GST

abbreviation
Updated on: 13 Oct 2017

Definition of GST

Greenwich sidereal time

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Financial Definition of GST

GST

What It Is

A goods and services tax (GST) is a Canadian tax on goods and services for domestic consumption.

How It Works

Like a sales tax, businesses collect the GST from customers when they purchase goods or services and then remit those taxes to the government. The GST was between 5% and 7% in 2011. Some provinces add the GST to their own provincial sales tax (this is called the harmonized tax), for combined totals of between 5% and 15% in 2011.

Certain goods and services are not subject to GST, certain businesses do not have to charge it, and people of certain ethnic descent or geographic location do not have to pay it.

Why It Matters

The goods and services tax is a federal sales tax. The goods and services tax provides revenue to the Canadian federal government.


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