Reduce/withhold the income tax deduction from my paycheck
Is there a way for me to reduce the amount of provincial and federal income tax deducted from my biweekly pay?
Basically instead of it being deducted when I get my pay, I would like to pay this amount at the end of the year (Apr of the following year) when doing my taxes. This way I have the money in hand and can choose to invest it (even if for short term gains) rather than it sitting with the government.
If this is possible, do I need to pay an interest since the deductions were paid later on?
If this is an absurd question please go easy on me, I don't know much about taxes but was hoping to learn more.
Thanks.
Basically instead of it being deducted when I get my pay, I would like to pay this amount at the end of the year (Apr of the following year) when doing my taxes. This way I have the money in hand and can choose to invest it (even if for short term gains) rather than it sitting with the government.
If this is possible, do I need to pay an interest since the deductions were paid later on?
If this is an absurd question please go easy on me, I don't know much about taxes but was hoping to learn more.
Thanks.