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The Canadian federal budget for the 2010–11 fiscal year (April 1, 2010 – March 31, 2011) was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on March 4, 2010 after returning from a two-month prorogued parliament.
Income taxes in Canada constitute the majority of the annual revenues of the ... "Tax payable before credits" is determined using five tax brackets and tax rates ...
The federal government levies a value-added tax of 5%, called the Goods and Services Tax (GST), and, in five provinces, the Harmonized Sales Tax (HST). The provinces of British Columbia, Saskatchewan, and Manitoba levy a retail sales tax, and Quebec levies its own value-added tax, which is called the Quebec Sales Tax.
Following the budget, Parliament (the Canadian Parliament) will pass an Appropriation Act (called the 'Interim Supply') which will allow individual departments to spend 3/12th of their annual budget. (The Government of Canada Fiscal Year runs from April 1 to March 31.)
The federal government on Friday posted a smaller-than-expected $1.29 trillion budget deficit for fiscal 2010, which ended Sept. 30 -- more evidence that the U.S. economy continues to inch back ...
Personal income taxes. The Canada Revenue Agency collects most individual income taxes in Canada. Canada uses tax brackets to determine an individual's tax obligations, the rates of which are set by the Department of Finance. Personal income taxes are levied by both the federal government and provincial governments, each with separate rates ...
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
The returns can be either printed and sent to CRA by mail or submitted to CRA electronically through a government service called NETFILE. Some tax preparation companies allow customers to file tax returns for free. The biggest tax preparation companies in Canada are H&R Block and Intuit, the maker of TurboTax. [3]