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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Sales Tax


Synonyms:consumption tax, dues, expense, fee, government charge
Filed Under: financial-banking, real-estate, taxation
Tags: banking, realty, taxes
 

Definition of sales tax

sales tax
1. 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.

Related Terms and Acronyms:

  • assessments   Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
  • direct tax   A tax that is paid straight to the government.
  • full market value   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)   A sales tax that applies in all Canadian provinces charged at 5% (as of 2012).
      ➥  Bank account transaction code.
  • harmonized sales tax (HST)   A sales tax used in some provinces to merge the GST and PST.
      ➥  Canadian consumption tax.
  • indirect tax   A tax that is collected by a third party before being transferred to the government.
  • local taxes   Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • personal consumption spending   What households collectively spend on goods and services.
  • provincial sales tax (PST)   A sales tax collected by some Canadian provinces.
  • tax exempt (TE)   Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.

More Related Terms and Acronyms

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