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Royalty payment. A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and ...
The federal government levies a value-added taxof 5%, called the Goods and Services Tax(GST), and, in five provinces, the Harmonized Sales Tax(HST). The provinces of British Columbia, Saskatchewan, and Manitobalevy a retail sales tax, and Quebeclevies its own value-added tax, which is called the Quebec Sales Tax.
The Income Tax Act, Part I, subparagraph 2 (1), states: "An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year." After the calendar year, Canadian residents file a T1 Tax and Benefit Return [ 5] for individuals.
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Pre-tax deductions are when your employer pulls money out of your check before the IRS gets its claws on its share of your income. Although it would, of course, be nice if you could keep it all ...
Canada Post Corporation ( French: Société canadienne des postes ), trading as Canada Post (French: Postes Canada ), is a Crown corporation that functions as the primary postal operator in Canada . Originally known as Royal Mail Canada (the operating name of the Post Office Department of the Canadian government founded in 1867), the Canada ...
The post-nominal letters are necessary to denote that someone is a privy councillor because in Canada holding a certain office can also allow the use of The Honourable title. Unlike what is done in the United Kingdom, the post-nominals "PC" have precedence over all Crown honours with two notable exceptions: the Victoria Cross ("VC") and the ...
Royalty trust. A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining. However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage (e.g. 90%) of profits are distributed to shareholders as dividends.