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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] Legislation administered by the CRA includes the Income ...
NETFILE. NETFILE is a transmission service that allows eligible Canadians to submit their personal income tax return to the Canada Revenue Agency using the Internet. Tax returns filed via NETFILE must first be prepared using a NETFILE-certified product. The software or Web application produces a .tax file, which must then be uploaded to the CRA ...
The Canada Emergency Business Account (CEBA; French: Compte d'urgence pour les entreprises canadiennes) provides emergency interest-free loans to small businesses and nonprofit organizations during the COVID-19 pandemic. [47] The aim of this program is to ensure that these businesses have access to sufficient capital to remain solvent during ...
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Interac Direct Payment (IDP) Interac Direct Payment (IDP) is Canada's national debit card service for purchasing of goods and services. In 1990 Interac launched a new pilot called Interac Direct Payments. Customers enter their personal identification number (PIN) and the amount paid is deducted from either their chequing or savings accounts.
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.
The goods and services tax [1] ( GST; French: Taxe sur les produits et services) is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney. The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST).
The general corporate tax rate on business income—the net tax rate after the general tax reduction, is 15%. [1] For Canadian-Controlled Private Corporations (CCPCs)s eligible Small Business Deduction (SBD), the net tax rate 9% as of January 1, 2019. [1] The provinces or territories have a dual rate—a lower rate and a higher rate which is ...