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Economic, Finance & Revenue Canada Explained!
 
Ultimate Financial and Investment knowledge base that could lead you to understand indepth economic market of Canada. Its a socio-economic financial platform specially arranged for the professionals and as well as students and knowledge seeker. Here you'll find atleast all the financial ins and outs.
 
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Confused By The Economic, Finance & Revenue Canada Terms and Definitions? Get The Answers Here!
 
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Zero-Rated Goods and Services
 
Zero-Rated Goods and Services
Under the goods and services tax, certain categories of goods and services are taxed at a "zero" rate, rather than at the general rate of 7 per cent. Vendors do not charge GST on their sales of zero-rated goods and services. However, vendors are entitled to claim input tax credits to recover any GST they paid on inputs used to produce zero-rated products. As a result, zero-rated goods and services are tax-free. Major categories of zero-rated sales include basic groceries, prescription drugs, medical devices, and most agricultural and fishing industry inputs.
 
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