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Taxation. Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
In 1995, Ralph Klein's government introduced the Alberta Taxpayer Protection Act [10] which legislated any general provincial sales tax be subject to a referendum. [11] The legislation that prevents the introduction of a sales tax without a referendum was expanded in 2023 by UCP Premier Danielle Smith to include increases to personal and corporate tax rates.
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
The RST was increased one point to 8% on July 1, 2013. It reverted to 7% as of July 1, 2019 and although it was planned to drop to 6% as of July 1, 2020 [3][4] due to the COVID-19 pandemic the province has deferred the reduction until further notice. [5] There is a 5% tax on lodging and 5% tax on hotel room fees.
Canada Assistance Plan. v. t. e. In Canada, the federal government makes equalization payments to provincial governments of lesser fiscal capacity so that "reasonably comparable" levels of public services can be provided at similar levels of taxation. [1] Equalization payments are entrenched in the Constitution Act of 1982, subsection 36 (2).
In March 2022, the Alberta government announced it would suspend the collection of the fuel tax starting April 1, as a way to fight the rising cost of fuel. [19] In December 2023, the Alberta government announced that with lower oil prices, the fuel tax would be phased back in after Dec. 31, 2023. [20]
The UCP government indexes Alberta's income tax brackets to keep up with inflation. It has pledged to cut Alberta's provincial income tax by adding a new, lower bottom income tax bracket of 8% for the first C$60,000 of income earned (down from 10% on the first C$142,292 in 2023) and it cut Alberta's corporate tax rate from 12% to 8%.
The tax is a 5% tax imposed on the supply of goods and services that are purchased in Canada, except certain items that are either "exempt" or "zero-rated": For tax-free — i.e., "zero-rated" — sales, GST is charged by suppliers at a rate of 0% so effectively there is no GST collected. However, when a supplier makes a zero-rated supply, it ...