This course reviews the “basics” of GST & HST.  After taking this course, participants should be able to understand the fundamental rules of GST & HST and how they apply to businesses in Canada. 

Topics covered include:

• Difference between GST, PST, and HST
• Mechanics of the value-added tax from the seller’s perspective
• Types of supplies: Taxable vs. Zero-rated vs. Exempt
• Registration requirements and the “small supplier” exemption
• Reporting frequencies – annual vs. quarterly vs. monthly
• Input Tax Credits (“ITCs”)
• Claiming ITC’s on expenses
• Claiming ITC’s on purchases of capital property
• Quick Method
• Filing requirements, deadlines and penalties
• Special circumstances