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Here in Canada our provincial taxes are based on a percentage of the federal tax we pay. This percentage is based on the size, population, and market structure, or economy within the given region. In addition part of the tax we pay to the federal government comes back to the provinces in the form of social programs, to which the provinces also add part of the tax we pay them.

However, because of the differences in land, populations, and market structures between each province and territory the amount of tax levied by the federal on the provinces and territories is not equal. The way the federal government has attempted to apply a fix, of sorts, is to require the territories and provinces with larger populations and markets to pay more than those regions with lower populations and smaller markets, in order to meet a set financial requirement stated through taxation. In other words, each region is required to pay a certain amount through taxation, and in those regions that cannot meet this requirement others take up the slack by paying more.

Understandably, most of us never give this aspect much thought, because we are thinking only of our own obligations. The breakdown and distribution of our Canadian tax dollars, from a simplistic point of view, follow along these lines, we pay the federal government, provincial government, and city governments, in addition to the taxes we pay on every good or service we utilize in our daily lives.

In scenarios where you may ask where your taxes are going, you can begin looking at the social programs available in your city, town, territory and province. Additionally, you can look at the infrastructure, roads and highways. Within these components lies the support of our lifestyle. While some take these things for granted others realize the necessity. Moreover, aside from being obligated to pay taxes the federal and provincial branches allow tax credits and other incentives lowering the burden a person has to bear.

Accordingly, with this in mind having a local tax accountant look at your business, or personal earnings, they will be able to identify the areas where you can save on the amount of tax you owe.

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If you require personal or business accounting or bookkeeping services, make sure to call the professional Mississauga accountants at Envolta. Building relationships with our clients is our number one priority -You are not just a number. If you are not 100% satisfied with your service, we will give your money back.

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