The Most Important Source of Revenue for the Canadian Federal

question 32

Multiple Choice

The most important source of revenue for the Canadian federal government is taxes; the most important source of revenue for Canadian municipal governments is taxes.

• A)income; property
• B)property; payroll
• C)corporate; sales
• D)income; excise
• E)sales; property

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Definitions:

Legal Entity

An organization or individual that has legal rights and obligations, including the ability to enter into contracts, sue, and be sued.

Corporate Form

A business structure where the company is considered a separate legal entity from its owners, providing benefits like limited liability, but often at the cost of more regulations.

Ownership

The legal right or title to an asset or property.

Shares

Units of ownership in a company, representing a portion of the corporation's capital, entitling the shareholder to a part of the profits.