In Canada, It Is Not Mandatory for a Small Business

question 44

Multiple Choice

In Canada, it is not mandatory for a small business to open an HST or GST account until their revenues reach:

• A) $1000
• B) $10,000
• C) $30,000
• D) $100,000

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Definitions:

Intangible Asset

An asset that lacks physical substance and usually is very hard to evaluate, such as patents, trademarks, and copyrights.

Lease Term

The period for which a lease agreement is effective, specifying the duration for which the lessee has the right to use the property.

Lessee's Debt

Refers to obligations or debts that a lessee must fulfill according to the lease agreement terms, often concerning leased assets.