ECON 350 Lecture Notes - Lecture 20: Consumption Tax, Medical Corps
Document Summary
Chp3 consumption tax types of consumption tax in canada: Gst/hst- value added tax-(goods and services tax/ harmonized sales tax) Itc-input tax credit-to recover the gst/hst they paid or owe on the purchases they use in their commercial activities. Pst-not a vat excise tax- type of tax charged on goods produced or on sale within the country customs duties-charged on goods from outside the country. For example, clothes from outside canada, if you exceed your personal limit, you will have to pay duty of 18% advantages of consumption tax: More savings and fairer treatment of savers (with an income tax (saving interest), savers are penalized for saving)
