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Acct. Nov 10

Published on Dec 08, 2015

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PRESENTATION OUTLINE

1.

Gst and pst

mr. melkonian
Photo by Tax Credits
2.

sales tax is a way govt. raises funds

3.

retail sales tax

percent of tax based on price of goods sold to a customer
4.

varies from province to province

5.

purchaser

no responsibility for accounting - just pay, taxes in
6.

seller

have to administer tax
7.

seller

  • Calculate tax and add it to price
  • Collect tax from customer
  • Accumulate sales tax charged - PST Payable
  • Give tax money to government
8.

sales tax on cash sale

seller determines amount of tax, adds to price, and collects total
9.

don't forward tax to govt. every day

periodic pay - so it's a liability 
10.

sales tax collected for a month

then given to the government 
11.

usually on the 15th of the following month

12.

sometimes auditors show up...

make sure you're being legit

Peter Melkonian