GST
Also written as goods and services tax.
Definition
Goods and Services Tax. The 5% federal value-added tax on most supplies of goods and services in Canada.
Related terms
HST
Harmonized Sales Tax. A single combined federal and provincial rate in ON (13%), NB, NL, NS, and PE (15%). Administered by CRA.
ITC
Input Tax Credit. The GST or HST paid on business inputs that a registrant claims back on its GST return, so the business only remits tax on net value added.
Small supplier
A business with under $30,000 in worldwide taxable supplies over four consecutive calendar quarters. GST registration is optional until the threshold is crossed.