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Welcome to Canada :) Oh, and we're taxed on income as well. I think something like 44% of everything I earn goes to taxes.

• danieltillett 10y ago
  I could be wrong, but I was unaware that Canada had a straight asset tax on all assets. How does it work?
  • PDoyle 10y ago
    It doesn't. Not sure what that guy's talking about.
  • milesf 10y ago
    In Canada, it's easier to list what is not taxed rather than what is. You do not pay taxes on: - any GST/HST credit or Canada Child Tax Benefit payments, as well as those from related provincial and territorial programs. - child assistance payments and the supplement for handicapped children paid by the province of Quebec. - most amounts received from a Tax Free Savings Account (TFSA) - compensation received from a province or territory if you were a victim of a criminal act or a motor vehicle accident. - lottery winnings. - most gifts and inheritances. - amounts paid by Canada or an ally (if the amount is not taxable in that country) for disability or death due to war service. - most amounts received from a life insurance policy following someone’s death. - most payments of the type commonly referred to as “strike pay” you received from your union, even if you perform picketing duties as a requirement of membership. Barring those items, anything else you acquire including necessities like food, medicine, clothing, and shelter all have taxes on them. Some will argue that this is not a direct tax on assets, but whether it's indirect or direct it's still the government taking more.