Tax Alerts

Two quarterly newsletters have been added—one about personal issues, and one about corporate issues.

Virtually all businesses in Canada which sell goods or services must collect goods and services tax (GST) or harmonized sales tax (HST) from purchasers of those goods and services. However, an exemption is provided for businesses whose taxable sales for a single quarter or over the previous four quarters total less than $30,000. Such businesses are known as "small suppliers", and they are not obligated to register for GST/HST purposes. Such businesses may, however, register voluntarily, in order to be able to claim input tax credits on the GST/HST they pay on their own purchases. Where such voluntary registration is done, the business must then remit GST/HST amounts collected on its own sales of goods and services to the federal government.

Canadians benefit from a health care system in which the cost of health care is paid out of public funds and the standard of care is equal to any in the world. While in other countries the cost of treatment for a major illness can literally push an individual or family into bankruptcy, Canadians can be assured that getting good medical treatment in Canada does not depend on having the money to pay for such treatment.

Canada’s mortgage lending rules (and banking practices in general) have always been more stringent and conservative that those which prevail in the United States. In large part because of that, Canada was spared the lending crisis which took place in the U.S. in 2007-2008, after a significant number of ill-advised sub-prime mortgages went into default and eventual foreclosure.

As summer starts winding down, post-secondary students will start thinking about choosing courses and finding a place to live during the coming academic year. Their parents’ attention will more likely be focused on the cost of that year, and the upcoming deadlines for payment of first semester tuition and housing costs.

Two quarterly newsletters have been added—one about personal issues, and one about corporate issues.

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