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 |
3 Oct 2010, 11:41am
Canada Revenue Agency Tax Fraud: Canada CRA Scam Tax Tax Fraud Tax Payer
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Canada Revenue Agency Tax Fraud: Canada CRA Scam Tax Tax Fraud Tax Payer
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CRA Warns Canadian Taxpayers of Mail Scam
The Canada Revenue Agency (CRA) is warning taxpayers to beware of a recent scam where some taxpayers are receiving a letter fraudulently identified as coming from the CRA and asking for sensitive personal information. CRA confirms the letter is not from the CRA. All taxpayers should be vigilant when divulging any confidential information to third parties. The CRA has well established practices to protect the confidentiality of taxpayers’ information.
Here is a sample of the fraudulent letter.