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As noted in the 27th Actuarial Report on the Canada Pension Plan, if one uses the 'closed group approach', the Canada Pension Plan has an enormous unfunded liability. As of December 31, 2015, the unfunded liability was $884 billion, which is the difference between CPP's liabilities of $1.169 trillion and the CPP's assets of $285 billion. [15]
The Income Tax Act, Part I, subparagraph 2 (1), states: "An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year." After the calendar year, Canadian residents file a T1 Tax and Benefit Return [ 5] for individuals.
In Canada, payment in lieu of taxes are made in place of property taxes on real property owned by federal, provincial, and municipal governments and government agencies to local governments and reserves. [ 4] They need for PILTs arises from Section 125 of the Constitution Act, 1867 which prohibits levels of government from taxing real property ...
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
The Pension Benefit Guaranty Corporation (PBGC) is a United States federally chartered corporation created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary ...
By Brendan Pierson and Dietrich Knauth. (Reuters) -A jury on Friday found that Abbott Laboratories' specialized formula for premature infants caused an Illinois girl to develop a dangerous bowel ...
The tax is a 5% tax imposed on the supply of goods and services that are purchased in Canada, except certain items that are either "exempt" or "zero-rated": For tax-free — i.e., "zero-rated" — sales, GST is charged by suppliers at a rate of 0% so effectively there is no GST collected. However, when a supplier makes a zero-rated supply, it ...
The Liberal Party of Canada (LPC; French: Parti libéral du Canada, PLC) is a federal political party in Canada.The party espouses the principles of liberalism, [6] [7] [8] and generally sits at the centre [6] [9] [10] to centre-left [10] [11] of the Canadian political spectrum, with their main rival, the Conservative Party, positioned to their right and the New Democratic Party positioned to ...