As part of the introduction of the Harmonized Sales Tax (HST) in Ontario and British Columbia, the Canada Revenue Agency requires large businesses to be subject to a scheme billed as a recapture of input tax credits (RITCs). Businesses can currently claim a credit on the HST they have paid...
Some provinces have chosen to participate in the HST, which pairs the GST with the PST to create one tax overall. These regions include New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Labrador, and Ontario. Therefore, if your small business resides in one of these areas, you ...
If I enter 14424 which is in Ontario County (tax rate is 7.5% in Ontario and it IS one of the zips that I have entered), it calculates correctly at 7.5% tax. If I enter 13614 which is in St Lawrence County (tax rate is 7% and IS NOT one of the zips that I...
Commercial property investors in search of tax relief might consider the fact that land transfer tax does not apply to the transfer of shares of a corporation that owns real estate. In Ontario, however, tax law is structured to prevent people from taking advantage of such potential loopholes. ...