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Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
[3]: 165 In Canada retentions are known as "holdback" payments; since 1997 all retention monies in Canada must be held in ring-fenced accounts. [3]: 164 [3]: 24 Retentions are used in Australia; in New South Wales all retention monies for projects in excess of $20 million must be held in ring-fenced accounts with an authorised bank.
The goods and services tax [1] (GST; French: Taxe sur les produits et services) is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney. The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST).
The Jobs and Growth Act, 2012 [2] [1] (French: Loi de 2012 sur l’emploi et la croissance, informally referred to as Bill C-45) is an Act of the Parliament of Canada.It was passed in December 2012 from the second omnibus bill introduced by the Conservative government to implement its 2012 budget, [3] following the passage of the Jobs, Growth and Long-term Prosperity Act in June 2012. [4]
Quebec residents pay 16.5% less federal income tax annually than other Canadian provinces due to the Quebec Abatement. [42] This lower direct income tax for Quebec residents is factored in when the federal government transfers (Canada Health Transfer, Canada Social Transfer and Equalization) funds back to the Quebec government. [42]
Canada's varied labour laws are a result of its geography, historical, and cultural variety. This expressed in law through the treaty-/land-based rights of individual indigenous nations, the distinct French-derived law system of Quebec, and the differing labour codes of each of the provinces and territories.
A citizen who is currently not a resident of Canada may petition the CRA to change her or his status so that income from outside Canada is not taxed. Non-residents of Canada with taxable earnings in Canada (e.g. rental income and property disposition income) are required to pay Canadian income tax on these amounts.
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 .