It is mandatory for the Canadian residents to pay federal taxes on a yearly basis. This is done in order to show as to how much they have earned in the financial year. Just like any other country, taxes are charged on the basis of annual income of every individual as well as the savings done by him on an annual basis. Taxes are deducted from the salaries and the deadline to submit the tax return is April 30.

It is extremely critical to file an income tax return and show a proof of the income earned by you. Here are some of the taxes imposed by Federal government:

• 7% sales tax is imposed on purchased termed as GST Goods and Services Tax. All the provinces barring Alberta have provincial tax.
• Property Tax: The property taxes are imposed on both residential as well as commercial assets and form almost 10% of the total taxed in Canada.
• Excise Duties: Excises taxes are imposed on inelastic goods.
• Employment Insurance and Child Pension Plan: These along with Worker’s Compensation are played by every worker.
• In addition to these taxes, there are other taxes like Health and Prescription Insurance Tax where certain provinces charge tax for the health system of Canada.
• Certain business organizations pay tax on the profit margins of their income. These are called “Corporate taxes.”

If you are planning to immigrate to Canada, then it becomes essential for all of you to get acquainted with all these taxes in advance. In addition, you can hire the services of an immigration expert that would help you in sailing with your application process in a smoother way.