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Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During
Ms. Marcia Brady lives and works in Prince Edward Island. She owns and operates a No Frills grocery store, which is an HST registrant. During the current year, her business has total revenue of $1906653. 29% of the total revenue is from the sale of fully taxable supplies. 42% of the total revenue is from the sale of zero-rated supplies. The total revenue balance includes applicable HST. Rent for the period on her store was $24000 and she pays a clerical assistant an annual salary of $28,500. Her capital expenditures during the period are for new shelving with a cost of $40000 and computer point-of-sale hardware for $60000. All expenditure amounts are before HST. The current expenditures and all the assets are used 71% for the provision of taxable supplies. Brady files her business HST return on an annual basis. Determine the net HST payable or the refund for the year. (Note: In your answer, a refund should be indicated as a negative number and a payable should be indicated as a positive number)
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