(some mixed drinks remain subject to GST/HST). Canadian businesses and importers of eligible items are strongly encouraged to review the new Part XI of Schedule VI for specifics. The Canada Revenue Agency website provides examples of ...
The idea is that any income you receive over the minimum basic personal amount — which is a non-refundable tax credit and changes year to year — is subject to taxation. The basic personal amount is $15,000 if your net income is $165,430 or less and $13,500 if your net income is...
What is the income tax rate in Canada?Progressive Income TaxesA progressive income tax structure increases the tax rate as income rises. Typically, these higher rates are a placed into brackets and all income earned within each bracket is subject to that bracket's income tax rate. This means ...
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VAT is commonly found in Europe. Goods and services tax (GST): GST is a tax similar to VAT in that it is levied whenever value is added to the product throughout the supply chain. GST is commonly found in Canada and the Asia-Pacific region. Sales tax: Sales tax is another type of...
What is the subject of a constitutional amendment? Who makes constitutional law? What is the difference between the Constitution and constitutional law? What is the Constitutional Contract Clause? What clause states that the Constitution will be the supreme law of the land?
Canada’s duties relief and duty drawback programs will be available for surtax that is levied on US origin goods. The right to obtain duties relief and duty drawbacks is subject to the provisions of CUSMA. US Duty exclusion requests Section 4 of the executive orde...
GST or HST. Newly constructed and substantially renovated homes may be subject to GST or HST. If you pay GST and HST, you may qualify for a new housing rebate. Property taxes, utilities and condo fees. The seller may have prepaid property taxes, utility bills or condo fees before you tak...
Discover what accounting is; why it’s crucial for Canadian small businesses; and how it can help you manage finances, stay compliant with CRA regulations, and drive growth.
E-books, games, music, software, SaaS, website hosting, and many more products and services fall under this category. Digital products are generally subject to the standard VAT rates, but some exceptions may apply. For example, for e-books, the VAT rate is reduced to 10% in Austria and...