Canada’s tax rules are complex and subject to change. The information contained herein is not, and is not intended, to be a comprehensive overview of Canada’s tax system.
Canada’s federal income tax system for businesses and individuals is governed by the federal Income Tax Act (Canada) (“ITA”) and its regulations. Businesses operating in Canada might also be affected by sales tax, payroll tax, and other federal, provincial and territorial tax laws, and by the administrative policies and assessing practices of the Canada Revenue Agency (“CRA”). The CRA is a federal governmental agency that, among other things, administers all federal tax laws, and many provincial and territorial tax laws. In this blog post, we provide an overview of the key Canadian tax rules that both Canadian and foreign businesses need to be mindful of when setting up their business in Canada.
Taxation of Residents in Canada
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Article courtesy of Chantal A. Cipriano of Dickinson Wright