Category Archives: tax

Concerning about Tax Shark

This is what is known as the “progressive tax system” which is how the tax code of Canada is constructed. If all income tax rates are flat, which means that the percentage of taxes paid is the same irrespective of how much money you earn, this strategy would not apply in the same manner. Timing is important in a progressive system because if you claim $100,000 in revenue in a single year, you will pay more taxes than claiming $100,000 in revenue spread over two years. Do you want to learn more? Visit Tax Shark.You will pay fewer tax dollars if you have the option of claiming revenue over more tax periods. Are you getting a refund for the tax? Whatever is deducted throughout the year is then matched with a calculation at the end of the tax period, using the idea of the annual period.If you have paid more than you are required to pay over the entire period, you will receive a refund. If you paid less than the amount required, when the end of the period arrives, you would have to pay an additional payment. If you deduct a lot of taxes in advance, you will be more likely to receive a refund. The downside is that the interest on the money is not earned. Interest rates are very low now, so this may not be worth thinking about, but it will be more expensive to give the government cash in advance as rates increase. If you are a knowledgeable investor, and you can invest these taxes for a portion of the year before sending them to the government, you would not otherwise have been able to generate this revenue. If at the end of the year you pay an additional payment, you hold on to your money longer. Other factors to consider in this regard are whether it is disruptive to your cash flow to pay a larger tax payment at the end of the tax year.