Types of taxes
What are Transfer taxes ?
A transfer tax is a tax that is the worth of the property when it is sold to a new owner.
What are the three levels of government that collect taxes
Federal Provincial Municipal
Who drafts tax laws
Department of Finance
What does HST stand for
Harmonized Sales tax
Manpreet Wants to move to Montreal what tax does he have to worry about when thinking about homes
Land transfer tax
What is the tax not paid on food ?
Sales Tax
Social Services in managed by which department
Provincial
Who enforces the tax laws
The CRA
What does TFSA stand for
Tax free savings account
In 2022 in Eastern Europe, what vehicle be stolen declared and not be taxed
A tank
What are taxes that are used at a continual rate opposed to the taxpayers earnings regardless of the type of income you receive ?
Proportional taxes
The federal government manages the CPP what does it stand for
Canadian pension plan
On tax forms who must declare earnings and education in the province of Ontario
You must declare your own earnings and deductions
What is a deductible
Something that is able to be legally subtracted from taxable income
True or False: Overtime pay is taxed at a higher rate than normal pay
True
A new house sold for $1,500,000 qualifies under which tax
Progressive tax
The library donates books to a prison at no charge, what level government avoided using tax dollars
provincial
What deductible was used as one of the earliest forms of taxation in the 18th century
A beard token
What is discretionary income
For fun/investment money
What is the minimum weight of a vehicle for it to be considered tax deductible
6000 lbs
What is those who earn high income pay a smaller part of their income in tax than middle income earners, when purchasing a product ?
Regressive taxes
The registered retirement savings plan falls under which governmental category for tax deductions
Both Provincial and Federal
Who is Chrystia Freeland
Finance minister of Canada
What is a T4 slip
A tax document that summarizes your annual employment earnings as well as any deductions
the 1993 Movie Jurassic Park has grossed how much in the box office ?
$ 1 billion USD