In which general category of tax should a homeowner earning over $250 000 in salary per year be expected to pay the most?
A)Personal income tax
B)Consumer tax (GST/HST)
C)Property tax
D)Excise tax

Question

Quizplus · Accepted Answer

Homeowners earning over $250,000 in salary per year fall under the high-income bracket in Canada. Personal income tax is a progressive tax system where individuals with higher incomes are required to pay a higher tax rate. Therefore, homeowners earning over $250,000 per year are expected to pay the most in personal income tax. Consumer tax (GST/HST) is charged on goods and services purchased, while excise tax is a type of tax on specific goods such as tobacco or alcohol. Property tax is based on the value of the property and is mostly paid by the property owner, with some exceptions for renters. Therefore, property tax may not be the tax category where a homeowner earning over $250,000 per year pays the most.

In Which General Category of Tax Should a Homeowner Earning