MCS 2100 Lecture Notes - Lecture 3: Sole Proprietorship, Canada Revenue Agency, Canada Pension Plan

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2100
• Professor: Rosemary Vanderhoeven

Document Summary

Efecive tax strategy is vital for inancial planning. Common goals related to tax planning include: knowing current tax laws and regulaions that afect you, maintaining complete and appropriate records, making employment, purchase, and investment decisions that leave you with the greatest ater-tax cash lows and wealth. Principle purpose of taxes is to inance government aciviies: e. g. Police service, road maintenance, schools, and ire protecion. Most people pay their taxes in four categories: taxes on purchases, taxes on property, taxes on wealth, taxes on earnings. Most common tax we know on our purchases is the goods and services tax (gst) Provinces also charge addiional sales tax (except alberta: federal and provincial taxes have been harmonized into a single tax hst (harmonized. Sales tax: ontario"s is 13%; pei is 14, certain goods and services including food products and prescripion drugs are exempt from taxes, low-income individuals eligible for a refund of a porion of the hst/gst rebate.