Taxation In Canada Essay

All residents in Canada must pay a tax and Canada Revenue Agency (CRA), formally known as Revenue Canada, is a federal agency that has as its main function the administration of Canadian tax laws for most of the provinces and territories of Canada. In addition, the CRA manages several social and economic tax programs such as the Canada Child Tax Benefit program and the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit program. There are several

Under Canadian Tax Law, there is an election for companies to defer recaptures and capital gains of property that was involuntarily or voluntarily disposed of. In this research paper, we attempt to prove that the election is a useful taxation strategy for businesses so that they are not subject to pay taxes on capital gains or recaptures until such a time where they may acquire an eligible replacement property that will help them earn business income. We will provide facts, definitions, and examples to illustrate the use of this election throughout the paper by explaining the capital cost allowance system, the offset available to business for capital gains and recaptures, the election process, the rules regarding replacing former business

The Government of Canada does a lot of things. Everything from providing us with transportation to making sure everyone has a say in parliament. This group is made up of citizens that we elect to run this country and provide the citizen with a pretty good quality of life. This is the opinion is held by most Canadians. Unfortunately, some still think that we do not live as good a life here as we could somewhere else. Yes, the Government provides and maintains a high quality of life for its citizens. Social Programs provide assistance financially and physically to people that are in need of it. As Canadians, we have an abundance of freedoms and rights to protect us and our government is run as a democracy, where everyone gets a say.

"Does Australia Have A Good Income Tax System?" is a research paper that was published in the International Business and Economic Research Journal during May 2013. The paper was written by Anthony Stokes and Sarah Wright who are both economics professors at the Australian Catholic University. This research paper begins by comparing the tax system in Australia to that of member countries of the Convention on the Organization for Economic Cooperation and Development (OECD). The OECD is an organization that works to promote policies that improve economic and social development. At the time that this paper was written, a total of 34 OECD member countries spanned across the globe, including: Australia, Canada, and the United States. Stokes and Wright

The federal and state governments provide the American citizens with all of the basic necessities within our communities and society that is taken for granted. Programs responsible for assistance in times of need, providing a quality standard of living, and maintaining the strongest military in the world costs incomprehensible amounts of money and could never exist without taxes from the American people. Taxes are payments made by individuals and businesses to support the government and its services. The constitution grants that congress “shall have the power to lay and collect taxes, duties, imposts, and excises and to pay the debts and provide for the common defense and general welfare of the people”. Taxes paid by Americans redistribute

Parent Corporation owns 85% of the common stock and 100% of the preferred stock of Subsidiary Corporation. The common stock and preferred stock have adjusted bases of $500,000 and $200,000, respectively, to Parent. Subsidiary adopts a plan of liquidation on July 3 of the current year, when its assets have a $1 million FMV. Liabilities on that date amount to $850,000. On November 9, Subsidiary pays off its creditors and distributes $150,000 to Parent with respect to its preferred stock. No cash remain to be aid to Parent with respect to the remaining $50,000 of its liquidation preference for the preferred stock, or with respect to any common stock. In each of Subsidiary’s tax years, less than %10 of its gross

Throughout history, First Nations rights and privileges has been a highly controversial subject in Canada, and remains a debatable topic in society, even in the present-day. Whether it has been the controversies surrounding the missing and murdered Indigenous women or the funding of First Nation’s education, concrete results have yet to be achieved. Consequently, the above forces have delayed the restorative process for the First Nations People. That said, the Canadian Government, whether it is the Conservatives or the Liberals, have attempted to take an active approach to aid the Aboriginal community in their healing process. While the Conservative government failed to address the concerns of the First Nations community such as launching a public inquiry for the missing and murdered Indigenous women and raising funds to increase the literacy rate within the Aboriginal community, the Liberal government has acted in accordance with the above requests from the First Nations community. Although the Liberal government has agreed to provide proper funding to further Indigenous education and to launch a public inquiry for missing and murdered Indigenous women, the federal government has failed to acknowledge that to achieve a sense of reconciliation, the First Nations community requires complete self-government.

The Canadian government-financed health system is a public, single payer health care system that is funded partially by federal government and the rest is funded by provincial taxes such as income taxes, payroll taxes, and sales taxes (Bodenheimer & Grumbach, 2008). Federal taxes had accounted for 50% of financing for health care services during the 1970s; however, this had decreased to

British Parliament declared that the crown and the British parliament had the right to make laws that affected the colonies so as to maintain order. The mother country also had the right to maintain a military presence over the colonies if it was so required. Concerning taxation, Jenyns states that the colonists’ view that taxation must be preceded by the power to elect representatives is unfounded, citing the example of towns in Great Britain who did not have explicit parliamentary representation but are still taxed (Para. 2). Also, the document refutes the notion that taxation can only Thus, with the consent of the people. Therefore, Parliament had the power to impose taxes on the colonies and additionally held the right to use these taxes.

The NDP’s decision to implement a progressive tax plan in Alberta is an issue because many people disagree on effect it will have on Albertans. This issue is significant in that all citizens of Alberta will be affected by it, whether it be paying more taxes, or receiving better social assistance. Some believe that the progressive tax will promote laziness and make Alberta a much less desirable place to live and work. Contrastingly, some believe that this tax is more than acceptable; arguing that the flat tax only benefits upper class citizens while the new system serves the needs of all Albertans more effectively. Others completely disagree with the implementation of any tax, and that people should take care for themselves.

The second of the tax components is sales tax. Sales tax is usually controlled by the counties as

Canada’s richest one per cent tax payers saw the country’s total income remain the same in 2013 and there average total income grow by the same amount as everyone else’s. The economic controversies is how the tax system affects the behaviour of the wealthy and the impact of these behavioural changes on economic performance is still controversial questions for the design of tax policy amongst the top 1-10 percent. To be considered into the top one percent of tax filers, a worker had to earn $222,000 a year. In Canada that group included 264,030 according to Statics Canada. To be included in the top five per cent, the income cut-off was $115,700 while to be in the top 10 percent required $89,200.The average one percentage of citizens paid $151,900

Sales tax is one of the most conversed topics and in the national spotlight frequently. States have been struggling to gain a hold on internet sales and the related tax liabilities. Sales tax policy is an intriguing subject and the current internet revolution is pushing discussion of sales taxes to the forefront. This has caused a high level of distress held by business leaders, bureaucrats, and politicians in the field of sales tax. The current goal and focus on sales tax policy is that a more rational sales tax compliance environment can be developed.

Taxation systems are usually modeled in such a way that they take into consideration the social welfare of the citizens. The government and other policy makers have the responsibility of ensuring that the system takes into account the needs of the citizens. The bottom line is that taxation should foster equal distribution of resources. The rate of taxation is usually arrived at after several considerations have been made. The rates are not fixed as they depend on the various economic changes. The issue of how taxation should be distributed among the different economic classes is yet to be addressed.

A tax system is simply the collection of taxes in an economy. It is a sum of money paid by people or businesses to a government, to be used for public purposes. Taxes are raised through various means and the systems vary for each country. The main taxes in the UK, USA and Australia will be explained. Countries use the taxes they receive in different ways. Aims and targets of most countries vary, as does the amount of tax generated. Due to this, expenditure is prioritised and spent accordingly. Government expenditure will therefore also be discussed.