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The participating provinces harmonized their provincial sales tax with the GST to implement the harmonized sales tax (HST) in those provinces. Generally, the HST applies to the same base of goods and services as the GST.
The goods and services tax (GST) is a tax that applies to most supplies of goods and services made in Canada. The GST also appplies to supplies of real property (land and buildings) and intangible property such as trademarks, rights to use a patent, and digitized products products downloaded from the Internet and paid for…
On Tax Freedom Day, the Canadian workers have earned enough money to pay all taxes levied by the three levels of government: federal, provincial, and local. It is the first day in the year they start earning for themselves.
Corporation is a form of business authorized by federal, provincial, or territorial law to act as a separated legal entity. Its purpose and regulations are set out in its articles of incorporation. One or more persons may own a corporation.
Business expenses are certain costs that are reasonable for a particular type of business and that are incurred for the purpose of earning income.
Articles of incorporation is a legal document filed with a provincial or territorial government, or the federal government, which sets out a corporation’s purpose and regulations.
Fiscal period is the twelve-month period over which a business or profession reports its income-earning activities. The fiscal period may or may not coincide with the calendar year. The business usually establishes its fiscal period when it files its first income tax return.
Income Statement is a financial statement that summarizes the results of business activities (income and expenses) for a given period of time. Sometimes called a profit and loss statement.
Fair Market Value (FMV) generally means the highest dollar value that you can get for your property in an open and unrestricted market between an informed and willing buyer and an informed and willing seller who are dealing at arm’s length with each other.
A partnership is an association or relationship between two or more individuals, corporations, trusts, or partnerships that join together on a trade or business.