Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Commercial Activity
Quick Method
Transaction Tax
Input Tax Credit
Zero-Rated Goods And Services
Employee And Partner GST/HST Rebate
Value Added Tax
Harmonized Sales Tax
Responses:
A combined federal/provincial sales tax that is generally assessed on the same basis as the federal GST.
Any business or trade carried on by a person, or any supply of real property made by a person.
A tax based on the value added to a product at each stage of production or distribution by a particular entity.
Goods and services that are taxable at a zero GST/HST rate. Registrants who sell such goods are eligible for input tax credits.
An amount, claimable by a registrant, for GST/HST paid or payable on goods or services that were acquired or imported for consumption, use, or supply in the course of the registrant's commercial activity.
A provision that allows employees to recover the GST/HST paid on their employment related expenses.
None of the definitions apply. (This answer can be used more than once.)
An entity who is registered to collect and remit the GST/HST.
A tax that is assessed on specified types of transactions.
A method of determining GST/HST amounts payable or receivable that is available to registrants with annual GST/HST taxable sales, including those of associated businesses, of $400,000 or less. Specified percentages are applied to the GST/HST inclusive sales figures to determine the GST/HST payable or the refund. Input tax credits on capital expenditures are tracked separately.
Goods and services that are not subject to the GST/HST.
Correct Answer:
Premises:
Responses:
A combined federal/provincial sales tax that is generally assessed on the same basis as the federal GST.
Any business or trade carried on by a person, or any supply of real property made by a person.
A tax based on the value added to a product at each stage of production or distribution by a particular entity.
Goods and services that are taxable at a zero GST/HST rate. Registrants who sell such goods are eligible for input tax credits.
An amount, claimable by a registrant, for GST/HST paid or payable on goods or services that were acquired or imported for consumption, use, or supply in the course of the registrant's commercial activity.
A provision that allows employees to recover the GST/HST paid on their employment related expenses.
None of the definitions apply. (This answer can be used more than once.)
An entity who is registered to collect and remit the GST/HST.
A tax that is assessed on specified types of transactions.
A method of determining GST/HST amounts payable or receivable that is available to registrants with annual GST/HST taxable sales, including those of associated businesses, of $400,000 or less. Specified percentages are applied to the GST/HST inclusive sales figures to determine the GST/HST payable or the refund. Input tax credits on capital expenditures are tracked separately.
Goods and services that are not subject to the GST/HST.
Premises:
A combined federal/provincial sales tax that is generally assessed on the same basis as the federal GST.
Any business or trade carried on by a person, or any supply of real property made by a person.
A tax based on the value added to a product at each stage of production or distribution by a particular entity.
Goods and services that are taxable at a zero GST/HST rate. Registrants who sell such goods are eligible for input tax credits.
An amount, claimable by a registrant, for GST/HST paid or payable on goods or services that were acquired or imported for consumption, use, or supply in the course of the registrant's commercial activity.
A provision that allows employees to recover the GST/HST paid on their employment related expenses.
None of the definitions apply. (This answer can be used more than once.)
An entity who is registered to collect and remit the GST/HST.
A tax that is assessed on specified types of transactions.
A method of determining GST/HST amounts payable or receivable that is available to registrants with annual GST/HST taxable sales, including those of associated businesses, of $400,000 or less. Specified percentages are applied to the GST/HST inclusive sales figures to determine the GST/HST payable or the refund. Input tax credits on capital expenditures are tracked separately.
Goods and services that are not subject to the GST/HST.
Responses:
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