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Canadian Income Tax involves the application of the Income Tax Act to individuals and corporations. Professionals in this area advise on tax planning, compliance, and dispute resolution related to federal and provincial income taxes.
Canada has a self-assessment tax system, with income tax collected by the Canada Revenue Agency (CRA). British Columbia, where Vancouver is located, has its own provincial income tax system, in addition to federal income tax. Corporate tax rates for small businesses in BC can be as low as 11% (9% federal + 2% provincial up to the SBD limit), while general corporate rates are significantly higher. Personal income tax rates are progressive, reaching over 50% for high earners in BC when combining federal and provincial taxes.