Canadian taxes

[Krassus]

Would someone mind explaining to me how taxes around here work for businesses? Say i want to buy computer parts here and sell them off on eBay. I have a tax exemption certificate for my business, which means i only have to pay half the tax - 7%. But what happens in the end of the year? Am i supposed to get people to pay the other 7% and then return it to the gov't in the end of the year, or am i exempted, period? And what about the 7% that i'm not exempted from? I see some Canadian eBay sellers charging buyers from Ontario 7% tax, but not anyone else. Does that mean that we have to pay no tax at all if the parts are being sold to outside of the province?

 

[silverpig]

Do yourself a HUGE favour and spend $200 on a meeting with a good accountant. They'll answer that, as well as tell you how to save more than your $200 in other ways (first thing you do is get the accountant to write a receipt so you can write it off as a business expense).

 

[joinT]

Originally posted by: silverpig
Do yourself a HUGE favour and spend $200 on a meeting with a good accountant. They'll answer that, as well as tell you how to save more than your $200 in other ways (first thing you do is get the accountant to write a receipt so you can write it off as a business expense).

Excellent, excellent advice.

 

[Saltin]

No one pays taxes in Canada, dude.

It's just a myth we perpetuate to keep the American's out.

 

[Tetsuo]

Originally posted by: Saltin
No one pays taxes in Canada, dude.

It's just a myth we perpetuate to keep the American's out.

X'D!!

 

[Krassus]

Yeah i think i'll talk to an accountant.

 

[Mallow]

What is income tax in Canada? Do they have socialized medicine?

 

[fornax]

krassus, if you business sales are more than $30,000/year, you MUST charge GST and remit it to Revenue Canada. If they're below that, it's up to you.

 

[Scouzer]

Canadian Income Tax

This is before discounts such as being a single parent, amount you put in RRSP's etc.

Then add 7% GST. No PST here in Alberta

We do have Social Health Care, if that's what you mean.

That site is in CDN dollars FYI.

 

[Scouzer]

Didn't reply for myself.....

 

[silverpig]

Originally posted by: Mallow
What is income tax in Canada? Do they have socialized medicine?

I don't know the details very well as I don't get sick/hurt very often, but whenever I've needed drugs, I pay for them, but they're pretty cheap. I'd guess that they are partially paid for or something.


There isn't a free tylenol store or anything though, so if you got a headache that's your own damn problem.