British Columbia is one of the provinces in Canada that charges separate 7% Provincial Sales Tax (PST) and 5% federal Goods and Services Tax (GST). Most goods and services are charged both taxes, with a number of exceptions.
What is PST charged on in BC?
Unless a specific exemption applies, you must charge, collect and remit PST on sales or leases of goods, sales of software, sales of accommodation and sales of related services, legal services and telecommunication services in B.C. This includes sales and leases outside the ordinary course of your business, including …
Does BC have HST or PST?
After briefly converting to a harmonized sales tax (HST) the province of British Columbia (BC) returned to a PST (Provincial Sales Tax) system on April 1st, 2013. The PST rate is currently seven percent on applicable goods and services.
What is the sales tax in BC 2020?
2020 Sales Tax Rates in Canadian Provinces and Territories
|Prov/ Terr||2020 Rate|
What is GST and PST in Canada?
The GST applies to most goods and services made in Canada; however, certain exceptions may apply. The PST is a retail sales tax that is payable when a taxable good or service is acquired for personal or business use, unless a specific exemption applies. … GST, which is calculated at a rate of 5% on the selling price.
Does BC still have PST?
British Columbia is one of the provinces in Canada that charges separate 7% Provincial Sales Tax (PST) and 5% federal Goods and Services Tax (GST).
Who is exempt from PST in BC?
These include exemptions for: health and medical products, and equipment for persons with disabilities (PDF) adult-sized clothing and footwear for kids under 15 years of age (PDF) school supplies for students (PDF)
How much is GST 2021?
The maximum you can receive from the GST/HST credit for the 2021 benefit year is: $456 if you’re single. $598 if you’re married or have a common-law partner. $157 for each child under the age of 19.
How much is PST and GST in BC?
Sales Tax Rates by Province
|Province||Type||Total Tax Rate|
|British Columbia||GST + PST||12%|
|Manitoba||GST + PST||12%|
|Newfoundland and Labrador||HST||15%|
What is SST in BC?
British Columbia (BC) Provincial Sales Tax (PST), previously called Social Services Tax (SST), is a retail sales tax charged on most products (both new and used) and many services, when they are purchased or leased in BC.
What is new sales tax in BC?
Effective April 1, 2021, PST will apply to all retail sales of soda beverages at a rate of 7%. If you sell soda beverages at retail in B.C., you must be registered to collect and remit PST. … Watch for the Carbon Tax Inventory Notice and Inventory Tax Return to be available on March 1, 2021.
Which province in Canada has lowest taxes?
The province with the lowest top marginal tax rate is Saskatchewan, but the territories of Nunavut and Northwest Territories are lower.
How much tax is taken off a paycheck in BC?
Personal income tax brackets and rates – 2020 tax year
|Taxable Income – 2020 Brackets||Tax Rate|
|$0 to $41,725||5.06%|
|$41,725.01 to $83,451||7.70%|
|$83,451.01 to $95,812||10.50%|
|$95,812.01 to $116,344||12.29%|
How do you calculate GST in BC?
The global sales tax for Bc is calculated from provincial sales tax (PST) BC rate (7%) and the goods and services tax (GST) in Canada rate (5%) for a total of 12%.
Does BC have HST?
A zero-rated supply has a 0% GST/HST rate throughout all of Canada. … 5% (GST) in Alberta, British Columbia, Manitoba, Northwest Territories, Nunavut, Quebec, Saskatchewan, and Yukon. 13% (HST) in Ontario. 15% (HST) in New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island.
What is GST charged on in BC?
The Province pays the 7% Provincial Sales Tax (PST) and the 5% Federal Goods and Services Tax (GST) on taxable goods and services.