Definitions
A tax system with a constant rate (how much you get taxed is the same no mattar on your salary), usually applied to individual or corporate income
What is flat tax?
Canada has this type of taxation model.
What is Progressive taxation?
A tax collected from one's income
What is Income Tax?
What are some examples of Social programs?
What is public health, pensions, and education.
The divisions at which tax rates change.
What is a Tax Bracket?
A financial charge imposed by government to fund various public services.
What is Tax?
GST and PST combined
What is a PST?
GST - Goods and Services tax
A government that provides some social programs for its citizens would have a mixed economy.
What is true?
A charge for the movement of goods through a political border.
What is tariff?
The amount of this tax depends on the size and value of your house/condo/apartment etc.
What is property tax?
a tax in which the tax rate increases as the taxable amount increases
What is a progressive tax?
A tax on commodities (non-necessities) when they are sold to their final consumer
What is Sales tax?
A government that provides extensive social programs and plays a central role in the economy would appear towards the ____________________ economy side of the economic continuum.
What is Planned economy?
A government agency that collects taxes and administers tax laws for the Government of Canada and for most provinces and territories.
CRA - Canada Revenue Agency
What is the purpose of taxes?
To raise revenue for government spending, fund public institutions, and services.
You do not claim your income and do not pay taxes on your private business.
What is tax evasion?
Jared purchased a soccer ball at Academy Sports and Outdoor. What type of tax will he have to pay?
What is Sales Tax?
Give 2 examples of federal social program.
What are pensions, student loans?
The amount of money earned before payroll taxes are deducted.
What is Gross Income?
The government charges a fee to producers, distributors, and users of fossil fuels based on how much carbon dioxide these fuels emit when they burn. The price is set per tonne of carbon.
What is Carbon Tax?
When could you be exempt from paying taxes?
1. Under Poverty line.
2. You are under 18
Which province is the only on in Canada not to pay PST or HST?
What is Alberta?
Give 2 examples of a provincial social program.
What is income assistance/health care.
If the government spent more money that it had?
What is Deficit?