answersLogoWhite

0

What else can I help you with?

Continue Learning about Accounting

Do you put GST or HST on the balance sheet?

HST paid goes on the credit side or expenses on the balance sheet


How do you calculate annual ordering cost?

hst


How does the government collect GST?

In Canada it is the registrants who collect GST/HST from the people to whom they provide their goods and services. Depending on their filing frequency of thier GST/HST returns (monthly, quarterly or annually), they indicate the amount of GST/HST that they have collected as well as the GST/HST that they paid as inputs to their commercial activity (input tax credits). The input tax credits are deducted from the GST/HST collected and the balance (positive or negative) becomes their net tax. They then either remit (if a positive amount) or claim their "refund" (negative amount). The government doesn't actually "collect" the tax, they receive it from their tax collectors...the GST/HST registrants.


Are Indians HST tax exempt?

Indians are tax exempt on the provincial portion of the HST (8%) when they present their tax status card. For more details on this follow this link to the government communique about Indian tax status in regards to the HST: http://www.rev.gov.on.ca/en/taxchange/firstnations.html


Do you need to show the HST number on receipts?

Yes, businesses registered for the Harmonized Sales Tax (HST) in Canada are required to show their HST number on receipts issued to customers. This ensures transparency and compliance with tax regulations, allowing customers to verify the tax charged and claim input tax credits if eligible. Including the HST number on receipts is important for both the business and the customer in maintaining accurate tax records.