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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).
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. The Canadian Health Transfer increases in line with a three-year moving average of nominal GDP growth, with funding guaranteed to increase by at least 3.0 per cent per year. [3]
The 1990 Canadian federal budget capped the annual growth of the Canada Assistance Plan at 5% for provinces who did not receive equalization payments [note 1] for 1990-91 and 1991-92 fiscal years. That decision was incorporated into the Government Expenditure Restraint Act (C-69) that received royal assent on 1 February 1991.
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 Capital gains tax was first introduced in Canada by Pierre Trudeau and his finance minister Edgar Benson in the 1971 Canadian federal budget. [56] Some exceptions apply, such as selling one's primary residence which may be exempt from taxation. [57] Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed.
The average payment is $114 per player. The Federal Trade Commission has begun distributing refunds to Fortnite players following a settlement with Epic Games over the practice of unwanted purchases.
Most provinces employ a system of federal-provincial agreements whereby the tax is collected on behalf of a province by the federal government. Quebec is the only province that collects provincial personal income taxes by their agency. Thus, Quebec residents file tax returns with both Revenu Québec and the Canada Revenue Agency. Alberta and ...
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