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In addition to the financial budgeting role, the ministry is also responsible for the administration of pension plans, procurement, advising government/cabinet on human resources, pandemic government continuousness planning, and support services such as communication systems. [1]
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.
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).
Revenue increases government's net worth, which is the difference between its assets and liabilities (GFSM 2001, paragraph 4.20). Note: Transactions that merely change the composition of the balance sheet do not change the net worth position, for example, proceeds from sales of nonfinancial and financial assets or incurrence of liabilities.
The economies of Alberta, Saskatchewan, Newfoundland and Labrador and the territories rely heavily on natural resources. On the other hand, Manitoba, Quebec and The Maritimes have the country's lowest per capita GDP values.
The President Of India has a net salary of ₹400,000 (US$6,000) per month, followed by the Vice President with ₹350,000 (US$4,800), and the Prime Minister at ₹280,000 (US$3,400). Governors receive ₹300,000 (US$4,200).
Government employees in the union government in 56 ministries [1] and departments under latter as of 1 July 2023 has 48.67 lakhs working employees and 67.95 retired employees on rolls. [2] [1] [3] Indian Railways with 1.3 million employees has highest number of employees in union government. [4]
Saskatchewan is the only province in Canada that operates a voluntary pension plan of this nature. The plan has assets of $700 million and over 32,000 members. [ 3 ] The maximum annual individual contribution is $7,000, indexed annually according to the change in the Year's Maximum Pensionable Earnings.