How To Calculate Taxable Income in Calgary Canada
You may be wondering if you’re eligible for tax deductions based on your income. Let us show you how to calculate taxable income.
Tag: income tax
Income tax in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending 31 March 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.[1]
Tax collection agreements enable different governments to levy taxes through a single administration and collection agency. The federal government collects personal income taxes on behalf of all provinces and territories. It also collects corporate income taxes on behalf of all provinces and territories except Alberta. Canada’s federal income tax system is administered by the Canada Revenue Agency (CRA).
Canadian federal income taxes, both personal and corporate are levied under the provisions of the Income Tax Act.[2] Provincial and territorial income taxes are levied under various provincial statutes.
