M6 MONEY Taxed: L2 TAX TYPES

Wage-earners must file an income tax return __________ to determine their tax obligations.

Every year

Each bracket of your income is taxed at a certain rate.

True

Taxes charged on what you buy or use are called:

Consumption

Both federal and provincial governments collect taxes on income.

True

The more money you make, the less you pay in taxes.

False

Payroll taxes fund Canada Pension Plan (CPP) and Employment Insurance (EI).

True

Solopreneurs are required to pay only the employee portion of payroll taxes.

False

Investment tax is applied to all money spent on investments.

False