An Overview Of Taxation in Canada (1): Introduction

Taxation in Canada: An Overview (Item 1 of 10) Introduction - PricewaterhouseCoopers LLP

Canada imposes federal corporate and personal income tax on its residents, and on non-residents who carry on business in Canada, are employed in Canada or sell property situated in Canada. Canadian resident individuals and corporations are taxable on their worldwide income, including capital gains. Non-residents of Canada are generally only taxable on their income from Canadian activities and investments, including gains on the sale of certain types of Canadian investments.

All Canada's ten provinces and its northern territories (considered provinces for income tax purposes) also levy income taxes on corporations and individuals residing or carrying on business within the province. Most of the provinces impose a general capital tax on corporations.