Tax Terminology – the 3 most important tax terms to remember

by in Tax Advice Information and Updates
As tax payers, here are the 3 most important tax terms we need to remember as we prepare our returns:

  •  Tax Deductions are deductions to your income.  Tax Deductions lower your income.  The lower your income, the lower tax you pay.

  • Tax Credits are credits against your tax owing.  Tax Credits are amounts that are deducted from your tax payable. They do not affect your income.

  •  Tax Benefits are amounts paid to you in the form of cheques or through direct deposit.  These include the Child Tax Benefit, Universal Child Care Benefit or Personal GST Cheques. 

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