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Canada

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About

Canada

Capital
Official languages
Population 
Currency

ISO 4217

Ottawa

English and French

37,742,154 (as of July 2020)

Canadian Dollar

CAD

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Economy

Canada has a strong and diverse economy, with a GDP of $1.7 trillion in 2019 according to Statistics Canada. The country is a major exporter of energy, minerals, and agricultural products, and is home to a number of major industries, including finance, manufacturing, and technology. Canada also has a well-developed social safety net, with a high level of public spending on health care, education, and social services. The unemployment rate in Canada is currently 6.6%, which is lower than the average for the OECD countries. Canada also has a strong banking system, with the Big Five banks controlling over 80% of the banking sector. The country has a strong currency, with the Canadian dollar being one of the most traded currencies in the world. Overall, Canada has a strong and diverse economy, with a strong banking system, a strong currency, and a well-developed social safety net.

Taxation

Taxation in Canada is the responsibility of both the federal and provincial governments. The Canada Revenue Agency (CRA) is the federal agency responsible for administering tax laws and collecting taxes.


Personal Income Tax:

In Canada, individuals are required to pay taxes on their income. The amount of tax paid is based on a progressive tax system, where the tax rate increases as the income increases. The federal government sets the basic tax rates and each province sets its own additional tax rates. The personal income tax rates for each province can be found on the CRA website. 


Corporate Income Tax:

Corporations in Canada are also required to pay taxes on their income. The corporate tax rate varies depending on the size of the corporation and the province where it operates. The federal government sets the basic tax rates for corporations, and each province sets its own additional tax rates. The corporate income tax rates for each province can also be found on the CRA website.


Process and Calendar for payments:

Personal income taxes are due by April 30th of each year. If an individual has a balance owing, it must be paid by this deadline to avoid interest charges. Self-employed individuals and their spouses have until June 15th to file their tax returns, but any balance owing is still due by April 30th.


Corporate income taxes are due within six months of the end of the corporation's fiscal year. For example, if a corporation's fiscal year ends on December 31st, its taxes are due by June 30th of the following year. Corporations that have an annual income over a certain threshold are required to make quarterly installment payments throughout the year. The due dates for these installments are generally in March, June, September, and December.


In summary, the Canadian tax system requires both individuals and corporations to pay income taxes on their earnings. The amount of tax paid is based on a progressive tax system, where the tax rate increases as the income increases. Tax payments are due on specific dates throughout the year, and failure to pay taxes by the deadline can result in interest charges and penalties.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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