I live in BC Canada. We have two taxes here. GST (5%) and PST (7%).
Some items will require both taxes be charged, while some will require only one or the other.
Also, the GST is recoverable on anything I purchase for the business. Therefor it is recoverable from any GST I collect, until I break even and then the rest will go to the government.
The PST though, is simply collected and remitted.
How can I set this all up?
Any tips would be gladly appreciated. I did some searching and reading about dual taxes, but nothing I read seemed to cover all these angles.