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The Canada Revenue Agency ( CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments.
Corporate tax in Canada. Corporate taxes in Canada are regulated at the federal level by the Canada Revenue Agency (CRA). As of January 1, 2019 the "net tax rate after the general tax reduction" is fifteen per cent. [1] The net tax rate for Canadian-controlled private corporations that claim the small business deduction, is nine per cent.
The goods and services tax [1] ( GST; French: Taxe sur les produits et services) is a value added tax introduced in Canada on January 1, 1991, by the government of Prime Minister Brian Mulroney. The GST, which is administered by Canada Revenue Agency (CRA), replaced a previous hidden 13.5% manufacturers' sales tax (MST).
Canadian federal tax returns are filed with the Canada Revenue Agency (CRA). Individuals and corporations who reside or conduct business in the province of Quebec also file separate returns with Revenu Québec .
This list displays all Canadian companies in the Fortune Global 500, which ranks the world's largest companies by annual revenue. The figures below are given in millions of US dollars and are for the fiscal year 2022. [1] Also listed are the headquarters location, net profit, number of employees worldwide and industry sector of each company.
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes.
The federal government levies a value-added tax of 5%, called the Goods and Services Tax (GST), and, in five provinces, the Harmonized Sales Tax (HST). The provinces of British Columbia, Saskatchewan, and Manitoba levy a retail sales tax, and Quebec levies its own value-added tax, which is called the Quebec Sales Tax.
In Canada, there are two types of sales taxes levied. These are : Provincial sales taxes ( PST ), levied by the provinces. Goods and services tax ( GST )/ harmonized sales tax ( HST ), a value-added tax levied by the federal government. The GST applies nationally.