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| *The Commerce Journal>>>Canada Taxes |
How can I find out how much the gst and pst are (seperately) from a total? |
How can I find out how much the gst and pst are (seperately) from a total? While the previous answer will allow you to calculate the taxes, by law retailers must put the GST and PST amounts separately on your bill. Further the GST amount must include the retailers GST number. Right now in Toronto, the gst is 5% and pst is 8% or a 13% tax. This is how I do it. Say your total bill is $56.00. Divide 56 by 1.13. (5% gst plus 8% pst) This gives a sub total of $49.56. Take the 49.56 and multiply by your gst rate. ie. 49.56 x 0.05 which equals $2.48gst, then enter $49.56 and multiply by your pst rate ie. 49.56 x 0.08 which equals $3.97pst. Add 49.56, 2.48, and 3.97 and your total will be what you started with $56.00. due to the rounding of numbers you may be out by a penny sometimes, you can reduce one of the tax figures by a penny to be exactly accurate. |
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