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It also collects corporate income taxes on behalf of all provinces and territories except Alberta. Canada's federal income tax system is administered by the Canada Revenue Agency (CRA). Canadian federal income taxes, both personal and corporate income taxes, are levied under the provisions of the Income Tax Act. [2]
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
September 16, 2024 A federal by-election was held in LaSalle—Émard—Verdun . Louis-Philippe Sauvé of the Bloc Québécois flipped the seat from the Liberal Party.
The 2024 Lambton—Kent—Middlesex provincial by-election and 2024 Milton provincial by-election are held. [42] May 10–15 – 2024 Canadian wildfires: Evacuation orders are issued in parts of British Columbia and Alberta due to wildfires. [43] May 18 – Three people are killed after a speed boat and a fishing boat collide in Bobs Lake ...
Ontario is the largest economy in Canada, making up around 38% of Canadian GDP. [1] [2] Though manufacturing plays an important role in Ontario's economy responsible for 12.6% of Ontario's GDP, the service sector makes up the bulk, 77.9%, of the economy. [3] Ontario's net debt-to-GDP ratio will rise to 40.7% in the year 2019–2020. [4]
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The Government of Canada collects about $5 billion per year in excise taxes on gasoline, diesel, and aviation fuel [21] as well as approximately $1.6 billion per year from GST revenues on gasoline and diesel (net of input tax credits). The Canada Revenue Agency, a part of the government, collects these taxes.
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