young adult having to pay taxes what else can be looked at to reduce this amount

[sylvie-manning]

freshly graduated student having to pay taxes

[SaschaH]

Hello, here are some tax credits that may be relevant to you as a recent graduate:

• RRSP Contributions: As mentioned above, these are deductible from your income.

• First Home Savings Account (FHSA) Contributions: If you are a first-time home buyer, contributions to an FHSA are also tax-deductible, similar to RRSPs. Withdrawals to purchase a qualifying first home are tax-free. There are annual and lifetime contribution limits.

• Moving Expenses: If you meet the criteria, these are also deductible.

• Interest Paid on Student Loans: While a non-refundable credit, the amount of interest paid is a deduction used to calculate the credit.

• Union Dues and Professional Dues: If you paid these as part of your employment, you can deduct them.

• Employment Expenses: If your employer requires you to pay for certain work-related expenses that are not reimbursed, you may be able to deduct them. You'll typically need your employer to complete Form T2200, Declaration of Conditions of Employment.

Tax deductions reduce your taxable income, which in turn lowers the amount of tax you have to pay.

Hope that was helpful.