Getting Started in Canada - Canadian Tax System

The Taxation system in Canada is similar to most other countries:

• The Canada Revenue Agency administers tax collection. Find more about how the Canadian Tax System works.
• The federal and provincial governments levy a variety of taxes such as income tax, sales tax, business tax, property tax and other miscellaneous taxes. The rates and credits are different in each province and territory. 
• HSBC’s tax saving products help you reduce or defer your tax liability.

Registered Retirement Savings Plans (RRSPs)
RRSP contributions are deductible for tax purposes, so you save today while investing for tomorrow. Find out more about RRSPs

Registered Retirement Income Funds (RRIFs)
Shelter savings from taxes and receive income during your retirement by transferring RRSP investments into an RRIF. Find out more about RRIFs

Registered Education Savings Plans (RESPs)
Investments within an RESP grow tax-free until the money is withdrawn. One of the main benefits of an RESP includes tax-deferred growth and the ability to shift the tax on the income and gains to the child who will typically be taxed at a lower tax rate. Find out more about RESPs

Investment Expertise
HSBC Bank Canada, together with its subsidiary companies, offers different saving and investment products backed by global expertise and research. Find out more about our investment expertise

More Information

• Canada Revenue Agency (CRA)
• General Income Tax and Benefit Guide
• Individual Taxation FAQs