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15 Cards in this Set
- Front
- Back
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What does the Federal Government do? |
oversee well-being of Canada. Control economy, trade, external relations, defence, criminal law, and transportation |
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What does the Provincial/Territorial Government do? |
protect rights of businesses and customers in each province. Control labour laws, education, healthcare, protection of property/civil rights, natural resources, and the environment |
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What does the Municipal Government do? |
deliver services to citizens such as water, sewer, waste. Control economic development, and bylaws to regulate |
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What does the Audit do? |
serve public interest, hold government levels accountable |
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What are the six roles the government has? |
Customer Competitor Provider of essential services provider of incentives (employment) Taxation agent Regulator |
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What are Transfer Payments? |
money given to provinces/territories from federal government to help deliver services (health, education) & help equalize wealth across Canada |
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What is a Patent? |
For inventors, get right to manufacture, use, and sell invention for 20 years |
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What is Copyright? |
For creators of art, music, literature, or other intellectual property. Right to use, produce, and sell creation during lifetime (+50 years to estate) |
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What is a Trademark? |
exclusive design, name, or distinctive mark used to identify products |
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What are the four rights for Consumers? |
1. right of choice 2. right of safety 3. right of honest 4. right to be informed |
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What is Income Tax based on? |
Individuals income |
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What is Property Tax based on? |
based on real/personal property based on assessed value of property |
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What is Payroll Tax? |
income tax collected by employer and remitted to federal government |
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What is a Sales Tax? Give an example. |
Tax levied on all goods/services (ex. GST) |
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what is an excise tax? |
imposed on specific items that pose a negative externality |
