8.1.3 What taxes you pay

From: Financial Consumer Agency of Canada

Use this checklist to see some of the taxes that you might pay every year. Check off the ones you pay:

Types of taxes

Definitions

  • Tax: A compulsory financial contribution imposed by law to raise government revenue
  • Tariff: A charge (or list of charges) imposed by a government on imports or exports
  • Duty: A specific tax imposed by law on imports or exports (same as tariff)
  • Fee: A payment for services or for a particular privilege

Most people pay some or all of these taxes every year. The following graph shows the total amount of revenue governments collect from each type of tax.

Federal, provincial, territorial and local government revenue, 2014 (millions of dollars)

The following graph shows the total amount of revenue governments collect from each type of tax.

Source: Organisation for Economic Co-operation and Development - 2014.

Text version: Federal, provincial, territorial and local government revenue, 2014 (millions of dollars)
Type of tax Amount Percentage of total tax revenue
Consumption (sales) taxes  $137, 793 24%
Property taxes  $59,827 11%
Payroll taxes  $11,936 2%
Social security contributions  $87,439 16%
Income taxes (personal and corporate)  $265,403 47%
Other taxes  $324 0%

 

Governments also charge fees for selling resources such as timber, minerals and petroleum. These are not considered taxes because they are the price for buying assets. Unlike some countries, Canada does not charge inheritance taxes, although there are fees for certificates and property transfers on death, and some income taxes can come into effect when a person dies.

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