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Q: Do you have to claim the sales tax on goods you bring back into Canada?
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How do you get a sales tax exemption when you buy supplies for your sole proprietorship business in Ontario Canada?

You will need to get a Vendors Permit number from the Ontario Ministry of Finance. You can then provide an exemption certificate to the supplier of the goods. If you would like to be able to claim GST back, you will have to register for a business number and GST account with the Canada Revenue Agency.


How do you calculate sales revenue knowing margin and cost of goods?

IF cost of goods is available and margin is also provided then sales can be calculated as follows: Sales = Cost of goods / margin of sales


What is provincial tax in Vancouver?

pst (provincial sales tax)--7% gst (goods & services tax [canada wide])--5%


Why are there laws that relate to promotion and sales of retail goods?

There are laws that relate to the promotion and sale of retail goods to prevent false advertising. False advertising occurs when a manufacturer places false claim that an object has more to it than what it does.


What types of Canadian tax is there?

The main types of taxation that an individual in Canada has to pay are income tax on earnings, and sales tax on purchases. Additionally, tax is due on profit from property sales and on the importation of certain goods.


Can you claim sales tax on your taxes?

Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.


What were sales of frozen baked goods in 2002?

As a market segment, frozen baked goods realized sales of $1.5 billion in 2002


What will be sales if gross profit 25 percent and cost of goods sold -100000?

Sales = Cost of goods sold / 75% Sales = 100000 / .75 Sales = 133333 Prove sales = 133333 Less CGS = 100000 Gross profit = 33333 (25% of sales)


The difference between revenue from sales and cost of goods sold?

Difference between revenue from sales and cost of goods sold is called "Gross profit".


What is the journal entry for goods return?

If sales goods returned: [Debit] Sales account xxxx [Credit] Sales Return account xxxx if purchase goods returned: [Debit] Purchase return xxxx [Credit] Purchases account xxxx


What is the formula for goods available for sale?

sales minus from purchase = Sales availble


When are sales revenues usually considered earned?

Sales revenues are considered earned revenue because it was generated work the busy working to sell their goods. Businesses that generate a profit bring in more revenue than they spend on producing their products.