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Quickbooks Canada-VAT Accounting

In Canada, the tax system is different from the Value Added Tax (VAT) system used in some other countries. Canada uses a Goods and Services Tax (GST) and a Harmonized Sales Tax (HST) in some provinces. QuickBooks, a popular accounting software, is designed to handle these Canadian tax systems effectively.

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This Example is calculated using a VAT rate of 5% on a taxable supply:

  • QuickBooks Canada VAT is the acronym for Value Added Tax.
  • Originally started in England, US, CANADA many years ago, and has since spread. England, Australia, and Canada are using VAT QUICKBOOKS CANADA, along with some other countries.
  • In QUICKBOOKS Canada it works this way. You buy something for $100.00 and the Vendors (SUPPLIER) Invoice has 5% VAT
  • So you record $100.00 Purchase, $ 5.00 VAT (Paid to Vendors), Total payable to the Vendor $ 105.00.
  • You sell the product lets say for $ 200.00 plus 5% VAT = VAT Invoice for $ 210.00.
  • You record Sales = $ 200.00 VAT (Collected from Customers) $ 10.00, amount due from Customer $ 210.00
  • You complete your VAT remittance advice and Report Sales $ 200.00 VAT Collected $ 10.00, Less VAT PAID (Input Tax Credit) $5.00 Amount due to the Government VAT $ 5.00.

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