Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GST/QST Registration Mr. White, a representative for a major pharmaceutical company, receives an annual salary of $125,000. Mr. Leblanc has always been passionate about the

GST/QST Registration Mr. White, a representative for a major pharmaceutical company, receives an annual salary of $125,000. Mr. Leblanc has always been passionate about the world of field hockey. He decides to open a retail business selling field hockey cards (taxable supplies) in his basement. He expects to generate annual sales of $12,000. Which of the following statements is true?

A. If Mr. White is registered for the GST/QST, he will have to collect the taxes on his sales and remit them to the tax authorities;

B. Mr. White will have to register for the GST/QST because his net income will exceed $30,000;

C. Even if Mr. White voluntarily registers for the GST/QST, he will not be able to claim input tax credits because his taxable supplies are less than $30,000;

D. Mr. White is not able to register for the GST/QST because his taxable supplies are less than $30,000;

E. All of the above statements are true.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Tony Davies, Ian Crawford

1st Edition

0273723073, 9780273723073

More Books

Students also viewed these Accounting questions

Question

Define indirect financial compensation (employee benefits).

Answered: 1 week ago