AFM363 Lecture Notes - Lecture 12: Qst, Consumption Tax, Intangible Property

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM363
• Professor: Dan Rogozynski

Document Summary

Gst is the national component of the sales tax system in canada, 5% Some provinces combined the gst with their provincial sales taxes (8% in ontario) to create a. Harmonized sales tax (hst) of 13: quebec sales tax (qst, alberta has no provincial sales tax. Some provinces do not harmonize with gst: their taxes are called the provincial sales tax (pst) Other comments: hst is more simple than gst to administer for businesses, not a net tax on businesses, gst/hst taxes goods and services consumed in canada, includes imports. Stable and simple source of revenue for the government: broad revenue base, aka value added tax (vat, businesses remit tax on value the business adds to the value chain. Registrants: businesses supplying goods and services in the course of commercial activity in canada must register and collect gst/hst as agent for the government, entitled to receive input tax credits (itc)