HST 260 - Study guides, Class notes & Summaries

Businesses must register for GST and apply GST to sales if - Answer- They have annual sales over $30,000 Registration for GST favours a business because - Answer- It allows a business credits for the GST it pays for business related expenses Items not taxable for GST - Answer- Are mostly basic necessities A business that is registered to collect PST from customers - Answer- Pays PST on taxable supplies and services that it does not resell HST differs from GST in that - Answer- It has...

Land held for future expansion is classified as a long-term investment. It is not a property, plant and equipment asset because it is not being used in the production or sale of other assets or services. 3. The cost of a property, plant and equipment asset includes all normal, reasonable, and necessary costs of getting the asset in place and ready to use. For example, cost includes such items as the invoice price paid, freight costs, non refundable sales taxes (PST, HST) and all costs incu...