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Existing federal social security programs were modified to provide additional financial support to their recipients. Canada Child Benefit payments were given a one-time increase of $300 per child, [3] the Goods and Services Tax (GST) credit for the 2019 tax year was doubled, [4] and personal income tax deadlines for 2019 were extended.
Unlike most bank loans to small businesses, government loans may be unsecured. Loan guarantees – Under the Canadian Small Business Financing Act, [1] the federal government may guarantee a financial institution's loan to a small business, to a maximum of 85 percent. If the borrower defaults on a loan, the bank is protected, and therefore more ...
Social programs in Canada (French: programmes sociaux) include all Canadian government programs designed to give assistance to citizens outside of what the market provides. The Canadian social safety net includes a broad spectrum of programs, many of which are run by the provinces and territories .
The federal GST rate is 5 percent, effective January 1, 2008. The territories of Yukon , Northwest Territories , and Nunavut have no territorial sales taxes, so only the GST is collected. The three northern jurisdictions are partially subsidized by the federal government, and their residents receive some additional tax concessions due to the ...
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 ]
The Canadian SR&ED tax incentive is the government's largest single support program for R&D. Canada has one of the more generous R&D programs among OECD countries. [2] [3] "Each year the SR&ED program provides over $4 billion in investment tax credits (ITCs) to over 18,000 claimants. Of these, about 75% are small businesses."
The government of British Columbia eliminated interest on its student loans on February 19, 2019. The Canadian federal government eliminated interest on its student loans as of April 1, 2023. [8] In September 2010 the amount of student loans owed to the Government of Canada surpassed $15 billion.
The Canadian federal government announced in 2023-24, $94.6 billion to transfer to the provinces and territories through major transfers (Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing), direct targeted support and trust funds), a $7 billion increase from the previous year, 2022-23. [2]