ACCO 340 Study Guide - Final Guide: Snow Removal

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Review question for gst is the same as exam final, not like the book!!!! (final. Companies don"t pay gst from their own pockets. Input tax credit ipc is the difference of what he paid and what he collected. Delivery of tax supplies business, adventures in the nature of trade, supply of real property. Fully taxable supplies: full tax and itcs pay full gst amount on product: examples: restaurant meals, clothing, registered professional unions (plumber, electrician) Zero rated supplies: never collect gst, but pays it on the supplies: examples: basic groceries (milk, bread, vegetables not junk), prescription. Exempt supplies: never paid, never collected: examples: tuition, daycare, healthcare sevices, charities (not for profit, churches, mosques, sale of used residential house (exam) no tax! Any canadian resident that have a commercial activity needs to register. If revenue is less than k needs to file gst report once a year, 3 months after year end but you can do it quarterly.

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