The Basics of Taxation and How a Tax Planning Lawyer Can Help
With all the different types of tax, it's no wonder people would regularly consult with a tax planning lawyer to help them strategize how to minimize their tax liability. In Canada, taxes, tariffs, and duties are collected by different levels of government to fund their programs and services. The three levels of taxation include Federal, Provincial/Territorial and Municipal. Understanding the differences and which types apply to you as a regular working citizen or as a business owner is very important. This is where tax management and strategizing becomes truly helpful in terms of making things easier and complying with provisions of tax laws and its allied rules. The most common type of tax is the income tax which is derived from a person's salary or from the revenue of a specific business. Most of us are familiar with this type and in most cases, a corporation will withhold an employee's income tax to ensure it is filed regularly. Another type is the consumer and excise t