BADM*4070 DE Chapter Notes - Chapter 7: Taxation In Canada, Tax Rate, Income Tax
Document Summary
Someone else can prepare a prescribed form for an individual or corporation for taxes, but ultimately, the personal for whom the taxes are too be le, is legally responsible for it. The canadian tax system for individuals is progressive. Which means, higher taxable income, is taxed at a higher rate. The average tax rate is total tax payable / total income. The lower tax rate is applicable to all incomes up to a speci c level, and then any income above that level is taxed at a higher level. The average tax rate will either be equal too or less than the marginal rate. In most cases the federal and provincial taxable income are identical. Surtaxes: are taxes based on the tax. They"re temporary, and usually apply to upper tax brackets. The personal income tax return is the t1 general. It"s di erent based on which province you live in and changes a little year after year.
