Saver’s Tax Credit

Saving for your retirement plan may not always be a priority. However, there is an added incentive to save for retirement in the form of a non-refundable tax credit known as “the saver’s tax credit”. A tax credit reduces the amount of tax you owe, unlike a tax deduction which only reduces the amount of your taxable income. A tax credit is a dollar-for-dollar reduction of taxes owed.

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