The conversation between human and AI assistant.
Canada I get 10% vacation pay in lump sum once a year and it gets taxed 50% so say it was 8000 I get 4000? Is this right?
I see. Do you know if there are any ways to reduce the amount of tax I have to pay on my vacation pay?
There may be some strategies you could use to minimize your tax burden, such as contributing to a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA). However, it's always best to consult with a tax professional to get personalized advice.