It should be noted that some essential goods
Posted: Sun Jan 19, 2025 3:22 am
That is, if you buy something in Quebec, where the HST is 15%, a product with a base price of CAD100 ($74) will cost you about CAD115 ($85) including tax.
And services are exempt from GST . For ecuador phone number library example, basic food items, prescription drugs and some medical services. This is a way of ensuring that essential products are more accessible to the population.
This tax is payable when you sell assets, such as property or investments. Only 50% of the net gain is subject to tax and is added to your income for the year. The amount you pay will depend on how much you earn in total.
Let's look at an example. Suppose you buy a property for CAD$400,000 ($296,000) and sell it for CAD$600,000 ($444,000), the gain will be CAD$200,000 ($148,000). Only CAD$100,000 ($74,000) will be taxed at the rates for your income bracket.
Rental income is subject to income tax. However, you can deduct expenses related to the maintenance of the property, such as repairs, insurance or mortgage interest.
Example: If you rent a property for CAD$20,000 ($14,800) a year and have CAD$5,000 ($3,700) in deductible expenses, you will pay tax on CAD$15,000 ($11,100).
And services are exempt from GST . For ecuador phone number library example, basic food items, prescription drugs and some medical services. This is a way of ensuring that essential products are more accessible to the population.
This tax is payable when you sell assets, such as property or investments. Only 50% of the net gain is subject to tax and is added to your income for the year. The amount you pay will depend on how much you earn in total.
Let's look at an example. Suppose you buy a property for CAD$400,000 ($296,000) and sell it for CAD$600,000 ($444,000), the gain will be CAD$200,000 ($148,000). Only CAD$100,000 ($74,000) will be taxed at the rates for your income bracket.
Rental income is subject to income tax. However, you can deduct expenses related to the maintenance of the property, such as repairs, insurance or mortgage interest.
Example: If you rent a property for CAD$20,000 ($14,800) a year and have CAD$5,000 ($3,700) in deductible expenses, you will pay tax on CAD$15,000 ($11,100).