Income taxes in Canada
Income taxes are like toys we share with the government. When people in Canada earn money from their jobs, businesses, or investments, they need to share some of that money with the government as income tax.
Just like we need to share our toys with our friends, people need to share their earned money with the government to help build and maintain different things we use every day like roads, schools, or hospitals.
The amount of income tax somebody pays depends on how much money they make. The more money someone earns, the more income tax they need to pay.
People in Canada report how much money they earned from their jobs, businesses, or investments to the government, and then the government calculates how much income tax they need to pay based on that amount.
Some people, like kids who don't have jobs, don't have to pay income tax. But, when they grow up and earn money, they will also need to share some of it with the government as income tax.
Overall, income taxes are like sharing our toys with friends, except we are sharing our hard-earned money to help our country grow and support our daily needs.
Just like we need to share our toys with our friends, people need to share their earned money with the government to help build and maintain different things we use every day like roads, schools, or hospitals.
The amount of income tax somebody pays depends on how much money they make. The more money someone earns, the more income tax they need to pay.
People in Canada report how much money they earned from their jobs, businesses, or investments to the government, and then the government calculates how much income tax they need to pay based on that amount.
Some people, like kids who don't have jobs, don't have to pay income tax. But, when they grow up and earn money, they will also need to share some of it with the government as income tax.
Overall, income taxes are like sharing our toys with friends, except we are sharing our hard-earned money to help our country grow and support our daily needs.