Question
Canada's tax system is fair in many ways. Canada's tax system is unique, and it will likely differ from many countries. It is one's responsibility
Canada's tax system is fair in many ways. Canada's tax system is unique, and it will likely differ from many countries. It is one's responsibility as a Canadian resident to pay taxes on all worldwide income earned throughout the year and to file one's tax return with the government. Employment income, investment income, commission income, and retirement income are all examples of sources of income. Both the federal government and the provincial/territorial government will tax your earnings. The three levels of government in Canada-federal, provincial and territorial, and offer a wide range of services and programmers to their residents. Governments take your taxes and give them back to you in the form of free education, health care, roads and highways, and a variety of other social services. The federal government, for example, spent $251.2 billion on government- sponsored programmers in 2013-14. Personal income taxes account for around 30 percent of federal government revenue.
The tax system in Canada is progressive or graduated, which means that the more money you earn, the more income taxes you will pay. The progressive or graduated tax rate structure in Canada is designed to make life easier for individuals with lower wages. As a result, there are a variety of tax credits that can be applied to taxable income to help you pay less in taxes. Canadians may not pay far more than Americans -and, on occasion, as a nation, they have even paid less -but they do receive significantly more social benefits from their government. That's one of the reasons why Canada ranks seventh among the world's happiest countries' seven positions ahead of the United States.
Although I personally don't have any previous experiences with Canadian tax system but after some research I do believe that the tax system has the potential to be a significant tool for redistributing wealth and decreasing poverty. A more fair society with improved population health, decreased crime, and higher education benefits everyone (including the wealthy). Recent research also demonstrates that decreased inequality leads to improved job prospects and a more robust economy, which benefits everyone, rich or poor.
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