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I wonder if people know it went from 5% GST + 7% PST to just 12% PST LMAO
Edit: not directed at Vandriver but in general. People be like no more GST!!! That benefits nobody LOL. All it means is no ITC for businesses, no federal government tax collection but all provincial tax collection.
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|| 18 FK8 | R-18692 | Rallye Red | 6 MT ||
|| SOLD 97 E36 M3 Sedan | Arctic Silver | 5MT ||
|| RIP 02 E46 330ci | Schwartz Black II | 5MT | M-Tech II | Black Cube | Shadowline | Stoff Laser/Anthrazit ||
|| RIP 02 E46 M3 | Carbon Black | 6MT ||
Does GST vs PST matter to businesses that can write things off? I'm too poor to know this common knowledge that is among the RS ballers.
Yes. I hinted at this in my initial posting regarding this but I'll expand.
Consumers have to pay GST/PST. Businesses collect the appropriate taxes on BEHALF of the government. On a regular basis, businesses will remit these taxes to the government. There are no ITC (input tax credits) to reduce tax payable for PST. However, there is for GST, on business use goods.
Let's say you sell car parts. Your quarterly revenue (excl. tax collected) is $10,000. On this $10K, you have collected $700 for PST and $500 for GST. That $1200 in taxes that you collected have to be remitted to their respective government agencies, provincal and federal.
Let's say you have no expenses aside from the delivery vehicle you just bought at $5000 + 5% GST + 7% PST = $5000 + $250 + $350.
When you remit GST, the federal government allows you to deduct your GST applicable expenses. So $500 in GST collected - $250 in GST on Expenses = $250 remittance to the Federal government.
A lot of business owners like to say/complain about their GST tax bill. While it's still funds coming out of their account, that money was never theirs to begin with.
Of course there's a whole different story when it comes to reducing taxable income as that depends on corporation/self employment and proving % of business use on said delivery vehicle.
Hope that helps. If not, come find me at Ridge and we can chat LOL
__________________
|| 18 FK8 | R-18692 | Rallye Red | 6 MT ||
|| SOLD 97 E36 M3 Sedan | Arctic Silver | 5MT ||
|| RIP 02 E46 330ci | Schwartz Black II | 5MT | M-Tech II | Black Cube | Shadowline | Stoff Laser/Anthrazit ||
|| RIP 02 E46 M3 | Carbon Black | 6MT ||
Or you meet some girl at the club, cum inside of her, find out shes only in grade 12, so you buy a Prada bag for her to make things right, she finds out the bag is a fake and decides to have the kid
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Originally Posted by RX_Renesis
wtf did she get some bolt-on titties or what?
they look sooooooooooo much bigger than they were 2ish years ago.
Quote:
Originally Posted by nns
I can't stand the sound of Mandarin either. Boo yow nee bey nee shing bo now noong gey shee mayo mayo mayo mayo mayo mayo mayo.
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