- Canadian tax system divided between federal and provincial jurisdictions
- Federal tax rates set by Government of Canada, provincial tax rates set by Government of Ontario
- Ontario residents may benefit from provincial tax credits and deductions
- Ontario participates in harmonized sales tax (HST) system at a combined rate of 13%
- Businesses in Toronto must understand implications of HST for compliance and financial planning
- Businesses required to collect and remit HST on taxable supplies in Ontario
- Businesses can claim input tax credits to recover HST paid on business expenses
- Understanding federal and provincial tax laws essential for fulfilling tax obligations and optimizing financial affairs
Source: sdtaxlaw.ca
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
