How is the collection of corporate income taxes handled? Choose the correct answer. A. Canada Revenue...
How is the collection of corporate income taxes handled? Choose the correct answer.
A. Canada Revenue Agency collects both federal and ALL provincial income taxes.
B. Canada Revenue Agency collects federal taxes and each province collects provincial income taxes.
C. Canada Revenue Agency collects federal and MOST provincial income taxes.
D. The applicable provincial finance and revenue agency collects both federal and provincial income taxes for corporations operating within the province.
Homework Answers
How is the collection of corporate income taxes handled?
- Federal taxes are collected by the Canada Revenue Agency (CRA).
Under tax collection agreements, the CRA collects and remits to the
provinces:
- provincial personal income taxes on behalf of all provinces except Quebec, through a system of unified tax returns;
- corporate taxes on behalf of all provinces except Quebec and Alberta; and
- that portion of the Harmonized Sales Tax (HST) that is in excess of the federal Goods and Services Tax (GST) rate, with respect to the provinces that have implemented it.
so, The Canada Revenue Agency collects federal and MOST provincial income taxes.
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How is the collection of corporate income taxes handled? Choose
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