Taxes in Canada
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In life of any country, taxes are of paramount importance, as they form budget to make payments for government's work, to support various services, including the army, the police and the health care system and the maintenance of entire economic system. Canada is not an exception. Approximately 70% of budget of Canada is formed on the basis of collected taxes, the remaining 30% are collected due to various fees, permits, and return on investment. Taxes are paid by individuals and commercial structures operating on the territory of Canada. Tax evasion is a crime in Canada.
We will provide you with information about those taxes that relate to individuals taxation, that is that you have to pay as a resident of Ontario:
Personal Income Tax. It is a tax on all types of incomes you receive as an individual, regardless of their origin. Tax is paid once a year. It is charged by federal and provincial authorities (i.e., there are two different taxes). Canada has a progressive tax scale, that is, the higher the income, the higher the tax rate.
Harmonized Sales Tax. This tax is included to the price of goods and products you purchase.
Property Tax. All real estate in Canada is subject to taxation. Each property owner pays annual tax on property belonging to him. Residents of apartments pay property tax is included to rental rate.