How does the Canadian Tax System work? Guide For Beginners

The Canadian tax system is a progressive system, which means that the more money you earn, the higher percentage of tax you will pay. The Canada Revenue Agency (CRA) is responsible for administering and enforcing tax laws in Canada.

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Canadian residents and corporations that earn income in Canada are required to pay taxes. The main types of taxes in Canada are income tax, sales tax (GST/HST), and property tax. There are also other taxes, such as payroll taxes and excise taxes.

The Canadian income tax system is based on a progressive tax rate. This means that the more you earn, the higher percentage of tax you will pay. The federal government sets tax rates and collects income tax from all Canadians. Each province and territory also has its own tax system, which collects taxes from residents who live in those regions.

The Goods and Services Tax (GST) and the Harmonized Sales Tax (HST) are the two main sales taxes in Canada. GST is a federal tax that is added to the price of most goods and services sold in Canada. HST is a combination of the federal GST and provincial sales tax. HST is only collected in certain provinces, including Ontario, New Brunswick, Nova Scotia, Newfoundland and Labrador, and Prince Edward Island.

Property tax is a tax on the value of the real estate. Property taxes are collected by municipalities (cities, towns, and villages) and are used to pay for services such as schools, roads, and public safety. Every year, Canadians are required to file a tax return with the CRA. The tax return reports your income and calculates the amount of tax you owe. Depending on your situation, you may be eligible for various tax credits and deductions.


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DISCLAIMERS & DISCLOSURES:

The content presented is intended for educational and entertainment purposes only. Zohaib Haroon is not providing any tax or investment advice on youtube. The information is being provided without consideration of the investment objectives, risk tolerance, or financial circumstances of any particular investor and may not be suitable for all investors. Past performance should not be relied upon as an indication of future results. All forms of investment involve risk, including the possibility of losing one's entire investment. It is recommended that investors seek professional advice before making any investment decisions.

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