A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate.
Hollywood North is a colloquialism used to describe film production industries and/or film locations north of its namesake, Hollywood, California. The term has been applied principally to the film industry in Canada, specifically to the cities Toronto and Vancouver.
The Canada Revenue Agency 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.
In Canada, taxation is a prerogative shared between the federal government and the various provincial and territorial legislatures.
Andrew James Scheer is a Canadian politician who has served as the member of Parliament (MP) for Regina—Qu'Appelle since 2004. Scheer served as the 35th speaker of the House of Commons from 2011 to 2015, and was the leader of the Conservative Party and leader of the Official Opposition from 2017 to 2020.
Income taxes 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 March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
Paul Rosen is a Canadian ice sledge hockey goalie and motivational speaker from Thornhill, Ontario.
A tax-free savings account is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn. Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to a registered retirement savings plan (RRSP).
The Honourable Patrick J. Boyle is a justice of the Tax Court of Canada. He was appointed to the court in 2007 and presides in English and French cases. He served as acting associate chief justice following the 2021 retirement of Associate Chief Justice Lucie LaMarre until the December 2023 appointment of Associate Chief Justice Anick Pelletier. He is a member of the court’s Rules Committee and chaired its Judicial Education Committee. In 2014, Justice Boyle was named by Euromoney's ITR International Tax Review as one of the 25 most influential people in the tax world.
Corruption in Canada is the use of political power for private gain by Canadian government officials.
A charitable organization in Canada is regulated under the Canadian Income Tax Act through the Charities Directorate of the Canada Revenue Agency (CRA).
The Disability Tax Credit (DTC) is a non-refundable tax credit in Canada for individuals who have a severe and prolonged impairment in physical or mental function. An impairment qualifies as prolonged if it is expected to or has lasted at least 12 months. The DTC is required in order to qualify for the Registered Disability Savings Plan, the working income tax benefit, and the child disability benefit. Families using a Henson trust, the Canada Disability Child Benefit other estate planning methods for children with Disabilities are not excluded from the DTC. While the credit is valuable, many have found qualifying for it challenging.
The Canadian federal budget for fiscal year 2013–14 was presented to the House of Commons of Canada by Finance Minister Jim Flaherty on 21 March 2013. The budget bill was tabled in the legislature on 29 April 2013 as the Economic Action Plan 2013 Act, No. 1. A second budget bill will be tabled in the autumn, which will include elements excluded from the first bill, such as the Canada Job Grant. The deficit was projected to be $18.7 billion for the fiscal year 2013-2014, however this was adjusted to $8.1 billion by end of the fiscal year and once the Auditor General's recommendations on the Government's unfunded pension obligations were taken into account.
The FATCA agreement is an international agreement signed between Canada and the United States that allows the implementation of the Foreign Account Tax Compliance Act in Canada. It is one of 30 intergovernmental agreements the US has concluded with other countries to implement the FATCA.
The Canadian federal budget for fiscal year 2014–15 was presented to the House of Commons of Canada by Jim Flaherty on 11 February 2014. This was the last budget presented by the Finance Minister before his resignation in March and death in April. At the end of the fiscal year, the government was surprised to post a budgetary surplus of $1.9 billion. This however would later be overturned to a small deficit of $550 million due to improper accounting methodologies for the Government's unfunded pension obligations, as pointed out for years by the Auditor General.
The Canadian federal budget for fiscal year 2015–16 was presented to the House of Commons of Canada by Joe Oliver on 21 April 2015. This was the last budget before the 2015 federal election. The budget was supposed to be presented in February or March before the fiscal year began on April 1, but was delayed because of the steep drop in oil prices in the winter of 2014–15. A surplus of $1.4 billion was projected for the fiscal year 2015-2016, however this was adjusted by the new government to a deficit of $1.0 billion by end of March 2016. This was later adjusted to $2.9 billion after reflecting a change requested by the Auditor General dating back 10 years' worth of federal budgets, specifically with regards to the discount rate methodology used to determine the present value of the Government's unfunded pension obligations.
The Canada Workers Benefit (CWB) is a refundable tax credit in Canada. Introduced in 2007 under the name Workers Income Tax Benefit (WITB), it offers tax relief to working low-income individuals and encourages others to enter the workforce. The WITB has been expanded considerably since its introduction, and restructured in depth by the 2018 Canadian federal budget when it was renamed the Canada Workers Benefit.
The 42nd Canadian Parliament was in session from December 3, 2015, to September 11, 2019, with the membership of its lower chamber, the House of Commons of Canada, having been determined by the results of the 2015 federal election held on October 19, 2015, and thirty new appointees to its Upper House, the Senate of Canada. Parliament officially resumed on December 3, 2015, with the election of a new Speaker, Geoff Regan, followed by a Speech from the Throne the following day. The Speaker of the Senate of Canada was George Furey, who was appointed Speaker of the Canadian Senate on the advice of Prime Minister Justin Trudeau, to replace Leo Housakos, on December 3, 2015. On September 11, 2019, Prime Minister Justin Trudeau advised Governor General Julie Payette to dissolve Parliament and issue the writ of election, leading to a five-week election campaign period for the 2019 federal election. Significant legislation adopted during the 42nd Parliament included the Cannabis Act, the Greenhouse Gas Pollution Pricing Act, the Comprehensive Economic and Trade Agreement Implementation Act, the Trans-Pacific Partnership Implementation Act, the Canada Infrastructure Bank Act, the Impact Assessment Act and Canadian Energy Regulator Acts, as well as the legalizing of medical assistance in dying and adding gender identity and expression to the list of prohibited grounds of discrimination in the Canadian Human Rights Act.
The Government of Canada introduced multiple temporary social security and financial aid programs in response to the economic impacts of the COVID-19 pandemic in Canada. The initial CA$82-billion aid package was announced on March 18, 2020 by Justin Trudeau.
Ronald Andrew Weinberg is an American-born Canadian fraudster and former television producer and businessman best known as the co-founder of the CINAR animation studio, and its co-CEO during a scandal that eventually brought down the company. In 2014, he was charged with 26 counts of fraud in Montreal. Two years later, Weinberg was sentenced to nine years in prison.
