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The Canada Workers Benefit (CWB) is a refundable tax credit in Canada. Introduced in 2007 under the name Workers Income Tax Benefit ( WITB ), it offers tax relief to working low-income individuals and encourages others to enter the workforce. [ 1 ]
In Canada, the entirety of the social provisions of government are called social programs (French: programmes sociaux), as opposed to social welfare in European/British parlance. Like in the United States, welfare in Canada colloquially refers to direct payments to low-income individuals only, and not to healthcare and education spending. [2]
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]
This income is taxed at the shareholder's personal income tax rate, but a part of the tax is offset by a 10.5217% dividend tax credit (for 2017) [18] to reflect the federal tax paid at the corporate level. There are also provincial dividend tax credits at different rates in different provinces.
The Working Income Tax Benefit is a refundable tax credit in Canada introduced in the 2007 Canadian federal budget, similar to the Earned Income Tax Credit (EITC) in the United States. It offers tax relief to working low-income individuals and encourages others to enter the workforce. [9]
Advocacy issues related to finance include the continued stability of the Canada Pension Plan (CPP), the elimination of mandatory withdrawals from Registered Retirement Income Funds (RRIFs), and increased amounts for seniors living in poverty through the Guaranteed Income Supplement (GIS) and enhancement of the CPP survivor benefit.
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This investment tax credit varies depending on the type of renewable energy project; solar, fuel cells ($1500/0.5 kW) and small wind (< 100 kW) are eligible for credit of 30% of the cost of development, with no maximum credit limit; there is a 10% credit for geothermal, microturbines (< 2 MW) and combined heat and power plants (< 50 MW). The ...