HillNote
Governments finance the goods and services that they provide in various ways, including through taxing, investing and borrowing activities. The first of these activities – taxation – can take several forms. In Canada, sources of funds that help to finance federal initiatives include personal income taxes, corporate income taxes, consumption taxes and social security contributions. This HillNote provides information about the revenue, rates and rationale relating to federal personal income taxes in Canada. Other HillNotes discuss corporate income taxes, consumption taxes and social security contributions.