Here is the synopsis of our sample research paper on The Canadian Goods and Services Tax (GST)
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Essay / Research Paper Abstract
This is an 8 page paper discussing the Canadian Goods and Services Tax (GST). Since its implementation in January 1991, the Canadian Goods and Services Tax (GST) has been an excessive burden to the consumers, businesses, corporations, financial institutions and the federal government itself. The initial implementation costs because of manufacturer costs associated with new accounting systems alone for example reached an estimated $1 million per taxpayer. The continuing annual administration costs to comply are estimated at around $500,000 per taxpayer in addition to a total cost to small businesses of over $1.2 billion annually. The Tax Executives Institute was hired in 1994 to assess the system and while it admitted that the GST system was better for international business than the previous FST (the federal sales tax system it replaced but was invisible to the consumer), overall the administration of the system should be modified to have a higher threshold for registration (introduced and still at $30,000 for small businesses), a lower tax rate, but with fewer exemptions to decrease administrative costs among others. The government did not implement these recommendations so that in addition to the continued annual burden on tax payers in Canada, according to the budget released in February 2003 the government now has to reimburse several educational and municipal organizations for GST payments retroactive to the year the GST was introduced; an additional cost to the Canadian tax payer which has yet to be determined.
Bibliography lists 5 sources.
Page Count:
8 pages (~225 words per page)
File: D0_TJGSTCn1.rtf
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Unformatted sample text from the term paper:
itself. The initial implementation costs because of manufacturer costs associated with new accounting systems alone for example reached an estimated $1 million per taxpayer. The continuing annual administration costs to
comply are estimated at around $500,000 per taxpayer in addition to a total cost to small businesses of over $1.2 billion annually. The Tax Executives Institute was hired in 1994
to assess the system and while it admitted that the GST system was better for international business than the previous FST (the federal sales tax system it replaced but was
invisible to the consumer), overall the administration of the system should be modified to have a higher threshold for registration (introduced and still at $30,000 for small businesses), a lower
tax rate, but with fewer exemptions to decrease administrative costs among others. The government did not implement these recommendations so that in addition to the continued annual burden on tax
payers in Canada, according to the budget released in February 2003 the government now has to reimburse several educational and municipal organizations for GST payments retroactive to the year the
GST was introduced; an additional cost to the Canadian tax payer which has yet to be determined. The 7% Goods and Services Tax
(GST) was introduced in Canada in January 1991 and is applied to most goods and services in Canada. As consumers, Canadians pay "the GST on all taxable goods and services
except zero-rated and exempt goods and services (such as basic groceries, milk and vegetables)" and businesses "charge GST on all taxable goods and services" (Ward, 2003). There are exemptions which
exist in that provincial and territorial governments and Native Canadians do not always have to pay GST nor do businesses which are considered as "small suppliers" have to charge. A
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