why do we pay taxes in canada
What is the taxation system in Canada? In Canada, the federal, provincial and municipal governments collect money from individuals and companies to help pay for government programs and services, such as roads, public utilities, schools, health care, economic development and cultural activities. Common types of taxes are income taxes, sales taxes, property taxes, and business taxes (if you own a business). The collects income taxes. Each year, people who are
complete an income tax return. On this return you list your taxable income, deductions and tax credits to calculate how much tax you owe. Find out more in In Ontario, there is a of 13%. Usually, HST is added at the cash register so the amount on the price tag may not be the final price. 8% of the HST goes to the provincial government and 5% goes to the federal government.
You pay HST on many goods and services but there are a few, such as basic food products, child care services, and prescription drugs. Individuals and families with low and modest incomes may be eligible for an HST credit. Find out more in - This guide is for first time tax filers in Canada. It will help you determine if you are a resident for tax purposes, which is not the same as residency for immigration purposes. From the CRA. - The federal agency responsible for administering tax, benefits and related programs across the country. Their website provides detailed information about tax-related issues. - Information and answers about tax rates and how to file your return. From the CRA. - A collection of forms and information sheets which you need to file your income tax return.
From the CRA. - Learn about the different tax credits and benefits you can get to help you with living costs when you file your income tax return. From the Ministry of Finance. P 1. P Oliver Wendell Holmes, Jr. said it best: Taxes are the price we pay for civilization. More specifically, taxes are the price we pay for the Canada we love. 2. P Taxes put out fires, keep our streets safe, provide our children with education, provide our families with health care, ensure our food and water are safe, create legal safeguards for businesses and employees, provide parks in other words, provide us benefits every hour of the day, every day of the year. 3. P The average Canadian household receives about $41,000 in public services each year (with no mark-up for private profit), a tremendous bargain for the vast majority of Canadians. 4.
P Past generations paid taxes for what we have today - schools, hospitals, courts of law, roads, public transit, parks. Our taxes today allow us to pass along those benefits to future generations - our children, grandchildren and great grandchildren. 5. P PIf we ignore, shortchange or postpone funding for social, economic and environmental problems today, the solutions become more expensive in the future. 6. P PPublic sector employees work hard, often in difficult circumstances, to keep government running and provide the public services we need. We need to attract and retain hard-working public employees and pay them fair compensation. 7.
Money begets power, which begets more money, and more power. Taxes provide a counter-balance, by softening extreme disparities in wealth, power and benefits. 8. P Taxes ensure that Canada can build and maintain the necessary infrastructure education, health care and transportation systems - to attract investment and businesses, and thrive in a competitive global economy. 9. P Taxes make the marketplace work by maintaining a regulated business environment to protect property rights, enforce fair practices and protect consumers and investors. 10. P Taxes allow citizens, residents and businesses to do things together that we could never do on our own. In other words, taxes allow us to be Canadian in the way we live, work and play.
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