I usually spring-clean my personal finances during the year-end period. One of the items on the agenda include taking the necessary actions this year to reduce my personal income tax for the next year. To my pleasant surprise, a move to a higher-paying job and the depletion of the parenthood tax rebates meant that I was facing my highest tax bill ever since I entered the workforce! Of course this is a happy problem but this still prompted me to explore all ways on how I could reduce my tax bill. This is what I did this year to reduce my income tax.
1. STRATEGIC USE OF THE TAX RELIEFS GIVEN TO PARENTS
As parents, we are entitled to additional tax reliefs. My daughter Olympia was born in 2018 and the $5,000 Parenthood Tax Rebates given for the first child quickly ran out by 2020.
Since my wife is gainfully employed, she is entitled to the Working Mother Child Relief as well as the