Part D: Ontario’s Revenues. Ontario’s Revenues Revenue is the money that Ontario brings in from a variety of sources to pay for its expenditures - public.

Slides:

Advertisements

Similar presentations

Economic Performance- Part Dos. GNP When economists measure income, they use Gross National Product GNP- the dollar value of all final goods, services,

Advertisements

Government Revenue and Spending. Mandatory payments known as taxes make up the vast majority of government revenue. Principles of Taxes: - Benefits Received:

MERCHANDISING COMPANY

Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1.

Purpose of Taxation A Tax is required payment to local, state, or national government. Government uses taxes to: To fund public goods and services—Taxes.

Introduction to Taxation

 16 th Amendment: Was ratified in Before this amendment the federal government could not levy income tax.  Payroll Deduction: A system requiring.

Payroll withholding systemTax loophole Sin taxMedicare Property taxSurcharge Individual income taxProportional tax Investment tax creditRegressive tax.

 omic-lowdown-video-companion-series/episode-5- externalities/

Budgetary Policy. Definition Budgetary policy (aka fiscal policy) relates to anticipated changes in the level and composition of federal government revenues.

STATE REVENUE Where do we get the money from and how do we spend it?

1 The Accrual Accounting of Tax Revenues Canadian Experience By: Terry Moore Public Institutions Division Statistics Canada October 8, 2003.

Part E: The Federal Government’s Revenues. Breakdown of Revenues Revenue is the money that the government brings in from a variety of sources to pay for.

Financing State Government. West Virginia gets the money it needs to maintain its government through the collection of a variety of taxes, fees, and licenses.

Taxation Unit 4 – Lesson 3.

Government Finances Chapter 25. The Federal Government Chapter 25 Section 1.

Government Spends, Collects, and Owes. Section 1: Growth in the Size of Government  Prior to the Great Depression, the Government (Federal, State, and.

Macro Chapter 4 Presentation 3. Government Purchases The products directly use up resources and are part of domestic output Ex- missile production uses.

Chapter 16: Financing Government Section 1

Notebook # 29 Economics 9-2 The Federal Tax System Pages

Sources of Government Revenue: How the government collects money.

Taxes Example Federal Income Tax-Ex. 25% (10%--37%) State Income Tax—10% State Sales Tax—8% Social Security Tax—7% Property Tax—1.5% Excise Tax—(cigarette,

Ch. 25 Section 2 State and Local Governments. State Government Revenues ► The largest source of revenue for state governments is intergovernmental revenue.

When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Describe what, how, and for whom goods and services.

STATE & LOCAL TAXES and services…. Property Tax Tax on Real Estate Based on it’s value (house, car) Corporate Income Tax Tax on the profits of businesses.

Chapter 25.1 The Federal Government. Preparing the Budget Each year, the president and Congress create the federal budget, which is a plan for how the.

Ch. 25 Section 1 The Federal Government. Preparing the Budget Each year, the President and Congress are responsible for creating the federal budget –

Ch. 25 Jeopardy Sales TaxDeath TaxIncome TaxGas TaxTobacco Tax

Government Revenue Economics 120. There is a saying that only two things in life are certain: death and taxes.

© 2011 Pearson Education The U.S. and Global Economies 2 When you have completed your study of this chapter, you will be able to 1 Describe what, how,

Taxes and Social Security. Understanding Taxes  Taxes are a form of payment to the government to support government services.  There are three types.

Taxes There are three general types of taxes in the U.S. List them and identify which tax hurts low income taxpayers and which tax hurts high income taxpayers.

Harcourt Brace & Company Chapter 12 The Design of the Tax System (pp )

2.4 CIRCULAR FLOWS Circular flow model

ECON chapter 9 1. __________ affect the factors of production & therefore, resource allocation.

1 Taxation. 2 Decide fairest taxation method: a. same percent for all b. greater percent for the individuals with high incomes c. greater percent for.

The State Budget: Revenues, Taxes, and Expenditures. I: Revenue Sources for the State: A: Federal Grants-federal money goes to state and local government.

Financing Government Chapter 16

definitions  Tax Charge levied by the gov. to meet public needs  Levy To impose  Revenue How much money you bring in  Expenditure How much money you.

Government Spends, Collects, and Owes.  dex_with_mods.php?PROGRAM= &VIDEO=-1&CHAPTER=16

Taxes. Tax - A required payment to a local, state, or national government. Used to pay for the costs of running the government, and the programs, projects,

© 2011 Pearson Education Global Economy- the circular flow model 2 When you have completed your study of this chapter, you will be able to 1 Describe what,

Today’s Schedule – 11/15 Defining Taxes PPT Tax Forms Tax Goals Research HW – Read 14.2.

Part D: The Federal Government’s Expenditures. Breakdown of Expenditures The federal government ’ s expenditures can be divided into three key areas:

Chapter 11: Government Expenditures and Revenues.

Chapter 14 Taxes and Government Spending. Section 1: What are Taxes? Tax: required payment to a local, state, or national government What is tax money.

STANDARDS 1.4.3, Local and State Governments.

Key Terms  tax: a required payment to a local, state, or national government.  revenue: the income received by a government from taxes and other nontax.

Sources of Government Revenue. Payroll Deductions Taxes – government fees on business and individual income, activities, products or property. Medical.

Taxes and Federal Revenue. A. Government’s Budget 1. Federal Budget = National Budget a) revenue - money taken in b) expenses - money spent 2. Goal is.

STATE GOVERNMENT REVENUE SOURCES The largest source of state revenue consists of intergovernmental revenue —funds collected by one level of government.

 Tax dollars generated from business transactions are referred to as sales taxes  There are numerous regulations associated with sales taxes  Four.

© 2013 Pearson 2.3 THE CIRCULAR FLOWS Circular flow model is a model of the economy that shows: The circular flow of expenditures and incomes that result.

Economics Unit 5 Fiscal Policy and Taxes Answer the first question on your guided notes sheet on your own!

Texas Revenues III By PresenterMedia.com PresenterMedia.com.

Do Now What are some strengths/weaknesses of your city? Think of its government if you can…

Tax Unit American Government. General Overview  Governments need financial resources to carry out their activities  Government is required to follow.

Chapter 14 Taxes. Definition of taxes A Tax is a required payment to a local, state, or national government Income received from taxes by a government.

Sources of Government Revenue Ch. 9

Economics Unit Taxes.

Revenue and Expenditures

Chapter 12 key terms pgs.289 FL1-312

Taxes and Social Security

Slide Deck 15B: Ontario’s Expenditures and Revenues

Slide Deck C: The Government of Canada’s Revenues

Slide Deck C: The Government of Canada’s Revenues

Sources of revenue in Georgia

Introduction to Taxation

PowerPoint C: The Government of Canada’s Revenues

State revenue and taxes

Presentation transcript:

Part D: Ontario’s Revenues

Ontario’s Revenues Revenue is the money that Ontario brings in from a variety of sources to pay for its expenditures - public services, programs and government operations. Ontario’s projected revenues for the fiscal year are $108 billion.

Where does it come from? Taxes Transfer Payments Non-Tax Revenue Government Enterprises

Taxes Taxes are levies or fees individuals or businesses are required to pay in order to pay for public services and contribute to the government in the province and country in which they live or operate. Taxes make up the majority of Ontario’s total revenue.

Types of Taxes In Ontario, three taxes bring in the largest amount of revenue. 1.Personal 2.Corporate 3.Sales Others include Employer Health tax, gasoline and fuel taxes, and the Ontario Health Premium.

Personal Income Tax A percentage of the money you earn from a job or investments must be remitted to the government. In Ontario, personal income tax ranges from 20-40% based on the level of your income. Between 5-10% goes to the provincial government, the rest goes to the federal government.

Corporate Tax Businesses are also required to pay the government a percentage of their profits. In Ontario, the corporate tax rate ranges from 15-23%, depending on the size of your business. Between % goes to the provincial government and the rest goes to the federal government.

Sales Tax Individuals and businesses are required to pay a sales tax on the goods and services they purchase. The most common sales tax in Ontario is the Harmonized Sales Tax (HST) which is 13%. This is also split among the provincial (8%) and federal (5%) governments.

Federal Transfer Payments Sums of money that are transferred from the federal government to the provinces and territories to pay for public services. Transfer payments help Ontario cover the costs of Health Care, Education and Welfare.

Non-Tax Revenue Non-Tax Revenue refers to money collected by the Ontario government through fees and penalties. Some examples include: user fees for provincial parks, vehicle licensing, permits and speeding tickets.

Government Enterprises Revenue also comes from businesses (enterprises) that the Ontario government owns and operates. These include the Liquor Control Board of Ontario (LCBO), Ontario Lottery and Gaming Corporation (OLG), Hydro One and Ontario Power Generation (OPG).

Discussion What do you think is the breakdown of revenue sources for the Ontario government? Which category brings in the most revenue? Which brings in the least amount of revenue?

Projected Revenues

% Breakdown 70% Taxes (24% Personal, 8% Corporations, 19% Sales, 19% Other taxes) 20% Transfer Payments 6% Non-Tax Revenue 4% Government Enterprises