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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 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).
The provinces of British Columbia, Saskatchewan, and Manitoba levy a retail sales tax, and Quebec levies its own value-added tax, which is called the Quebec Sales Tax. The province of Alberta and the territories of Nunavut , Yukon , and Northwest Territories do not levy sales taxes of their own.
Income statistics by census metropolitan area (CMA) are published: every 5 years for households (data from the Census of Population) annually for economic families, for select CMAs (data from the Canadian Income Survey) annually for census families (data from the T1 Family File) The income concept for this article is total income. [4]
The British Columbia Basic Income Expert Panel Report assesses a basic income for British Columbia. Among the types of basic income examined is a universal basic income (UBI). The BC Green Party made a study of basic income a requirement before it would support the NDP's minority government and, in July 2018, the BC Basic Income Expert Panel ...
The report of the British Columbia Expert Panel on Basic Income “Covering All the Basics: Reforms for a More Just Society” was released on 28 January 2021. It provides a comprehensive assessment of data on low-income earners and income supports in British Columbia (BC) and Canada, and a summary of state-of-the-art research on basic income programs.
Non-residents may have to file a tax return under certain circumstances where they directly earn income in Canada, which can be rental payments, stock dividends, or royalties that a non-resident earns in Canada during a given tax year. [39] Income is generally reported through the T-series forms, with the number corresponding with a specific ...
The case dated back to July 2002, when a company used a tax planning structure that resulted in the company avoiding paying $1,175,249 of tax on the "taxable capital gain that would otherwise have been taxed in B.C." [34] At that time, there was a capital gains tax in British Columbia on the sale of shares.