Lesson # 28 HST Yes, that’s right… “H” as in… “ H armonized” “S” as in……… “ S ales” “T” as in ……..“ T ax”

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Presentation transcript:

Lesson # 28 HST

Yes, that’s right… “H” as in… “ H armonized” “S” as in……… “ S ales” “T” as in ……..“ T ax”

In Nova Scotia a tax of… 15 % (of the price) is added on to the price of “most” goods and services. Some items such as groceries, are “exempt”. That means, “not” taxed.

Other provinces may have different… Percentages for their HST OR Some May have “No” tax at all!

Like the province of Alberta has … NONE ZERO Zip Zilch… Lucky Dogs !

Anyways…back to NS… We pay 15 %… That could be half of 30 % for some mental calculations…

OR… 10 % plus 5 % For some other calculations. You can use whichever you find easier.

Remembering, of course… That 10 % Plus “half of that” 10 % Has a sum of 15 % Right.

Let’s look at an example… How much HST on a brand new $500 TV?

In other words… How much is 15 % of 500 ?

Well… 10 % of 500 is one tenth of 500… Which is 50 right. (Divided the 500 by 10)

And “half” of that 10 % is… $25. So add the $50. (10%) PLUS The other “half”… $25 (5%)

And you get a grand total of … $75.00 (Tax…HST) Which means… Now your $500 TV Will cost you… $575…bohoo.

There are several other ways… That same 15 % Could have been calculated… Like… Find 30 % but then take “half”… OR

Find 1 % and then… Multiply that by 15. Blah, blah Anyways…Lets do 10 practice questions.

For the next 10 questions… Find out JUST “How much HST would be added on to each price”.

Use the method… You like the most.

Question # 1 $ 200

Question # 2 $ 1000

Question # 3 $ 50

Question # 4 $ 400

Question # 5 $ 20

Question # 6 $ 24

Question # 7 $ 800

Question # 8 $660

Question # 9 $ 1500

Question # 10 $15

And now the answers. Prepare Yourself !

Question # 1 15 % of $200 Is $30

Question # 2 15 % of $1000 Is $150

Question # 3 15 % of $50 Is $7.50

Question # 4 15 % of $400 Is $60

Question # 5 15 % of $20 Is $3

Question # 6 15 % of $ 24 Is $3.60 (That’s $2.40 plus $1.20)

Question # 7 15 % of $800 Is $120

Question # 8 15 % of $660 Is $99 (That’s $66 plus $33)

Question # 9 15 % of $1500 Is $225 (That’s $150 plus $75)

Question # % of $15 Is $ 2.25 (That’s $1.50 plus $0.75)

Almost… The End

Remember… People do not wake up one morning and know how to play A Piano. It takes Practice!

And now… The End