In this article, you will know about PST Canada: What is PST and How Much is PST in BC, NS, NB, Ontario, Alberta, Quebec? Every individual who purchases taxable goods in Canada has to pay their goods and services tax to their Government. In Canada, the individual has to pay PST along with GST for buying taxable goods and services from their supplier. It is charged according to the criteria of the Minister of Finance. To get more crucial information related to PST Canada, What is it, how to file and rates, continue browsing this article above.
Each province has its own rules and regulations related to the taxation policy. The PST rates are based on the destination of GST. Every supplier is required to charge and collect the PST from the goods they sell to their buyer. In Canada, most provinces have a PST policy with their suppliers.
PST is collected in certain provinces of Canada. This rate is applied to every taxpayer who purchases taxable goods from providers. It is the part of Goods and Services acquired from the agents.
What is PST?
PST is the provincial sales tax that has to be paid separately with GST. PST resources provide certain benefits to their payers such as Voluntary Disclosure, Audit and Appeals which help to identify and collect unpaid revenue by finding out the errors of your assessment.
PST also provides a refund policy to every taxpayer who has overpaid their taxes with eligible refunds.
How Much is PST in BC, NS, NB, Ontario, Alberta, Quebec?
Every province has a different PST that depends on their Taxation policy. Generally, PST is calculated at the rate of 7 per cent but there are some exceptions. In BC, NS, NB, Alberta and Quebec the PST rates are as follows:
|Province||Provincial Sales Tax|
|British Columbia||7 per cent|
|Nova Scotia||7 per cent|
|Ontario||0 per cent|
|Alberta||0 per cent|
|Quebec||9.975 per cent|
Both British Columbia and Nova Scotia have 7 per cent of provincial sales tax. This is the average rate to pay for every individual after buying any taxable goods from any supplier.
In Ontario and Alberta, there is no PST on the purchase. The taxpayers just have to pay their Goods & Services taxes. The taxation department of both provinces did not collect the PST taxes even in Ontario the taxpayer don’t have to pay their GST.
Quebec has the highest rates of Provincial Sales Tax in the entire province. This is because of their general social programs towards their residents.
How to File PST Return in Canada?
The PST can be filed by the eligible taxpayer whose monthly income as well as annual income is matching with the PST criteria. A taxpayer whose income comes under these criteria needs to pay the PST taxes according to the frequency.
|Monthly||More than 12000 CAD per year|
|Quarterly||Between 4,800 CAD to 12,000 CAD per year|
|Annually||From 0 CAD to 4,800 CAD per year|
Those taxpayers whose taxes are reported between the given sum have to pay their PST annually. A taxpayer whose income is more than 4,800 CAD to 12K CAD has to pay Quarterly PST. Individuals whose taxation is reported as more than 12K CAD per year will have to pay their Provincial Sales Tax every month. To file your PST return taxpayer needs to follow these steps:
Step 1 Initially, the applicants have to get assistance from the chartered accountant. The professional will explain the terms of the policies that are associated with the tax return.
Step 2 Now, enter the appropriate details in the form. Check twice to avoid any issues later.
Step 3 Keep a list of the documents that have to be attached to the mail.
Step 4 The address of the post will be to the recipient, Ministry of Finance in the Revenue Division. The PO Box will be 200 for Regina SK S4P 2Z6.
Every taxpayer has to submit their PST return before its payment date otherwise, you need to pay some extra charges and penalties on your return. The applicants must read the T&C carefully and must file the tax return every year. This will validate them as the fine citizen of the country.