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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]
The Parliament of Canada entered the field with the passage of the Business Profits War Tax Act, 1916 [17] (essentially a tax on larger businesses, chargeable on any accounting periods ending after 1914 and before 1918). [18] It was replaced in 1917 by the Income War Tax Act, 1917 [19] (covering personal and corporate income earned from 1917 ...
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
Under Stephen Harper, Canada's general corporate taxes reduced from 22% to 15%. Canada's corporate tax rate thus became one of the lowest in the world, and substantially lower than its top marginal tax rate for individuals. At the same time, Canada's small business tax rate reduced from 12% to 11%. [10]
The Senate of Canada (French: Sénat du Canada) is the upper house of the Parliament of Canada. Together with the Crown and the House of Commons, they compose the bicameral legislature of Canada. The Senate is modelled after the British House of Lords, with its members appointed by the governor general on the advice of the prime minister. [1]
He has introduced bills calling for similar tax reform since 2004, but the bills have never made it out of committee. [18] President Obama's tax reform proposals are highlighted in his administration's 2013 United States federal budget proposal and in a framework for corporate and international tax reform presented by the administration. [19]
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.
Prior to the budget, only shares which benefited from a provincial tax credit could qualify for the federal tax credit ; Starting in 1988 the provincial tax credit criterion is repealed. [4] The cap on cumulative federal and provincial tax credits is however maintained at 40% of the cost of the shares or $700, whichever is the lesser. [5] [4]