[Verse 1] When you're dealing with supplies under GST and HST Three categories you need to know for CPA mastery Taxable means you charge the tax and claim your input credits too Exempt means no tax collected but no credits coming through [Chorus] T-E-Z, that's the key to GST Taxable, Exempt, Zero-rated, sing it with me T-E-Z, memorize these three Tax collected, no tax, or zero but with credits free [Verse 2] Taxable supplies are the standard way to go Restaurant meals and retail goods, tax rates that you should know Five percent GST or combined HST rate Collect it from your customers, input credits you can take [Chorus] T-E-Z, that's the key to GST Taxable, Exempt, Zero-rated, sing it with me T-E-Z, memorize these three Tax collected, no tax, or zero but with credits free [Verse 3] Exempt supplies get special treatment under the law Health and dental services, no tax collection at all But here's the catch that hurts your cash, no input credits back Educational services fall in this exempt track [Chorus] T-E-Z, that's the key to GST Taxable, Exempt, Zero-rated, sing it with me T-E-Z, memorize these three Tax collected, no tax, or zero but with credits free [Bridge] Zero-rated is the sweet spot, best of both worlds here No tax charged to customers but input credits clear Basic groceries and exports get this special deal Prescription drugs and medical devices, zero-rated is real [Verse 4] How to tell which category fits your supply today Look at the nature of the good or service, that's the way Check the legislation carefully, exceptions you might find Context matters more than labels when you classify each kind [Chorus] T-E-Z, that's the key to GST Taxable, Exempt, Zero-rated, sing it with me T-E-Z, memorize these three Tax collected, no tax, or zero but with credits free [Outro] From taxable to exempt to zero-rated supplies Master these distinctions and you'll ace the CPA prize T-E-Z, remember this simple key Supply classification mastery
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