Tax Basics
What is tax?
A mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Fresh fruit, veggies and eggs - taxed or not taxed?
Not taxed
If something costs $34 before tax, how much would it be with HST added?
38.42
What is income tax?
Tax on the money you earn
Taxed
What is the HST rate in Ontario?
What is 13%?
What is sales tax?
Tax on goods and services
Not taxed
Knowing the income tax rate for individuals making between $10,001-$30,000 a year is 15%,
How much would a person be taxed if they make $28,000 per year?
$4200
What is property tax?
Property tax is a tax imposed by local governments on real estate and sometimes personal property, calculated based on the assessed value of that property.
Personal services such as getting nails done, hair done, lawyer, accountant, etc.
Taxed
If something costs $20, how much HST will be added?
Why does the government collect tax?
raise revenue for public services and infrastructure, as well as to manage the economy and redistribute wealth to ensure a functional and equitable society.
Purchasing video games or clothing - taxed or not taxed?
Taxed
Knowing that someone making between $30,001-$60,000 a year is taxed 20%,
How much would a person be taxed if they make $43,000 a year?
$8600