Posted by: newlynew March 4, 2010
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Not much. I always end up owing more during tax return filings. I think there are some deductions for dependents. I am not sure about 5K tax break. There has been crazy residential real estate boom recently in Toronto area. If anything, government is making at least 10% down payment for residential and 20% for commercial real estate purchase as of April.
The biggest break for me is contribution to retirement investment (RRSP). With certain limit, you get tax back on these. But when start drawing on them during your retirment, you get taxed but obviously at the lower rate.
Last edited: 04-Mar-10 10:26 AM