Question
1) A business located in Ontario purchased a photocopying machine that cost $12,000 (before 13% HST) from a local dealer. . Calculate the amount paid
1) A business located in Ontario purchased a photocopying machine that cost $12,000 (before 13% HST) from a local dealer.
. Calculate the amount paid for the machine after taxes?
How much would the business have paid for the same item in P.E.I., where the HST rate is 14%?
2) Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $9,360,000. The municipality assessed the value of the industrial land at 25% less than its purchase price.
Calculate the assessed value of the land?
If the property tax rate is 2.10% per annum, calculate the amount of property tax they would have to pay in their first year.?
3)Hannah purchased an industrial lot in Sudbury for $900,000 and it was assessed at 80% of its purchase price. The annual property tax on the lot is 20 mills.
Calculate the assessed value of the lot?
Calculate the property tax she would have to pay every year?
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