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Tax-Savvy Strategies: Maximizing Your CRA Returns

                                                         As the tax season looms, Canadians are reminded of the April 30 deadline for filing and payment to avoid penalties from the Canada Revenue Agency (CRA). To ensure a smooth tax experience and potentially increase your returns, here are some key strategies: RRSP Contributions : Ensure you report any contributions made to your Registered Retirement Savings Plan (RRSP) within the first 60 days of the year to qualify for a tax refund. First Home Savings Account : Take advantage of the new First Home Savings Account (FHSA) for tax-deductible contributions and tax-free withdrawals for your first home’s down payment. Medical Expense Tax Credit : Families can claim the non-refundable medical expense tax credit if their total medical expenses exceed the lesser of $2,635 or 3% of net income. Home Office Expenses : Remote workers can claim home office expenses, though the flat-rate method is no longer available; detailed tracking is required
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