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Capital tax is a tax charged on a corporation's taxable capital. Taxable capital is the amount determined under Part 1.3 of the Income Tax Act (Canada) plus accumulated other comprehensive income. On January 1, 2006, capital tax was eliminated at the federal level.
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 .
The return is the method by which the Canadian government determines the appropriate amount of tax that should be paid by individuals and corporations. The result of filing a return with the federal government can result in either a refund (money owed to the person or corporation filing the return), or an amount due to be paid.
The government had proposed in April to increase the proportion of capital gains subjected to tax to two-thirds from half for businesses and for individuals with capital gains above C$250,000 ...
Another factor that determines if a corporation is eligible for the SBD is the "amount of taxable capital a CCPC and its associated corporations employ in Canada". [10] When the taxable capital exceeds $10 million, the federal "small business limit" is reduced. "If that amount reaches $15 million, the CCPC’s active business income is no ...
Personal income taxes. The Canada Revenue Agency collects most individual income taxes in Canada. Canada uses tax brackets to determine an individual's tax obligations, the rates of which are set by the Department of Finance. Personal income taxes are levied by both the federal government and provincial governments, each with separate rates ...
According to World Bank, "revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales. Grants are also considered as revenue but are excluded here. Expense is cash payments for operating activities of the government in providing goods and services.
The Canadian federal budget for fiscal year 2012–13 was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on 29 March 2012. Among the most notable elements of the federal budget were changes to Old Age Security and a reduction of the budget for the Canadian Forces and the Canadian Broadcasting Corporation.