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4.8 Choose a province that is non-participating with regards to GST/PST: a) Alberta b) Ontario C Nova Scotia D) New Brunswick 4.9 Choose a province that is participating with regards to GST/PST/QST? a) Manitoba b) Quebec c) Prince Edward Island d) British Columbia 4.10 Choose a statement that is incorrect a) A supplier making exempt supplies only, could claim ITCs b) A supplier who does not exceed the cumulative total of $30,000 over the last four consecutive quarters may be a small supplier c) A supplier making zero-rated supplies could claim ITCs d) A supplier making taxable supplies could claim ITCsAssuming that registrants ABC, XYZ and DEF had only the transactions shown on the invoices above for the month of January 2017, prepare their monthly GSTIHST returns. and enter the numbers that correspond to a,b,c,d,e,f,g,h,i,j,k and I in the table below: GSTIHST RETURNS FOR THE MONTH OF JANUARY 2017 E_ Tax Collected $5,200 $6 240 $7,800 Inut Tax Credit _ $5,200 $6,240 Calculations: A) Sales: $40,000 B) Tax Collected: $40,000 x 13% = $5,200 C) Input Tax Credit: $0 D) Net Amount: $5,200 - $0 = $5,200 E) Sales: $48,000 F) Tax Collected: $48,000 x 13% = $6,240 G) Input Tax Credit: $5,200 H) Net Amount: $6,240 - $5,200 = $1,040 I) Sales=$60,000 J) Tax Collected: $60,000 x 13% = $7,800 K) Input Tax Credit: $6,240 L) Net Amount: $7,800 - $6,240 = $1,560 4.1 What form of tax is GST/HST? a) Payroll tax b) Corporation tax c) Indirect Tax d) Direct tax 4.2 Place of supply of tangible personal property (TPP) is determined by: a) Where it is used b) Where it is delivered c) Where it is located d) Where it is performed 4.3 Place of supply of intangible personal property (IPP) is determined by a) Where it is used b) Where it is delivered 0) Where it is located d) Where it is performed 4.4 Place of supply of real property (RF) is determined by: a) Where it is used b) Where it is delivered c) Where it is located d) Where it is performed 4.5 Nature of supply involving a two year lease of a commercial property would be: a) Intangible personal property b) tangible personal property c) service d) real property 4.6 Nature of supply involving a patent to manufacture a pharmaceutical drug would be: a) Intangible personal property b) tangible personal property c) service d) real property 4.7 Nature of supply in the case of leasing an automobile would be: a) Intangible personal property b) tangible personal property c) service d) real property Review the invoices below paying attention to the address and taxes charged: ABC LIMITED 99 WESTON ROAD, TORONTO, M1Y 1M1 INVOICE TO: XYZ Limited, 898 Yonge Street, Toronto Ontario Inv Number: 0001 JANUARY 1, 2017 DESCRIPTION QUANTITY PRICE AMOUNT Widgets 4 $10,000 $40,000 SUB-TOTAL $40,000 GST-Federal $2,000 component @5% GST-Provincial $3,200 component @8% TOTAL $45,200 BUSINESS NUMBER: BN 6266931878RT0001 XYZ LIMITED 898 YONGE STREET, TORONTO, M5Y 1M5 INVOICE TO: DEF Limited, 180 Steeles Avenue W, Toronto Ontario Inv Number: 0101 JANUARY 5, 2017 DESCRIPTION QUANTITY PRICE AMOUNT Widgets 4 $12,000 $48,000 SUB-TOTAL $48,000 GST-Federal $2,400 component @5% GSTProvincial $3,840 component @8% TOTAL $54,240 BUSINESS NUMBER: BN 6256831878RT0001 DEF LIMITED 898 YONGE STREET, TORONTO, MY 1M5 INVOICE TO: Joe Nobody, Toronto Ontario Inv Number: 0101 JANUARY 10, 2017 DESCRIPTION QUANTITY PRICE AMOUNT Widgets 4 $15,000 $60,000 SUB-TOTAL $60,000 GST-Federal $3,000 component @5% GSTProvincial $4,800 component @8% TOTAL $67,800 BUSINESS NUMBER: BN 6266831878RT0001