Following are some important information which newcomers as well as the resident of Canada must know:
Taxes in Canada:
Federal and Provincial
Income tax: Income tax refers to annual taxes levied by the federal government on individual and business income, there are tax rates are set on the income of individuals, can easily check on tax rate website.
Provincial taxes: There are two types of sales tax in Canada, in Ontario GST is 5% & PST is 8% combined called HST which is (5+8=13%)
As a new Canadian, you may receive benefits or tax refund. you are eligible for most of the same benefits as other Canadian, but you have to apply for these benefits and file your income tax return.
Benefits include payments for qualifying families with children, a rebate of the goods and services Tax (GST) or Harmonized Sales Tax (HST) - known as GST/HST credit, and certain provincial & territorial benefits and credits.
Property tax: is the real state tax calculated by the government which is paid by the owner of the property.
Border tax (Duties)
The Canada border services agency collects duty and taxes on imported goods. if you are in the United States for at least 24 but less than 48 hours, you are allowed to import up to $200 per person of the purchase made in the United States.
Thanks, and welcome to Canada
Taxes in Canada:
Federal and Provincial
Income tax: Income tax refers to annual taxes levied by the federal government on individual and business income, there are tax rates are set on the income of individuals, can easily check on tax rate website.
Provincial taxes: There are two types of sales tax in Canada, in Ontario GST is 5% & PST is 8% combined called HST which is (5+8=13%)
As a new Canadian, you may receive benefits or tax refund. you are eligible for most of the same benefits as other Canadian, but you have to apply for these benefits and file your income tax return.
Benefits include payments for qualifying families with children, a rebate of the goods and services Tax (GST) or Harmonized Sales Tax (HST) - known as GST/HST credit, and certain provincial & territorial benefits and credits.
Property tax: is the real state tax calculated by the government which is paid by the owner of the property.
Border tax (Duties)
The Canada border services agency collects duty and taxes on imported goods. if you are in the United States for at least 24 but less than 48 hours, you are allowed to import up to $200 per person of the purchase made in the United States.
Thanks, and welcome to Canada
Nicely done Mohammad: well-structured and you chose important information as well. I would suggest only one thing - try to use some money idioms :)
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