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26 Cards in this Set
- Front
- Back
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Federalist system |
Two level of government have jurisdiction over each citizen, central (fed) and provincial |
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Bicameral |
Composed of two legislative chambers (house of Commons 308 & Senate 105) |
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Unicameral |
All provinces. One legislative chamber - Lieutenant Governor is representative of the queen in each province. Governance general for Canada. |
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Federal Gov Spending |
Social services, debt charges, protection of persons/ property |
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Provincial Gov Spending |
Health, education, social welfare, provincial debt (given hospitals Constitution Act 1867) |
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Municipal Gov Spending |
Education |
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Transfer Payments |
Monies paid it by the government to individuals and other levels of government where no service was performed for the money e.g. unemployment, pensions |
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Wagner's Law of Increasing State Activity |
Industrialized economies government spending can be expected to grow at a faster rate than the total output of goods and services |
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Direct Tax |
A tax imposed on the person who is intended to pay the tax e.g. income tax |
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Indirect Tax |
One that is levied against one person in 5e expectation that it will ve paid by another person e.g. excise tax on supplier paid by the consumer later |
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Indexing |
Making adjustments to taxes or payments according to changes in the rate of inflation |
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Theory of Taxation |
Social justice and consistency with economic objectives |
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Horizontal Equity |
A situation in which all people in the same circumstance are treated in a similar manner |
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Vertical Equity |
Individuals differ in their circumstances and therefore are treated differently |
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Benefits Received Approach |
Proposes that people be taxed on the basis if the benefits that they receive from government programs. More benefits = more taxes, e.g. gasoline tax |
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Ability to Pay Taxes |
Individuals are taxed based off their ability to pay determined by their wealth, income and spending |
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Progressive Approach |
The percentage of income an individual pays in taxes increases as their level of income increases |
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Proportional Tax |
The percentage of income paid in taxes remains constant regardless of an individual's income |
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Regressive Tax |
The percentage of income paid in taxes decreases as the level of income increases |
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Marginal Tax Rates |
The percentage of any additional income paid in taxes |
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Established Program Financing |
The fed gov gives a province a percentage of personal and corporate income tax revenue plus a cash payment. Also gives provinces equalization and stabilization payments |
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Equalization Payments |
Made to provinces to ensure that the provinces can provide a reasonable level of public services without high levels if taxation |
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Stabilization Payments |
To ensure the provincial taxation doesn't decline substantially from one year to the next |
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Gross Public Debt |
Unmatured bonds, Treasury bola and notes as well as other liabilities including annuity insurance, pension accounts and other special accounts |
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Net debt |
Gross debt minus recorded assets |
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Gross Domestic Product |
The value of all goods and services produced in Canada in a given year |
