BASIC TAX
What is the Canada Revenue Agency (CRA)?
This government agency administers Canada's tax laws and collects most taxes.
What is sales tax (GST/HST/PST)?
This tax is added when you buy most things at the store and is usually 5% or more.
how are taxation and social services connected
both federal and provincial governments collect taxes.
What is the underground economy
The underground economy is the economy that the government cannot foresee.
What is income tax?
This is the money you pay to the government based on how much you earn.
What is gas tax or fuel tax?
When you buy gas for a car, this extra tax is included in the price per litre.
how is tax determined?
money is divided into income brackets that determine the applicable tax rate
What are examples of the underground economy
Black Market, Paying with only cash, Online Marketplaces, that you buy from people with cash , Kijiji, Facebook Marketplace
What is April 30th?
Most Canadians must file their tax return by this date each year.
What is property tax?
Homeowners pay this tax to their city or municipality each year.
what are the 3 types of taxes
regressive, progressive, flat.
What is tax evasion
Underreported income that the government can't see.
What is your Social Insurance Number (SIN)?
This 9-digit number starting with your birth year is needed to file taxes.
What is income tax (or payroll deductions)?
This tax is taken off your paycheque before you receive it when you have a job.
What is the difference between regressive and progressive tax?
What impact does the Underground Economy have on the government.
The government gets less money therefore they cant pay for services, and run society.
What are social programs
services provided by the GOV and paid by taxes to promote well being of citizens
what taxes does Alberta not pay
sales tax.
What is a flat tax
Tax percentage that stays the same with any income.
What is money laundering
obtaining illegal money and disguising it or mixing it with legal money.