[Verse 1] When you're learning tax law in the great white north There are sources you need to bring forth The Income Tax Act stands tall and proud Federal rules that speak out loud Structured in parts with sections clear Interpretation guides us year by year [Chorus] I-T-A, that's the way Income tax rules every day E-T-A for G-S-T Excise tax for you and me Provincial statutes, treaties too C-R-A guidance sees us through Five sources strong, remember the song Canadian tax law all along [Verse 2] The Excise Tax Act brings G-S-T And H-S-T for provinces free Goods and services, harmonized flow Federal consumption tax we know Registration thresholds, input credits This act controls how tax gets credited [Chorus] I-T-A, that's the way Income tax rules every day E-T-A for G-S-T Excise tax for you and me Provincial statutes, treaties too C-R-A guidance sees us through Five sources strong, remember the song Canadian tax law all along [Verse 3] Provincial sales tax where it applies P-S-T rules before your eyes British Columbia, Saskatchewan's way Each province sets their own display Property transfer, motor vehicle Provincial power, always flexible [Bridge] Tax treaties cross the border line Double taxation, we decline Domestic implementation here Makes foreign agreements crystal clear C-R-A folios light the path Interpretation helps with tax math Technical notes and bulletins Administrative guidance always wins [Chorus] I-T-A, that's the way Income tax rules every day E-T-A for G-S-T Excise tax for you and me Provincial statutes, treaties too C-R-A guidance sees us through Five sources strong, remember the song Canadian tax law all along [Outro] Five legislative sources true Federal, provincial, international too Administrative guidance shows the way Canadian tax law every day
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