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Canadian federal income taxes, both personal and corporate income taxes, are levied under the provisions of the Income Tax Act. [2] Provincial and territorial income taxes are levied under various provincial statutes. The Canadian income tax system is a self-assessment regime. Taxpayers assess their tax liability by filing a return with the CRA ...
Gross pay refers to what you earn before taxes, benefits and other payroll deductions are withheld from your salary or wages. The amount remaining after all withholdings are accounted for is net pay.
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.
Gross salary is the amount your employer pays an employee, plus one's income tax liability. Although the tax itself is included in this figure, it is typically the one used when discussing one's pay. For example, John gets paid $50/hour as an administrative director. His annual gross salary is $50/hour x 2,000 hours/year = $100,000/year.
The federal GST rate is 5 percent, effective January 1, 2008. The territories of Yukon , Northwest Territories , and Nunavut have no territorial sales taxes, so only the GST is collected. The three northern jurisdictions are partially subsidized by the federal government, and their residents receive some additional tax concessions due to the ...
The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and ...
According to BC government's projection, [12] gross BC HST revenue for 2011/12 would have been $6.92 billion. After various rebates, the net BC HST revenue would have been $5.38 billion, which is $410 million more than the would-be BC PST revenue ($4.97 billion) if there were no reform.
Continue reading → The post How to Calculate Your High-3 for Federal Retirement appeared first on SmartAsset Blog. While these formulas vary depending on certain factors, income and service ...