MINI$-$ASSIGNMENT #$4-$ BACKGROUND ON TAXES

Read Background on Taxes $($L$01)$ from Chapter $4$ of the textbook and answer the following questions:

a$.$ In Canada, what do taxes pay for?

b$.$ What are the four levels that Canadians pay taxes?

c$.$ For whom does the CRA collect taxes?

d$.$ What services are paid for by municipal taxes?

e$.$ What is the process of withholding?

f$.$ Which province does not pay PST$?$

g$.$ Define excise taxes?

h$.$ What is the difference between a capital gain and a capital loss?

i$.$ Homeowners pay property taxes on what value of their homes?

Read GST$/$HST credit $-$ Overview $-$

Canada.ca and answer the following questions:

a$.$ Define the GST$/$HST credit.

b$.$ Do you have to apply for this credit?

c$.$ What are the eligibility requirements? $($include only the $2$ main requirements$)$

d$.$ For a single person to be entitled, the adjusted family net income $($equal to line $23600)$ must be under what value?

Family income level where the recipient will no longer receive the GST$/$HST credit $-$

Canada.ca