Search results
Results from the WOW.Com Content Network
A province may choose to opt out of the Canada Pension Plan, as Quebec did in 1965, but must offer a comparable plan to its residents. [5]: §3(1) Any province may establish an additional or supplementary plan anytime, as under section 94A of the Canadian Constitution, pensions are a provincial responsibility.
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
The RCA provisions were set up in 1986 by the CRA as part of pension tax reform to ensure a comprehensive limit on tax assistance provided under employer sponsored pension plans and RRSPs. The RCA rules are an anti-tax avoidance scheme that are meant to eliminate the earning of income on tax deferred employer contributions.
The amount of OAS payment depends on how long the applicant has lived in Canada after the age of 18, whether or not they require financial assistance (being automatically reduced to zero above specified income thresholds). The Guaranteed Income Supplement (GIS) is a supplement to the OAS payment for very low-income and at-risk seniors.
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans.
The Ontario Pension Board in Canada is an independent organization responsible for administering defined-benefit pensions for certain employees of the provincial government and its agencies, boards, and commissions.
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 ]
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 .