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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 ]
Prior to the war, Canadian federal governments relied on tariffs and customs income under the auspices of the National Policy for most of their revenue, and the provincial governments sustained themselves primarily through their management of natural resources (the Prairie Provinces were paid subsidies by the federal government as Ottawa ...
From 1947 to 1971, there was a complicated set of federal-provincial revenue-sharing arrangements, where: [66] In Newfoundland, Prince Edward Island, Nova Scotia, New Brunswick, and Manitoba, the federal government collected estate taxes at full rates, but remitted 75% of the revenues derived from each of those provinces;
The return is the method by which the Canadian government determines the appropriate amount of tax that should be paid by individuals and corporations. The result of filing a return with the federal government can result in either a refund (money owed to the person or corporation filing the return), or an amount due to be paid.
Quebec residents pay 16.5% less federal income tax annually than other Canadian provinces due to the Quebec Abatement. [42] This lower direct income tax for Quebec residents is factored in when the federal government transfers (Canada Health Transfer, Canada Social Transfer and Equalization) funds back to the Quebec government. [42]
The process of creating the budget is a complex one which begins within the working ranks for the Federal Government. Each year, the various departments that make up the Government (for example, Health, Transportation, Foreign Affairs, National Defence, Industry, CRA, etc.) submit what are called 'The Main Estimates' to The Treasury Board ...
The Canadian federal budget for fiscal year 2015–16 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election . The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil ...
In its staff report released in 2019, before the COVID-19 pandemic, the International Monetary Fund says the Canadian federal government experienced favorable economic conditions since the 2018 budget that led to sizeable windfall gains: higher than anticipated revenue collections, lower transfers to households, and lower projected interest rates.