Kinds Of Taxes
Taxation is an important part of any countrys development
. The different kinds of taxes imposed on the citizens serve as the governments fuel for funding different areas of development such as infrastructure, public security, health services, and more.
There are different types of taxes and the kind of taxes imposed on the people can vary from country to country. In Canada, personal income taxes, which come from an individuals salary, are the most significant source of government revenue. Just like in most countries, people who have higher income pay a higher percentage of tax. Another kind of tax is corporate tax which is imposed on companies and corporations. This tax is based on the companys profit income and capital.
Sales tax is also imposed in Canada, wherein 5% is added to goods and services. This is often referred to as goods and services tax (GST) or harmonized sales tax (HST) in some provinces. Other kinds of taxes are property taxes which are taxes on residential, industrial, and commercial properties; excise taxes for products such as cigarettes, gasoline, and alcohol; and estate taxes.
All these taxes are used by the government to provide the necessary benefits and services to its citizens. This is the reason why its very important that you do your duty as a citizen and pay your taxes on time. However, preparing and filing your tax is not an easy thing to do, thats why there are
tax preparation Danforth, Toronto companies that provide such kind of services.
Tax service Danforth, Toronto companies can assist you in your tax accounting needs. They can especially come in handy if youre self-employed and have no idea on how to compute, prepare, and file your tax accordingly. Such companies can also help you in tax planning, preparing financial statements and bookkeeping and accounting.
Never neglect your duty of paying your taxes. Though taxes can be burdensome, the money you pay works for you and your society in the long run. With the help of
tax preparation Danforth, Toronto companies, you can help contribute to your nations development through the simple act of paying taxes.
by: Patrick Lampkin
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