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Corporate Tax In Canada
Corporate taxes in Canada are regulated at the federal level by the Canada Revenue Agency (CRA). As of January 1, 2019 the "net tax rate after the general tax reduction" is fifteen per cent. The net tax rate for Canadian-controlled private corporations that claim the small business deduction, is nine per cent. Revenue from corporate income taxes In 2019, the total revenue from income taxes totaled $223.6 billion, with corporate income tax accounting for $50.4 billion, personal income taxes accounting for $163.9 billion, and non-resident income taxes accounting for $9.4 billion. Seasonally adjusted corporation profits before taxes for all corporations totalled $224.3B in Q1 2019, $243B in Q2, $230.8B in Q3, $225B in Q4, and $212B in Q1 2020, according to Statistics Canada. "Canadian corporate profits finished 2019 at an all-time high" in 2019. " erating profits for non-financial corporations hit an all-time high of $297.6 billion in 2019", according to National Bank Financial Inc. ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Revenue Agency
The Canada Revenue Agency (CRA; ; ) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. Legislation administered by the CRA includes the ''Income Tax Act,'' parts of the ''Excise Tax Act'', and parts of laws relating to the Canada Pension Plan, employment insurance (EI), tariffs and duties. The agency also oversees the registration of charities in Canada, and enforces much of the country's tax laws. From 1867 to 1999, tax services and programs were administered by the Department of National Revenue, otherwise known as Revenue Canada. In 1999, Revenue Canada was reorganized into the Canada Customs and Revenue Agency (CCRA). In 2003, the Canada Border Services Agency (CBSA) was created out of the CCRA, leading to customs being dropped from the agency's mandate and the agency's current name. The CRA is the largest organiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Morneau
William Francis Morneau Jr. (born October 7, 1962) is a Canadian businessman and former Liberal Party politician who served as minister of finance and member of Parliament (MP) for Toronto Centre from 2015 to 2020. Morneau was executive chairman of the company founded by his father, and Canada's largest human resources firm, Morneau Shepell, and the former chair of the C. D. Howe Institute. He was also the chair of the board at St. Michael's Hospital, and Covenant House. Morneau holds a bachelor of arts (BA) degree from the University of Western Ontario, a master of business administration degree (MBA) from INSEAD, and a master's degree in economics from the London School of Economics. Morneau was elected to the House of Commons in the 2015 election and was immediately appointed finance minister by Prime Minister Justin Trudeau. Morneau resigned from both positions in August 2020 in the wake of the WE Charity scandal. In May 2021, Morneau was found to have violated Canada's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Justin Trudeau
Justin Pierre James Trudeau ( , ; born December 25, 1971) is a Canadian politician who is the 23rd and current prime minister of Canada. He has served as the prime minister of Canada since 2015 and as the leader of the Liberal Party since 2013. Trudeau is the second-youngest prime minister in Canadian history after Joe Clark; he is also the first to be the child or other relative of a previous holder of the post, as the eldest son of Pierre Trudeau. Trudeau was born in Ottawa and attended Collège Jean-de-Brébeuf. He graduated from McGill University in 1994 with a Bachelor of Arts degree in literature, then in 1998 acquired a Bachelor of Education degree from the University of British Columbia. After graduating he taught at the secondary school level in Vancouver, before relocating back to Montreal in 2002 to further his studies. He was chair for the youth charity Katimavik and director of the not-for-profit Canadian Avalanche Association. In 2006, he was appointed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Passive Income
Passive income is unearned income that is acquired automatically with minimal labor to earn or maintain. It is often combined with another source of income, such as a side job. In the United States, the IRS divides income into three categories: active income, passive income, and portfolio income. Passive income, as an acquired income, is the result of capital growth or is related to the tax deduction mechanism, and is taxable. It is called progressive passive income when the earner expends little effort to grow the income. Examples of passive income include rental income and business activities in which the earner does not materially participate. Some jurisdictions' taxing authorities, such as the Internal Revenue Service in the United States of America, distinguish passive income from other forms of income, such as earnings from regular or contractual employment, and may tax it differently. It can take a long period of work and accumulation before passive income can be earned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Premiership Of Jason Kenney
The premiership of Jason Kenney spanned from April 2019 until October 2022, when Jason Kenney and Kenney Ministry, his cabinet were sworn in by Lieutenant Governor of Alberta, Lois Mitchell. Kenney was invited to form the 30th Alberta Legislature and became the List of premiers of Alberta, 18th Premier of Alberta, following the 2019 Alberta general election where Kenney's United Conservative Party (UCP) won a majority of seats in the Legislative Assembly of Alberta, Alberta Legislature leading to the resignation of Premier Rachel Notley. Kenney stepped down as leader of the UCP party on May 18, 2022, after receiving 51.4% of the UCP party members' votes. His premiership ended shortly after Danielle Smith won the 2022 United Conservative Party leadership election, subsequent leadership election and was sworn in as premier. The approval rating for Premier Kenney's response to the COVID-19 pandemic in Alberta, COVID-19 pandemic is the lowest in Canada, falling to 33% in June 2021. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierre Elliot Trudeau
Joseph Philippe Pierre Yves Elliott Trudeau ( , ; October 18, 1919 – September 28, 2000), also referred to by his initials PET, was a Canadian lawyer and politician who served as the 15th prime minister of Canada from 1968 to 1979 and from 1980 to 1984. He also briefly served as the Leader of the Opposition (Canada), leader of the Opposition from 1979 to 1980. He served as leader of the Liberal Party of Canada from 1968 to 1984. Trudeau was born and raised in Montreal, Quebec; he rose to prominence as a lawyer, intellectual, and activist in Quebec politics. Although he aligned himself with the social democratic New Democratic Party, he felt that they could not achieve power, and instead joined the Liberal Party. He was elected to the House of Commons of Canada, House of Commons in 1965 Canadian federal election, 1965, quickly being appointed as Prime Minister Lester B. Pearson's parliamentary secretary. In 1967, he was appointed as Minister of Justice and Attorney ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Energy Program
The National Energy Program (french: Programme énergétique national, NEP) was an energy policy of the Canadian federal government from 1980 to 1985. Created under the Liberal government of Prime Minister Pierre Trudeau by Energy Minister Marc Lalonde in 1980, the program was administered by the Department of Energy, Mines and Resources. Introduced following the oil crises and stagflation of the 1970s, the NEP proved to be a highly controversial policy initiative that pitted centralized economic nationalism and federal aspirations of energy self-sufficiency against provincial jurisdiction with hundreds of billions of dollars in oil revenue at stake. The result was a dispute that sparked intense opposition and anger in Canada's West, particularly in Alberta, and the rise of the Reform Party, a development that would shape Canadian politics for years to come. Background In his preamble to the announcement of the National Energy Program, introduced as part of the October 1980 fed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Tax Foundation
The Canadian Tax Foundation was founded in 1945 as an independent, non-partisan, non-profit tax research organization under the joint sponsorship of the Canadian Institute of Chartered Accountants and the Canadian Bar Association. It provides a unique forum for lawyers, accountants, academics, and other tax professionals to work together for the betterment of the Taxation in Canada, Canadian tax system and the tax profession in general. Information The Foundation is located in downtown Toronto, Ontario. In 1987, the Foundation's Quebec office was established in Montreal to serve the Quebec tax community in both official languages and to provide francophone practitioners across Canada with access in French to the Foundation's services. The Quebec office organizes conferences, seminars, and other professional-development events; maintains working relationships with tax authorities in Quebec and Ottawa; and represents the Foundation on various committees and working groups. The Canad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deferral
Tax deferral refers to instances where a taxpayer can delay paying taxes to some future period. In theory, the net taxes paid should be the same. Taxes can sometimes be deferred indefinitely, or may be taxed at a lower rate in the future, particularly for deferral of income taxes. Corporate tax deferral Corporations (or other enterprises) may often be allowed to defer taxes, for example, by using accelerated depreciation. Profit taxes (or other taxes) are reduced in the current period by either lowering declared revenue now, or by increasing expenses. In principle, taxes in future periods should be higher. Income tax deferral In many jurisdictions, income taxes may be deferred to future periods by a number of means. For example, income may be recognized in future years by using income tax deductions, or certain expenses may be provided as deductions in current rather than future periods. A 2010 study documents the large extent to which U.S. taxpayers accelerate their deductible sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mondaq
Mondaq Ltd. is a content aggregator service in the legal industry with headquarters in New York, launched in 1994, that operates worldwide, providing free expert financial, and regulatory, and legal information on topics such as employment, tax, litigation, healthcare, government, and real estate through online publications. Background Mondaq is a content aggregator that organizes and publishes curated content from professional advisers, such as law firms and financial institutions. Mondaq operates worldwide, and by 2017, included "legal insights from over 70 countries." Mondaq provides free expert information on topics such as employment, tax, litigation, healthcare, government, and real estate. By 2008, Mondaq was one of three main services in the aggregation market, along with Lexology, and Linex Legal—"mining" law firm publications for expert information and republishing the results. These three had the "broadest coverage" at that time. By 2017, Mondaq was still recommende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Tax Journal
Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of their being ''Canadian''. Canada is a multilingual and multicultural society home to people of groups of many different ethnic, religious, and national origins, with the majority of the population made up of Old World immigrants and their descendants. Following the initial period of French and then the much larger British colonization, different waves (or peaks) of immigration and settlement of non-indigenous peoples took place over the course of nearly two centuries and continue today. Elements of Indigenous, French, British, and more recent immigrant customs, languages, and religions have combined to form the culture of Canada, and thus a Canadian identity. Canada has also been strongly influenced by its linguistic, geographic, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ed Stelmach
Edward Michael Stelmach (; born May 11, 1951) is a Canadian politician and served as the 13th premier of Alberta, from 2006 to 2011. The grandson of Ukrainian immigrants, Stelmach was born and raised on a farm near Lamont and fluently speaks the distinctive Canadian dialect of Ukrainian. He spent his entire pre-political adult life as a farmer, except for some time spent studying at the University of Alberta. His first foray into politics was a 1986 municipal election, when he was elected to Lamont County council. A year into his term, he was appointed reeve. He continued in this position until his entry into provincial politics. In the 1993 provincial election, Stelmach was elected as the Member of the Legislative Assembly (MLA) for Vegreville-Viking (later Fort Saskatchewan-Vegreville). A Progressive Conservative, he served in the cabinets of Ralph Klein—at various times holding the portfolios of Intergovernmental Relations, Transportation, Infrastructure, and Agricu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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