1.6 post - 1.6 Taxes 3 LEVELS OF GOVERNMENT MEANS 3 DIFFERENT TYPES OF TAXATION LEVEL OF GOVERNMEN EXAMPLE T FEDERAL CANADA PROVINCIAL MUNICIPAL

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1.6 Taxes
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3 LEVELS OF GOVERNMENT MEANS 3 DIFFERENT TYPES OF TAXATION LEVEL OF GOVERNMEN T EXAMPLE TYPE OF TAX FEDERAL PROVINCIAL MUNICIPAL CANADA ONTARIO LONDON GST PST PROPERTY TAX
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Ø 5% Federal sales tax charged on most goods and services Ø Paid by the purchaser of the good or service to the seller Ø A business collects GST on sales, and pays GST on any purchases Ø At the end of reporting period businesses file GST return, and remit only the difference between GST collected and GST paid GST Remittance = GST Collected – GST Paid **refund if Collected < Paid** GST – GOODS & SERVICES TAX
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Agency) or will she receive a refund? Ex #1 : Mary’s Home Income Tax business operates only during tax season. Last season Mary grossed $28,000 before GST. During that season she spent $8,000 before GST on her paper and supply purchases. What is Mary’s GST remittance? GST Remittance = GST Collected – GST Paid
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This note was uploaded on 10/04/2011 for the course MATH 1175 taught by Professor Jenny during the Spring '10 term at Fanshawe.

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1.6 post - 1.6 Taxes 3 LEVELS OF GOVERNMENT MEANS 3 DIFFERENT TYPES OF TAXATION LEVEL OF GOVERNMEN EXAMPLE T FEDERAL CANADA PROVINCIAL MUNICIPAL

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