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The Canadian federal government announced in 2023-24, $94.6 billion to transfer to the provinces and territories through major transfers (Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing), direct targeted support and trust funds), a $7 billion increase from the previous year, 2022-23. [2]
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]
The Canada Education Savings Grant (CESG) is provided to complement RESP contributions, wherein the government of Canada contributes 20% of the first $2,500 in annual contributions made to an RESP. After changes introduced in the 2007 Canadian federal budget , the government may contribute up to $500 per year to a participating RESP, to a ...
RESP annual limit of $4,000 is withdrawn while the lifetime limit is raised to $50,000 per child; The maximum amount of CESG payable per year is increased to $500 (and $1,000 if there is unused grant room from low contributions in past years). The maximum lifetime CESG is unchanged at $7,200.
Tax returns in Canada refer to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information relating to those two ...
To ensure the RCA qualifies under CRA's "generally accepted guidelines", an "integrated final earnings" calculation determines the entitlement from the RCA and the resulting maximum level of funding. This entitlement calculation must be reviewed and recalculated periodically as circumstances change (e.g., salary, RRSP and RCA investment ...
In March 2008 as part of the annual budget, the government introduced several laws to amend the Immigration and Refugee Protection Act. The changes would have helped to streamline immigrant application back-up, to speed up application for skilled workers and to rapidly reject other ones that are judged not admissible by immigration officers.
On November 4, 2015, the department underwent machinery of government changes which saw the employment responsibilities transfer to the Labour Minister resulting in the newly re-titled Minister of Employment, Workforce and Labour. [3] The Social Development aspects were then shaped into the Minister of Families, Children and Social Development.