Financial Services _Çô Client Services RFC126 Chapter Notes - Chapter 10: Tax Rate, Registered Education Savings Plan, Foreign Tax Credit

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC126
• Professor: marie

Document Summary

Taxes paid to three levels of government: federal, provincial, municipal. Federal tax system is administered by canada revenue agency (cra: collects tax for federal government, collects for provinces except quebec. Municipal taxes are collected at local level. Taxes paid on: personal income, corporate income, payroll, consumer purchases, wealth. Payroll taxes are paid to: 1) federal spending on employment insurance and canada pension plan benefit programs, (cid:1006)(cid:895) pro(cid:448)i(cid:374)(cid:272)ial spe(cid:374)di(cid:374)g o(cid:374) (cid:449)orker"s (cid:272)o(cid:373)pe(cid:374)satio(cid:374) (cid:271)e(cid:374)efits for i(cid:374)jured (cid:449)orkers. Consumer purchases are subject to sales taxes and excise tax. Federal sales tax (goods and service tax gst) is payable to all provinces. Provincial or harmonized sales tax (hst) on consumer purchases is payable in all provinces except. Consumer goods (cigarettes, alcohol, gasoline) are subject to federal and provincial excise taxes. Wealth taxes are payable on estates and property. Estate taxes refer to ta(cid:454)es pa(cid:455)a(cid:271)le o(cid:374) i(cid:374)di(cid:448)idual"s propert(cid:455) after he/she has died. Property taxes are major source of revenue for municipal governments.