1
Does everyone in Canada pay the same percentage of income tax?
No. The percentage taken off your income depends on how much you make. The more you make, the higher the percentage taken off-Progressive tax system.
What is tax season
The period of time between February 15 and April 30 when all Canadian employees and business owners are filing their tax returns.
what are taxes
a sum of money required by the government to support the government
what is federal income tax
The federal income tax is the tax levied by the CRA on the annual earnings of individuals, corporations, trusts, and other legal entities.
What are income taxes used for?
To operate the government, pay for health care, infrastructure, defense, and many other government sponsored programs.
what is gross pay
The total amount an employee earns before deductions are subtracted.
people who pay taxes are called what
Tax payers
what is payroll tax
a set percentage of earned income that is deducted from each paycheck
Who is responsible for a calculating the deductions from a pay cheque
The Employer
what are deductions
The amount of money subtracted from the gross pay earned for income tax, Canada Pension, Employment Insurance, employee sponsored medical benefits, and/or retirement benefits
Income tax
tax on earned and unearned income
what is property tax
a percentage of value of owned property
What is direct Deposit
the electronic transfer of a payment directly from the account of the payer to the recipient's account.
what does CRA stand for
Canada Revenue Agency
what is unearned income
money recieved from sources other than employment
what is PST
tax paid on purchases of services and goods and paid to the province
what is a net pay
The total amount an employee earns after deductions are subtracted
what is a social insurance number
a number given citizens of Canada by the federal government for the purpose of identifying each tax payer and investor
what is a earned income
what is GST
tax paid on purchases of services and goods and paid to the federal government