ACC402 Lecture Notes - Lecture 2: Barter, Breakcore, Qst
Document Summary
Gst/hst: tax on the consumption of goods and services in canada, gst currently 5% Gst basic concept: considered an end-user tax, borne by end consumer. A confusing landscape: gst only alberta, gst and pst. Manitoba [5% + (8% to 7% on july 1, 2019) Bc (5% + 7%: gst and qst quebec (5% + 9. 975%) A confusing landscape: hst at 13% - ontario, hst at 15% Legislation and interpretive sources: gst/hst legislation in excise tax act (eta) Divided into 12 parts and 12 schedules: gst/hst regulations also part of law, interpretive sources: Retail sales tax: 5% (,000) = ,500. Invoice-credit value added tax (gst: manufacturer 5% (,000, wholesaler. Liability for gst/hst: the liability is on the purchaser of the goods and services, vendor is responsible for collection. The concept of supply: eta 123 supply means the provision of property or a service in any manner, including sale, transfer, barter, exchange, license, rental, lease, gift, or disposition.
