Brief About Tax System, Rules And Rates

Taxes are basically grouped into three main categories: indirect taxes (VAT, excise and other indirect taxes), direct taxes (income tax, personal income taxes, taxes on capital), local taxes, and social and health security contributions. These three categories are under authority like below.You can receive high-quality representation and guidance with the Canada Revenue Agency (CRA).

Direct Taxes Include: Income tax, national taxes, other taxes, which are defined as such by special law, and customs taxes. Do not forget to have your cash register tapes ready and your exemption certificates for the second audit. You may want to have several Xerox copies of the original document in case you need extra copies.

Social and health security contributions, as defined in the social insurances law

Local Taxes: Local tax on small business; tax on immovable property, which includes tax on buildings and agricultural land, tax on hotel accommodation, tax on impact of new constructions upon infrastructure.

Tax on transfer of ownership right on real estate; annual tax for vehicle registration, tax for occupation of public space, board tax, temporary taxes, registration tariff for various activities, cleaning and waste disposal tariff, vehicle parking tariff, tariff for services.

Each individual, who is a partner in a commercial company, is responsible for the company's tax liabilities to the tax administration, according to provisions in the company charter. According to commercial registry, over 95 percent of companies are limited liability companies.

Leave a Comment

Previous post:

Next post: