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Businesses often find it difficult to calculate their taxes in advance. This difficulty can lead to an outstanding balance on Canadian taxes when the organization’s tax return is filed. Many businesses with a balance owing may need to make instalment payments, which can sometimes result in being charged interest. When
As a municipality in Canada, navigating the complex world of taxes can be daunting. In particular, understanding the goods and services tax/harmonized sales tax (GST/HST) can be a challenge. The GST/HST is a value-added tax that applies to most goods and services in Canada, but there are specific rules and
Just the thought of an audit is enough to make most people nervous. Tax laws and deduction requirements can be confusing, and even a person who is confident they have done everything right may question if they have made a mistake when they hear about an audit. Fortunately, there are
The federal government in Canada imposes both an excise tax and an excise duty on tobacco products. In addition, each province also applies its own tobacco tax to every tobacco purchase. Finally, regular General Sales Tax (GST) and Providential Sales Tax (PST) or Harmonized Sales Tax (HST) will also apply
A joint venture in Canada is any agreement between two or more people who decide to work together to create a common commercial enterprise. The individual members of this collaboration might contribute money, goods, or services to this arrangement, but the goal is the same—to create a profit. Joint ventures
The Tax Court of Canada has exclusive jurisdiction to resolve various disputes involving taxes. Most disputes that appear in the Tax Court relate to income taxes or the Goods and Services Tax (GST). The Tax Court addresses 14 different Acts of Parliament. Individuals can appeal to the Tax Court on
According to the Association of International Certified Professional Accountants (AICPA), in 2018 the United States Supreme Court issued a landmark ruling known as the Wayfair decision. This ruling stipulates that each state within the United States can require companies that have met a specific threshold for number of sales made
The underused housing tax is a relatively new tax that is designed to affect those who own property in Canada but are not necessarily Canadian residents. Essentially, it is a 1% tax on vacant or “underused” housing. While it is designed to only apply to non-residents, there are situations where
Canada’s tax laws can be confusing, leading Canadian dentists to question how GST and HST apply within their practices. In order to calculate taxes properly, it is necessary to first determine whether the province charges GST, HST, or PST, and at what rate. Business owners also need to be aware
In Canada, individuals or businesses that meet the definition of a listed financial institution must file GST/HST or QST annual information returns. Filing the appropriate tax forms is essential to ensuring compliance with Canadian law, yet determining whether a person is a listed financial institution can be complex and may
Manitoba has a Provincial Sales Tax (PST) that applies to the sale of most goods sold or purchased in Manitoba. The PST also applies to some services within Manitoba. Manitoba PST is sometimes known as RST or Retail Sales Tax. Manitoba’s RST is a flat seven percent tax that is
Many people may benefit from a tax treaty and not even realize it. These treaties often establish a relationship of reciprocity between the participating nations. Typically, this means that for whatever benefits you might receive in one country, a citizen of that country would receive equivalent benefits in your country
In Singh v. Canada, Susie Singh placed money from the sale of her home in her tax-free savings account (TFSA) in 2015. In 2018, Singh learned that she owed taxes due to overcontributions to her account and applied for relief from those taxes in 2019 twice. She was denied both
Provincial Sales Tax (PST) is a sales tax that applies to all taxable goods and services in Saskatchewan. PST applies to both sales that occur within Saskatchewan and goods and services imported and consumed or used in Saskatchewan. This sales tax applies to both new and used goods; it even
GST is short for “Goods and Services Tax.” This tax applies to most goods and services sold or provided throughout Canada. The GST has also been combined with the provincial sales tax in a few areas, including Ontario, Nova Scotia, Labrador, New Brunswick, Newfoundland, and Prince Edward Island. This combined
While the federal tax system is highly complex, all taxpayers have the fundamental responsibility to fulfill their tax obligations every year. Taxpayers who knowingly violate tax laws may face serious legal consequences. Fortunately, by voluntarily reporting prior tax violations to the Canada Revenue Agency, it is possible to avoid prosecution
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