Chapter 16 – Taxes on Real Property Flashcards
What is the self-supply rule?
The rule deems a builder to have sold the new home to him or herself at the time of the move-in, so the builder owes GST on the value of the home even though there was no actual sale.
Every municipality is required to establish a ______ to hear appeals.
Board of Revision
Value added tax is __________.
a form of taxation used to raise funds on the final value created through the production of an item.
In transactions where commercial real property is purchased, the _____ is responsible for reporting GST.
buyer
A ____ program allows owners to pay 1/12 of their annual property tax bill monthly, typically by debiting it from the owner’s bank account each month.
Tax Installation Payment Plan Service (TIPPS)
When a property is sold for a price greater than what it was purchased for, the seller may realize what is called a ______.
capital gain
Money earned from any activity that is carried on for the purpose of making a profit is categorized as _______.
business income
Generally, the ________ is required to collect the GST.
seller
GST is _______________.
a federal tax paid on goods and services sold or provided in Canada
The _____ is the piece of legislation that imposes GST in Canada.
Excise Tax Act (ETA)
