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Old 09-22-2006, 11:02 AM   #1
GooseMan
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Member#: 2462
Join Date: Sep 2000
Chapter/Region: SCIC
Location: Los Angeles/Montreal
Vehicle:
2012 Volvo S60 T5
S-Line Titanium

Question Question for the OT business peeps (or anyone who knows stuff about taxes)

As I've said before, I'm thinking of moving my biz to the US in the next couple of years. But I have a question about taxes that I cant seem to figure out.

Here in Canada, if you own a business, you pay regular sales taxes on all purchases from the company. From buying a pencil at Staples, to $50,000 worth of inventory, you'll pay Federal and Provincial taxes (depending on where you buy etc...).

Now, as a Canadian business, you will also have to collect that same sales tax whenever you sell an item. Federal, provincial or both, depending on where you sell to. Of course, you cannot charge taxes to non-Canadians.

Every financial quarter, you must submit this info to the gov't, and either pay taxes or get a refund. For example, if I spend $1000 in taxes, and I sell $500 in taxes (this is just taxes on sales/purchases), then I will get a REFUND of $500 from the gov't. If I spend $1000 in taxes, and sell $1500 in taxes, then I must PAY $500 to the gov't.

Is this also how it works in the US? Do you get your sales taxes back? Or if I buy something, then I'm stuck with the taxes?

I guess my main concern is imports...since I import everything. Normally, when I import goods, I pay the federal tax (which I get back). But will I have to pay state tax on imports?

HELP!
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Old 09-22-2006, 11:16 AM   #2
Loan $hark
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It works the same here as it does in Canadia.
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Old 09-22-2006, 11:25 AM   #3
GooseMan
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Location: Los Angeles/Montreal
Vehicle:
2012 Volvo S60 T5
S-Line Titanium

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ok cool. So what about importing? If I import stuff from Europe, do I have to pay state tax on it? What about federal taxes...are there any?
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