Tax Doctors Canada Tax News And Information

Everyone in Canada is familiar with being taxed on the purchase of goods and services. Depending on your jurisdiction, this extra amount required to be paid is known either as the goods and services tax (GST) or the harmonized sales tax (HST) (or, the QST in Quebec). However, if you own and operate a business in Canada, HST and GST have an additional meaning, which attaches additional obligations on the business owner.

During the course of their employment, many Canadians accumulate a pension. Many pensions are funded with an employee’s pre-tax income. As a result, upon retirement, each employee (even non-residents) will be subject to income tax obligations on their annual pension income payments.