- Many medical expenses can be deducted.
- Apply for the Canada Caregiver Credit if that applies to your situation.
- If you are a single parent, don’t forgo child support; You don’t pay taxes on it.
- Max out your TFSA before you RRSP, especially if you are a lower income earner.
- If you expect to live long in retirement, consider delaying on collecting CPP and OAS.
Source: https://www.huffingtonpost.ca/2019/03/15/women-tax-fiiling-canada_a_23693324/?utm_hp_ref=ca-business
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