ALL >> Business >> View Article
Taxation System In Canada
Total Articles: 49
Every Government wants to improve all the facilities and amenities it provides in the country it governs. Government imposes certain taxes on its citizens in order to earn money and use the money given by the people in a constructive way for the people, and Canada is no exception. Canadian tax is a shared responsibility between the federal government and the various provincial and territorial legislatures thus converging money given by its citizens in order to uplift the overall status of the country by improving the socio economic status and helping the citizens get a better life in a beautiful country.
Canadian tax involves different levels of government to fund their programs and services. The three levels of taxation are: 1) Federal which is done by the Canada Revenue Agency, 2) Provincial / Territorial which is done by the respective provincial / territorial finance or revenue departments, and 3) Municipal which is done by the local government.
Various types of taxes are levied by the government on consumers, employees, and businesses. The basic forms include 1) Income tax which is obtained from an individual's salary or a corporation's business revenues, 2) Consumer (retail or sales taxes) and Excise taxes, levied on the production, sale, or consumption of goods and services 3) Property taxes, obtained from the sale and transfer of property. 4) Import / Export, depending upon the exchange of goods across the border
The total amount of tax which a citizen of Canada pays revolves around certain factors which one must keep in his mind. Such factors include 1) the employment income of the citizen i.e. how heavy does your pocket get every month. 2) Your location of stay which includes details like your state, city, and house type whether owned or rented. 3) If you are eligible to declare any deductions which means to reduce your taxable amount by subtracting an amount for your income. 4) The products which a person uses along with the consumption taxes associated with it.
If you are not a green card holding citizen staying in Canada, still you would be liable to pay the nonresident tax if 1) you normally, customarily, or routinely live in another country and are not considered a resident of Canada. 2) You do not have significant residential ties in Canada and you live outside Canada throughout the tax year or you stay in Canada for less than 183 days in a particular tax year. Under the nonresident tax application in Canada, a person if is found liable to pay taxes, then the individual pays taxes on the income he receives from the sources in Canada. The type of tax a person pays and the requirement to file an income tax return depend on the type of income the person receives. Usually, Canadian income received by a non-resident is subject to Part XIII tax or Part I tax of the Canadian Government.
Thus, we must all abide by the rules of the government and pay our taxes regularly
Josep Guardiola is a Toronto tax specialist, who practices as an independent canadian tax consultant. He is providing lots of information about how to manage Offshore trust. In this article you can find details information about nonresident tax. For more information visit taxca.com.
Business Articles1. Finding The Right Camera Bag Could Be Easy With The Discussed Tips
2. Contact The Right Audience And Executives With Pharmaceutical Companies Mailing List
Author: Jane Cannon
3. Understanding The Relevance Of Real Estate Services In 2018
Author: James Hopkins
4. Get Access To Highly Focused Quickbooks Users Email List
Author: Andrew Rayel
5. What Happiness Means To You- Certified Quantum Suc
Author: Christy Whitman
6. Some Very Basic Tricks To Get Your Accounting Right
7. Accounting Service For A Small Business Confirm A Smooth Running
8. Injured By A Drunk Driver Here’s What To Do
9. You Have To Visit The Bank's Site On The Web And Fill In The Application
Author: Brandon Jones
10. Bed Bug Treatment That's Effective And Affordable
Author: Steve Stein
11. Here Are 5 Tips That Will Keep
12. Here’s All That Your Angry Customers Want Your Business To Learn!
Author: Surabhi Joshi
13. Plastic Model Aircraft
14. An Ultimate Guide To Chlorinated Polyethylene And Its Properties
15. Schramsberg Blanc De Blancs 2012