Taxation in Canada
Ok kiddo, you know how mommy and daddy give you money for your allowance? Well, the people who work in Canada also get money for the work they do, and that's called income.
Now, the government needs some of that money to pay for things that everyone uses, like schools, hospitals, and roads. So they come up with something called taxes. Taxes are like when someone asks you for a little bit of your allowance money to help pay for things that your family needs.
In Canada, there are different types of taxes that people have to pay. One of them is the income tax. It's a percentage of the money someone makes from their job. So, the more someone earns from their job, the more income tax they have to pay.
There are also sales taxes, which are added to the things people buy, like toys or clothes. These taxes are called GST, HST or PST depending on the province. So, if you buy a toy for $10, you might have to pay an extra $1 in tax.
Now, some people might think that taxes are not fair, but they help pay for things that benefit everyone. The government decides how to use the money they collect from taxes, like building new schools or giving money to people who need some help.
Finally, it's important to pay taxes on time, or else someone might get in trouble with the government. But, if someone knows how to use taxes and budget their money wisely, they can still have enough to save for toys or a special treat.
Now, the government needs some of that money to pay for things that everyone uses, like schools, hospitals, and roads. So they come up with something called taxes. Taxes are like when someone asks you for a little bit of your allowance money to help pay for things that your family needs.
In Canada, there are different types of taxes that people have to pay. One of them is the income tax. It's a percentage of the money someone makes from their job. So, the more someone earns from their job, the more income tax they have to pay.
There are also sales taxes, which are added to the things people buy, like toys or clothes. These taxes are called GST, HST or PST depending on the province. So, if you buy a toy for $10, you might have to pay an extra $1 in tax.
Now, some people might think that taxes are not fair, but they help pay for things that benefit everyone. The government decides how to use the money they collect from taxes, like building new schools or giving money to people who need some help.
Finally, it's important to pay taxes on time, or else someone might get in trouble with the government. But, if someone knows how to use taxes and budget their money wisely, they can still have enough to save for toys or a special treat.
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