Sales Tax
Definition
- Federal and / or provincial taxes that are applied to purchases. Residential resale properties are usually exempt from federal GST but newly constructed properties are not.
Synonyms
consumption tax, fee, dues, government charge, expense
Alternate Spellings
HST, PST
Related Terms and Acronyms
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Direct Tax — Definition,
- A tax that is paid straight to the government.
- Full Market Value — Definition,
- In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
- Goods and Services Tax (GS, GST) — Acronym, Canada,
- A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
➥ Bank account transaction code. - Harmonized Sales Tax (HST) — Acronym, Canada,
- A sales tax used in some provinces to merge the GST and PST.
➥ Canadian consumption tax. - Indirect Tax — Definition,
- A tax that is collected by a third party before being transferred to the government.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Local Taxes — Definition,
- Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
- Personal Consumption Spending — Definition,
- What households collectively spend on goods and services.
- Provincial Sales Tax (PST) — Acronym, Canada,
- A sales tax collected by some Canadian provinces.
- Tax (TX) — Acronym,
- A levy paid by an individual or entity that is collected by a government.
➥ Bank account transaction code. - Tax Exempt (TE) — Acronym, Very Important,
- Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
