Canadians are subject to various taxes.

Tax planning is our right to take advantage of each available tax deduction and tax credit.

Learn about sources of taxable income.

Federal Income Tax

  • “temporary” measure introduced in 1917 to pay for World War I
  • voluntary: based on honest reporting
  • progressive: tax rates increase as income increases

Provincial Income Tax

  • % of marginal federal tax
  • usually 40-50% of federal tax owing

Alternative Minimum Tax

  • taxes certain forms of income missed by regular taxes

Withholding Tax

Consumption Taxes

  • Goods & Services Tax (GST)
    • 6%
  • Provincial Sales Tax (PST)
    • 8% in Ontario
  • "Sin Tax"
    • e.e., tax on alcohol, tobacco, gasoline, gas guzzlers
  • Premium Tax
    • levied provincially
    • life insurance: 2% (Ontario)

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