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The Canadian federal government announced in 2023-24, $94.6 billion to transfer to the provinces and territories through major transfers (Canada Health Transfer, Canada Social Transfer, Equalization and Territorial Formula Financing), direct targeted support and trust funds), a $7 billion increase from the previous year, 2022-23.
The Government of British Columbia introduced a carbon tax in 2008. [60] British Columbia was the first Canadian province to join the Western Climate Initiative (WCI), which was established in February 2007 by the governors of Arizona, California, New Mexico, Oregon, and Washington to reduce greenhouse gas emissions.
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
On 19 February 2008, British Columbia announced its intention to implement a carbon tax of $10 per tonne of carbon dioxide equivalent (CO 2 e) emissions (2.41 cents per litre on gasoline) beginning 1 July 2008, the first North American jurisdiction to implement such a tax. The tax was to increase until 2012, reaching a final price of $30 per ...
Canada Health Transfer payments by year since FY2005. Unlike Equalization payments, which are unconditional, the CHT is a block transfer; the funds must be used by provinces and territories for the purposes of "maintaining the national criteria" for publicly provided health care in Canada (as set out in the Canada Health Act).
The 2023 FICA tax rate is 15.3%, but if you're a W-2 employee, your employer likely will pay half. Taxpayers in higher federal income tax brackets -- specially, those with over $200,000 in income ...
A table listing total GDP (expenditure-based), share of Canadian GDP, population, and per capita GDP in 2022. For illustrative purposes, market income (total income less government transfers) [1] per capita from tax returns is included. (The per capita, rather than per tax filer, measure is chosen for comparability with GDP per capita.)
For the 2023 tax year, there are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your tax bracket is determined by your taxable income and filing status and shows what tax rate ...