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The maximum GST payable on the purchase of a brand new house is $6,300. O True O False

The maximum GST payable on the purchase of a brand new house is $6,300. O True O False

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The maximum GST payable on the purchase of a brand new house is $6,300. O True False QUESTION 2 For the taxation year 2021, if you made $1,000,000 all of your personal income taxes would be paid at a federal rate of 33%. O True O False QUESTION 3 Under the calendar quarter test (30,000 test), when a sale results in the $30,000 threshold being exceeded in a single quarter, the person is immediately deemed a registrant and must collect GST/HST on the supply (sale) that caused the limit to be exceeded, even though they are not yet registered. O True False
Transcribed Image Text:The maximum GST payable on the purchase of a brand new house is $6,300. O True False QUESTION 2 For the taxation year 2021, if you made $1,000,000 all of your personal income taxes would be paid at a federal rate of 33%. O True O False QUESTION 3 Under the calendar quarter test (30,000 test), when a sale results in the $30,000 threshold being exceeded in a single quarter, the person is immediately deemed a registrant and must collect GST/HST on the supply (sale) that caused the limit to be exceeded, even though they are not yet registered. O True False
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