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Avoid taxes but don’t evade taxes
Views: 409 What is the difference between avoiding and evading taxes. Avoiding taxes involves legally restructuring your finances and affairs to reduce taxes or increase tax deductions. In Canada, you can claim deductions for eligible medical expenses, educational expenses, and monthly public transportation. If you don’t claim the deductions, you would simply end up paying more in taxes. You can avoid paying taxes on a certain percentage of your income by investing the money in a registered savings account. Tax evasion is illegal. It involves “attempting” to reduce taxes by illegal means such as destroying financial records or making false …
