Canada Revenue Agency HST Income Tax: CRA Tax
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Tax Relief in Budget 2010
In his 2010 budget speech the Honourable Jim Flaherty, Minister of Finance declared “Reducing the tax burden on Canadian families and businesses through a more efficient and fairer tax system helps support Canada’s economic recovery.”
Here are some tax measures that will help families and businesses to reduce their annual tax burden:
Provide for the sharing of the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB) in cases of shared custody.
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HST Income Tax: HST
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Comments Off on Real Cost of a $100 Restaurant Meal
Real Cost of a $100 Restaurant Meal
This is a simple example of how consumers are loosing purchasing power with HST tax laws.
To purchase a restaurant meal costing $100 subject to HST (12%), you will need $112.
To have $112 in disposable income after taxes, (employment income tax rate is about 22%), you will need a gross income of $136.64. Next time you go to Restaurant and your tab is $100, here is how much money you will need to make to pay for that meal.
| Meal | $100.00 |
| HST (12)% on $100 | 12.00 |
| Tips (15%) on $112 | 16.80 |
| Restaurant bill | $128.80 |
| Income tax (Source Tax 22%) | 36.30 |
| Total income to Earn for the Meal | $165.10 |