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Working Income Tax Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit in Canada, similar to the Earned Income Tax Credit (EITC) in the United States. 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. History The creation of the WITB was announced in the November 2005 Economic and Fiscal Update. It was scheduled to enter into force on 1 January 2008. In its first budget, the newly elected Harper government reiterated the intention of the federal government to go forward with the implementation of the WITB. The WITB was ultimately implemented by the 2007 Canadian federal budget, a year earlier than planned initially. The 2018 Canadian federal budget replaced the WITB with the new Canada Workers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Refundable Tax Credit
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. Refundable vs. non-refundable A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference. In other words, it makes possible a negative tax liability. For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CBC News
CBC News is a division of the Canadian Broadcasting Corporation responsible for the news gathering and production of news programs on the corporation's English-language operations, namely CBC Television, CBC Radio, CBC News Network, and CBC.ca. Founded in 1941, CBC News is the largest news broadcaster in Canada and has local, regional, and national broadcasts and stations. It frequently collaborates with its organizationally separate French-language counterpart, Radio-Canada Info. History The first CBC newscast was a bilingual radio report on November 2, 1936. The CBC News Service was inaugurated during World War II on January 1, 1941, when Dan McArthur, chief news editor, had Wells Ritchie prepare for the announcer Charles Jennings a national report at 8:00 pm. Readers who followed Jennings were Lorne Greene, Frank Herbert and Earl Cameron. ''CBC News Roundup'' (French counterpart: ''La revue de l'actualité'') started on August 16, 1943, at 7:45 pm, being replaced by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Canada
Taxation in Canada is a prerogative shared between the federal government and the various provincial and territorial legislatures. Legislation Under the ''Constitution Act, 1867'', taxation powers are vested in the Parliament of Canada under s. 91(3) for: The provincial legislatures have a more restricted authority under ss. 92(2) and 92(9) for: In turn, the provincial legislatures have authorized municipal councils to levy specific types of direct tax, such as property tax. The powers of taxation are circumscribed by ss. 53 and 54 (both extended to the provinces by s. 90), and 125, which state: Nature of the taxation power in Canada Since the 1930 Supreme Court of Canada ruling in ''Lawson v. Interior Tree Fruit and Vegetables Committee of Direction'', taxation is held to consist of the following characteristics: :* it is enforceable by law; :* imposed under the authority of the legislature; :* levied by a public body; and :* intended for a public purpose. In order ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prairie Provinces
The Canadian Prairies (usually referred to as simply the Prairies in Canada) is a region in Western Canada. It includes the Canadian portion of the Great Plains and the Prairie Provinces, namely Alberta, Saskatchewan, and Manitoba. These provinces are partially covered by grasslands, plains, and lowlands, mostly in the southern regions. The northernmost reaches of the Canadian Prairies are less dense in population, marked by forests and more variable topography. If the region is defined to include areas only covered by prairie land, the corresponding region is known as the Interior Plains. Physical or ecological aspects of the Canadian Prairies extend to northeastern British Columbia, but that area is not included in political use of the term. The prairies in Canada are a temperate grassland and shrubland biome within the prairie ecoregion of Canada that consists of northern mixed grasslands in Alberta, Saskatchewan, southern Manitoba, as well as northern short grasslands in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Atlantic Canada
Atlantic Canada, also called the Atlantic provinces (french: provinces de l'Atlantique), is the region of Eastern Canada comprising the provinces located on the Atlantic coast, excluding Quebec. The four provinces are New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. As of 2021, the landmass of the four Atlantic provinces was approximately 488,000 km2, and had a population of over 2.4 million people. The provinces combined had an approximate GDP of $121.888 billion in 2011. The term ''Atlantic Canada'' was popularized following the admission of Newfoundland as a Canadian province in 1949. History The first premier of Newfoundland, Joey Smallwood, coined the term "Atlantic Canada" when Newfoundland joined Canada in 1949. He believed that it would have been presumptuous for Newfoundland to assume that it could include itself within the existing term " Maritime provinces," used to describe the cultural similarities shared by New Brunswick ... [...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] |
Liberal Party Of Canada
The Liberal Party of Canada (french: Parti libéral du Canada, region=CA) is a federal political party in Canada. The party espouses the principles of liberalism,McCall, Christina; Stephen Clarkson"Liberal Party". ''The Canadian Encyclopedia''. and generally sits at the centre to centre-left of the Canadian political spectrum, with their rival, the Conservative Party, positioned to their right and the New Democratic Party, who at times aligned itself with the Liberals during minority governments, positioned to their left. The party is described as " big tent",PDF copy at UBC Press. practising "brokerage politics", attracting support from a broad spectrum of voters. The Liberal Party is the longest-serving and oldest active federal political party in the country, and has dominated federal [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CDN$
The Canadian dollar (symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style guides for distinction from other dollar-denominated currencies. It is divided into 100 cents (¢). Owing to the image of a common loon on its reverse, the dollar coin, and sometimes the unit of currency itself, are sometimes referred to as the ''loonie'' by English-speaking Canadians and foreign exchange traders and analysts. Accounting for approximately 2% of all global reserves, the Canadian dollar is the fifth-most held reserve currency in the world, behind the U.S. dollar, the euro, the yen and sterling. The Canadian dollar is popular with central banks because of Canada's relative economic soundness, the Canadian government's strong sovereign position, and the stability of the country's legal and political systems. History ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Return (Canada)
A tax return is the completion of documentation that calculates an entity or individual's income earned and the amount of taxes to be paid to the government or government organizations or, potentially, back to the taxpayer. Taxation is one of the biggest sources of income for the government. There are two types of taxes— direct and indirect—which are both parts of the tax revenue. Tax revenue is the income gained by government from taxes that are levied on income, profit, goods and services, land revenue, ownership, and transfer of property, and other taxes. Total tax revenue calculated as a percentage of GDP shows the share of the country’s output collected by the government through taxes. Tax revenue is used by governments to grant sums of money to communities, the military, education, hospitals, and infrastructure. In the United States the Internal Revenue Service (IRS) administers federal tax laws. It is a government entity that fulfils three main functions. Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by total area. Its southern and western border with the United States, stretching , is the world's longest binational land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. Indigenous peoples have continuously inhabited what is now Canada for thousands of years. Beginning in the 16th century, British and French expeditions explored and later settled along the Atlantic coast. As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces. This began an accretion of provinces and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Residence
The criteria for residence for tax purposes vary considerably from jurisdiction to jurisdiction, and "residence" can be different for other, non-tax purposes. For individuals, physical presence in a jurisdiction is the main test. Some jurisdictions also determine residency of an individual by reference to a variety of other factors, such as the ownership of a home or availability of accommodation, family, and financial interests. For companies, some jurisdictions determine the residence of a corporation based on its place of incorporation. Other jurisdictions determine the residence of a corporation by reference to its place of management. Some jurisdictions use both a place-of-incorporation test and a place-of-management test. Domicile is, in common law jurisdictions, a different legal concept to residence, though the place of residence and the place of domicile would typically be the same. The criteria for residence in double taxation treaties may be different from those of do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2007 Canadian Federal Budget
The Canadian federal budget for the 2007–2008 fiscal year was presented to the House of Commons of Canada by Finance Minister Jim Flaherty. Flaherty presented the 2007 budget on March 19, 2007. No income tax or GST cuts were announced but there were tax credits (of up to $310 per child) for some families with children under 18. The federal budget included $14 billion in new spending and $5.7 billion in tax cuts. This was the second budget of the 39th Canadian Parliament. Since the government held a minority, the budget needed support of at least one opposition party. On March 29, 2007, Bill C-52, the enabling legislation to implement the budget, received First Reading in the House of Commons with the support of the Bloc Québécois. The New Democratic Party and Liberal Party voted against it. The budget passed 174 to 109 in the House of Commons in first reading. It would later pass the second and third readings in June. Many politicians believe that the changes to equalizati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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