Are Taxes in Canada Higher than in the US?
Taxes are an essential part of any country's financial system, funding everything from healthcare and education to infrastructure and defense. When comparing two neighboring countries like Canada and the United States, a common question arises: Are taxes in Canada higher
Implementation of GloBE Rules in Canada
Global Anti-Base Erosion rules, commonly referred to as GloBE rules, have recently been accepted and implemented in Canada. This rule is all about the international tax system which aims to levy minimum taxes from the multinational companies operating in multiple
Eliminating country-specific immigration cap: Key takeaways
The United States of America has been the world’s most powerful and leading economy for many decades over the last century. It has become a dream for the citizens of many other nations, especially the developing countries to work and
Change in political regime: How to cope up with changes in taxation policies?
The United States of America recently witnessed one of the most critical elections to elect its next President for another term of four years amidst the ravages of the Coronavirus pandemic. With a fairly good turnover of people who has
Joe Biden’s Tax Plans: What Is There For The Expats To Know?
After a tough electoral fight between Donald Trump and Joe Biden, the latter has been confirmed as the president-elect by the Electoral College. With Joe Biden now all set to take the oath of the new President of the USA
What are the various tax systems in Canada?
Every country has its own system of tax collection from the citizens. Many countries levy taxes on some products, exempt some, and even offer subsidies on a few. The tax system in Canada is extremely simple and easy to understand.
How is tax collected in Tampa?
While gathering information about the tax collection system in Tampa, Florida, at first you must know that in 2020, Tax Jurisdiction of Tampa comes under Florida (6%) and Hillsborough (2.5%). That means the combined sales tax rate is 8.5% in
Wealthy New Yorkers are ditching the city’s high taxes for Miami
Since the last few months, many wealthy citizens of New York have been experiencing unbearable financial stress due to the latest modifications in the US tax laws. Many of them have migrated to Florida’s Miami-Dade area for gaining more tax
The $40-billion reason Canada needs real corporate tax reform
In June 2019, a report on international tax avoidance by multinational corporations was generated by PBO or Parliamentary Budget Office of Canada. According to this report, Canadian corporations are not paying about $25 billion of federal income taxes every year.
Filing Personal Income Tax in Canada – An Overview
Income tax in Canada is duly administered by Canada Revenue-Agency. The time period taken into account is between January 1 and December 31 of a financial year. In case you owe personal income tax, you have to pay on time.