Canadian Harmonized Sales Tax (HST) is a goods and services tax present in certain provinces of Canada. The HST is a combination of the General Sales Tax (GST) and the Provincial Sales Tax (PST). It occurs in provinces that opted to combine the PST and the GST when the tax was first ...
While the GST/HST holiday tax break provides relief on select items under Bill C-78, not all goods and services qualify.. The Canada Revenue Agency (CRA) has defined categories of items that remain taxable during the relief period. Misclassifying these products as tax-exempt could lead to co...
Canada FPT deposits refer to federal, provincial, or Territorial program benefits that are paid out by the Canadian government. Social programs that may be captured in your FPT deposit include the CCB, GST/HST credit, and the climate action tax credit in British Columbia. Is Canada FPT the sa...
Value-added tax (VAT):VAT is a type of indirect tax that applies to physical goods or services. It’s called “value-added tax” because it’s charged whenever value is added to the product throughout the supply chain, from production to the point of sale. VAT is commonly found in Eur...
Value-added tax (VAT):VAT is a type of indirect tax that applies to physical goods or services. It’s called “value-added tax” because it’s charged whenever value is added to the product throughout the supply chain, from production to the point of sale. VAT is commonly found in Eur...
food and beverages sold by a restaurant, coffee shop, take-out outlet, pub, food truck, etc. (some mixed drinks remain subject to GST/HST). Canadian businesses and importers of eligible items are strongly encouraged to review the ne...
Taxable benefits can be goods or services an employer pays for on the employee's behalf. An employer can give the benefit in the form of cash, near-cash, or in the form of non-cash.
For refundable tax credits such as the GST/HST credit, you will receive the credit even if you have no tax owing. Three of the most valuable tax credits are: Basic Personal Amount The best example of a non-refundable tax credit is the basic personal amount, which every Canadian resident ...
That's because your residency status for income tax purposes is different than your citizenship status. When you have enough residential ties inCanada, you need tofile a Canadian tax return. Residential ties include a home in Canada, a spouse or common-law partner in Canada, dependants in Cana...
including the Canada Child Benefit (CCB). This benefit is a tax-free monthly payment made to eligible families to help with the cost of raising children up to 18 years of age. Payments through the CCB might include the Canadian child disability benefit and any related provincial and territorial...