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No matter how much you hate paying taxes to the Canada Revenue Agency (CRA) every year, you can’t be delinquent in your tax obligations. Late filing will cost you already, but not paying at all is a criminal offence. Tax evasion or intentionally ignoring Canada’s tax laws has serious consequences.
However, Canadian taxpayers have ways to lessen the impact of the compulsory financial charge of the government. You can do some nifty moves or tricks using the available tax-advantaged and tax-sheltered accounts. The Tax-Free Savings Account (TFSA) and Registered Retirement Savings Plan (RRSP) are excellent tools to offset tax payables.