Difference Between Taxes
Which taxes have tax rates that change often?
Provincial Taxes
What is income?
Income is the money or earnings that an individual or entity receives from various sources, such as employment, investments, or business activities.
This type of tax collected by Canadian provinces helps to maintain and build these, which include highways and public transit systems.
Infrastructure
What is the tax deduction of someone with an income of $54,000
15%
More than twice as much _____ tax revenue is collected in Canada than corporate tax revenue
Personal
Which taxes have higher tax rates?
Federal Taxes
What are deductions?
Deductions refer to the specific amounts subtracted or reduced from one's income to calculate taxable income or final pay.
Fill in the blank: In Canada, ______ taxes are levied on the profits earned by corporations, while ______ taxes are collected based on individual income.
business and personal
What is a service Federal tax funds?
healthcare, education, and roads and bridges
In an average year, the top 102 Canadian corporations pay $10.5 billion ____ than they would if they paid tax at the official corporate tax rate.
In an average year, the top 102 Canadian corporations pay $10.5 billion less than they would if they paid tax at the official corporate tax rate.
Do business taxes involve personal income?
No
What are examples of people in positions that have to pay professional membership dues
Doctors and Medical Professionals, Lawyers, Engineers, Accountants, teachers and educators etc...
Multiple Choice: Which of the following services is funded by provincial taxes in Canada?
A) Military Defense
B) National Parks
C) Public Schools
D) Border Security
c) Public Schools
What is a service income tax fund?
public education, military, and healthcare
What significance does the year 1650 hold in Canadian tax history?
This is the year of Canada’s first recorded tax. This was an export tax on beaver pelts and moose hides in New France.
What type of files do people pay for personal taxes?
T1 tax return forms
The federal government takes off which types of taxes every pay period?
They take federal income tax, employment insurance, and Canada Pension Plan (CPP) from your paycheck every pay period.
This essential service, which includes emergency care and preventive medicine, is a primary beneficiary of provincial tax revenue.
Public healthcare
What does CRA stand for?
Canadian Revenue Agency
Define what taxes are
Money that individuals as well as businesses pay to the government is known as taxes.
What type of file do people pay for business taxes?
T2 tax return forms
Provide an example of employer deductions and one example of government deductions.
Government Deductions:
Canadian income tax
Canada Pension Plan (CPP) Contributions
Employment Insurance (EI) Contributions
Employer Deductions:
Pension contributions
Union Dues
Employee Benefits, including:
Life insurance premiums
Short & Long-Term disability premiums
Health insurance premiums
Dental Insurance
Group retirement savings plan
Charitable donations
True or False: The Goods and Services Tax (GST) in Canada, introduced in 1991, replaced a tax that was applied at every stage of the production process.
True (The GST replaced the Manufacturer’s Sales Tax, which was a turnover tax.)
What is BPA?
a Canadian taxpayer can earn a certain amount of income before paying any federal taxes
Name 3 things you learned
open-ended