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Ch 1 notes - Introduction to Income Tax Chapter One Class...

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Introduction to Income Tax Chapter One Class Notes Tran Chung What is a tax? A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. Some taxes in Canada: Income tax GST, HST, sales and use tax, VAT Customs and duties Estate taxes Land transfer taxes and property taxes Stamp taxes Withholding tax Wealth tax, alternative minimum tax (AMT) Capital tax Fuel tax, “sin” tax Other What are the objectives of the Canadian tax system? Raise revenue o to provide for public goods and services, such as military, transportation infrastructure, education, health, Quebec ad sponsorship, etc… Redistribute Income o Robin Hood theory…take from the rich and give to the poor Promote or penalize certain activities o R&D tax credits o Sin taxes Re-allocation of wealth among different layers of government o
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