Search results
Results from the WOW.Com Content Network
The Canada Health Transfer is made up of a cash transfer and tax transfer. In 2016-17, cash transfer payments from the federal government to the provinces and territories were $36.1 billion and tax point transfers were worth -$4.3 billion.
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).
Equalization payments are one example of what are often collectively referred to in Canada as "transfer payments", a term used in other jurisdictions to refer to cash payments to individuals (see Canadian Transfer Payments). In fact, there are four types of federal transfers to provinces and territories: the Canada Health Transfer (CHT), the ...
Land transfer tax is due upon the closing of a transfer of property and is calculated based on the market value of the property at a marginal tax rate, although exceptions are determined on a provincial level. Toronto has the highest land transfer tax rates in Canada as it levies an additional land transfer tax equal in value to the Ontario ...
Canada Health Transfer payments by year since FY2005. Unlike Equalization payments, which are unconditional, the CHT is a block transfer; the funds must be used by provinces and territories for the purposes of "maintaining the national criteria" for publicly provided health care in Canada (as set out in the Canada Health Act).
Canada Revenue Agency collects personal income taxes for agreeing provinces/territories and remits the revenues to the respective governments. The provincial/territorial tax forms are distributed with the federal tax forms, and the taxpayer need make only one payment—to CRA—for both types of tax. Similarly, if a taxpayer is to receive a ...
In all provinces where the provincial sales tax is collected, the tax is imposed on the sale price without GST (in the past, in Quebec and in Prince Edward Island, PST was applied to the combined sum of sale price and GST). Of the provincial sales taxes, only the QST (and the HST) are value-added; the rest are cascading taxes.
The Canada Health and Social Transfer (CHST) was a system of block transfer payments from the Canadian government to provincial governments to pay for health care, post-secondary education and welfare, in place from the 1996–97 fiscal year until the 2004–05 fiscal year.