What is the system of taxation in Canada?

Question

Accepted Answer

Canada has a progressive tax system where individuals and corporations are taxed based on their income levels.

Canada has federal and provincial/territorial income taxes that are levied based on a progressive tax system.
Income tax rates increase as income levels rise, with higher income earners paying a higher percentage of tax.
There are also consumption taxes such as the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) that are applied to goods and services.
Certain provinces also have their own sales taxes in addition to the federal GST.
Canada also has various tax credits and deductions available to individuals and businesses to reduce their tax burden.
Taxation in Canada is overseen by the Canada Revenue Agency (CRA).

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