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The Parliament of Canada entered the field with the passage of the Business Profits War Tax Act, 1916 [17] (essentially a tax on larger businesses, chargeable on any accounting periods ending after 1914 and before 1918). [18] It was replaced in 1917 by the Income War Tax Act, 1917 [19] (covering personal and corporate income earned from 1917 ...
The goods and services tax is defined in law at Part IX of the Excise Tax Act.GST is levied on supplies of goods or services purchased in Canada and includes most products, except certain politically sensitive essentials such as groceries, residential rent, medical services, and services such as financial services.
The Government of Canada collects about $5 billion per year in excise taxes on gasoline, diesel, and aviation fuel [21] as well as approximately $1.6 billion per year from GST revenues on gasoline and diesel (net of input tax credits). The Canada Revenue Agency, a part of the government, collects these taxes.
Taxpayer relief is governed by subsection 220(3.1) of the Income Tax Act and section 281.1 of the Excise Tax Act. It gives the CRA the discretion to cancel some penalties and interest, to pay a personal income tax refund after 3 years of the tax return being assessed, and to accept late-filed elections. [63]
An Act to amend the Income Tax Act and related statutes, and to amend the Canada Pension Plan, the Unemployment Insurance Act, 1971, the Financial Administration Act and the Petroleum and Gas Revenue Tax Act, S.C. 1986, c. 6; An Act to amend the Excise Tax Act and the Excise Act and to amend other Acts in consequence thereof, S.C. 1986, c. 9
The budget announced an increase on the excise taxes of alcohol, tobacco and other products: [7] [9] Excise on alcohol and wine were increased by $0.11 and $0.439 per bottle respectively; Excise on beer was increased by $0.01 per bottle; Excise on tobacco was increase by 10%, or $0.025 per pack of 20 cigarettes.
Income tax measures were implemented through Bill C-59 which was read a third time and passed on 21 February 1995 in a 129–64 vote [11] and received royal assent on 26 March 1995 [12] whereas changes announced in the 8 February Statement and the reduction of the GST input tax credits claimable on meal and entertainment expenses is legislated ...
Canadian gift tax guide: a commentary on taxability of gifts under the Income tax act, Estate tax act, the Succession duty acts of British Columbia, Ontario and Quebec, and Sales and Use tax statutes (2nd ed.). Don Mills: CCH Canadian Limited. 1968.
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