The Harmonized Sales Tax (HST) is a combination of federal and provincial taxes on goods and services in Canada’s five provinces.
The HST tax rate is 15% in all participating provinces except Ontario where it is 13%.
The concept of HST was to simplify the registration and collection of federal and provincial sales taxes by combining them into a single single collection across Canada.
Foreign buyers of Canadian goods do not have to pay HST on the condition that the goods or services will be used exclusively outside the country.
Critics argue that HST shifts the burden of taxation to consumers, but proponents of the tax say it ultimately benefits consumers by reducing costs.
The Foreign Account Taxation Act (FATCA) requires US citizens to file annual returns on any foreign accounts and pay any taxes due on them in order to curb tax evasion.
Generation Skip Transfer Tax (GSTT) is a federal tax that arises when property is transferred by gift or inheritance to a beneficiary (other than spouse) who is at least 37.5 years younger than the donor.
Section 1250 of the Internal Revenue Code states that the IRS will tax income from the sale of depreciated real estate as ordinary income if accumulated depreciation exceeds straight-line depreciation.