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The Canada Revenue Agency ( CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
Taxation. Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
The Canada Health Transfer is made up of a cash transfer and tax transfer. In 2016-17, cash transfer payments from the federal government to the provinces and territories were $36.1 billion and tax point transfers were worth -$4.3 billion.
Legislation. Under the Constitution Act, 1867, taxation powers are vested in the Parliament of Canada under s. 91 (3) for: 3. The raising of Money by any Mode or System of Taxation. The provincial legislatures have a more restricted authority under ss. 92 (2) and 92 (9) for: 2. Direct Taxation within the Province in order to the raising of a ...
Tax returns in Canada. Tax returns in Canada refer to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information ...
A registered retirement income fund ( RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency .
There is a 5% tax on lodging and 5% tax on hotel room fees. New Brunswick: HST: 10: 15 The HST was increased two points to 10% with an overall tax of 15% on July 1, 2016. Newfoundland and Labrador: HST: 10 15 The HST was increased two points to 10% with an overall tax of 15% on July 1, 2016. Northwest Territories: GST: 0: 5 Nova Scotia: HST: 10: 15
The tax is a 5% tax imposed on the supply of goods and services that are purchased in Canada, except certain items that are either "exempt" or "zero-rated": For tax-free — i.e., "zero-rated" — sales, GST is charged by suppliers at a rate of 0% so effectively there is no GST collected. However, when a supplier makes a zero-rated supply, it ...
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