Income tax in Canada turns 100: here’s how much money Canadians have paid since 1917
Income tax in Canada has now turned 100 years old. The bill which started income tax collection came into effect on July 26, 1917, and was originally created as a way to raise money during the First World War effort. In just the first year approximately $118.6 million was raised.
Money from income taxes is vital to government projects throughout Canada. In recent years, tax collection has grown to $148.5 billion, and personal income tax accounts for just under half of all federal government revenue.