Search results
Results from the WOW.Com Content Network
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost).
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).
Both the federal and provincial governments have imposed income taxes on individuals, and these are the most significant sources of revenue for those levels of government accounting for over 45% of tax revenue. The federal government charges the bulk of income taxes with the provinces charging a somewhat lower percentage, except in Quebec.
Government revenue or national revenue is money received by a government from taxes and non-tax sources to enable it, assuming full resource employment, to undertake non-inflationary public expenditure. Government revenue as well as government spending are components of the government budget and important tools of the government's fiscal policy.
While intended to be a temporary measure at first, the federal government has since continued to levy personal income taxes, and are now the largest source of revenue for the federal government. [11] Both Inland Revenue and Customs were eventually merged into a single department, Customs and Excise, between 1918 and 1927.
Canadian federal income taxes, both personal and corporate income taxes, are levied under the provisions of the Income Tax Act. [2] Provincial and territorial income taxes are levied under various provincial statutes. The Canadian income tax system is a self-assessment regime. Taxpayers assess their tax liability by filing a return with the CRA ...
A simple examination of expenditures does not do justice to the complex relationships between the federal government and the states and localities. In some cases, the federal government pays [16] for a program and gives broad discretion to the states as to how to carry out the mandate. In other cases, the federal government essentially dictates ...
The reform is part of a proposed National Child Benefit (NCB) System based on collaboration between federal, provincial and territorial governments whereas the federal government strengthen the federal benefit and provincial and territorial government can provide additional benefits and services to low-income families. [6]