Application Of Interest To Outstanding Balances On Canadian Taxes
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 does the Canada Revenue Agency […]
A Tax Lawyer’s Guide To Canada Tobacco Tax And Duties
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 to each purchase, as to […]
HST/GST And Joint Venture In Canada
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 are temporary, and they are […]
How To Look Up GST/HST Number
Canadians may need to look up a GST number to confirm that a business charging them tax is a GST/HST registrant. Businesses may also need to confirm their own GST/HST number after registering. In either case, looking up a GST/HST number is a relatively simple process. However, other GST/HST tax matters can be more complicated. […]
How To Interpret A Tax Treaty
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 of origin. However, understanding tax […]
The Ultimate Guide To PST In Saskatchewan
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 applies to rental transactions. Although […]
Are Groceries Taxable In Canada? Understanding When GST/HST Applies On Grocery Purchases
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 sales tax is called the […]
Understanding The Voluntary Disclosure Program
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 and regain tax compliancy. The […]
Why All Working Children Should File A Tax Return In Canada
In Canada, it is not uncommon for teenagers to get a summer job, after-school job, or other employment position while they are underage. These jobs can teach responsibility and provide a sense of autonomy. An experienced tax lawyer at Jeremy Scott Law can review the circumstances and explain whether your child should file a tax […]
GST/HST Input Tax Credit Claims
Businesses registered for Canada’s Goods and Services Tax/Harmonized Sales Tax (‘GST/HST’) can recover the tax paid on purchases connected to their commercial activity by claiming an input tax credit. These GST/HST input tax credit claims must be for purchases involving the consumption, use, or supply in the commercial activities of the business. Even if the […]