Formula to calculate Canadian taxes

New Contributor

I'm struggling to figure out a formula for Canadian Taxes.  We now have to include taxes in our product prices on Etsy.  So I need the formula to calculate what I have to remit to the gov. Here's an example of the info I get from Etsy.  What I'm trying to do is that the first column says "AB" to calculate the tax rate of 5% and return that amount in another column on the same row.  If it reads "ON" return the $49.99 x 13% and so on for each row for each appropriate tax rate.  Is there a way of doing this?

ABT9K 2C5CanadaCAD$119.99
ONL4M6Z8CanadaCAD$49.99
ONL6M0Z4CanadaCAD$119.99
ABT8R 1B3CanadaCAD$59.99
ONM1N1y6CanadaCAD$99.50
NSB0M 1S0CanadaCAD$104.99
ABT1W 2C3CanadaCAD$89.99
ONL0R1H1CanadaCAD$69.99
ONP3B 1X6CanadaCAD$109.99
ABT5r2h7CanadaCAD$49.99
ONN2A 3G7CanadaCAD$69.99
6 Replies

@EagleAD Best to create a lookup table with all the tax rates per state and then use VLOOKUP or XLOOKUP is your Excel version supports it. But you could also use LOOKUP . See attached. Several possible solutions in it.

 

By the way, I just made up something for NS.

Thanks for the help! With your guidance and a bit of google, I ended up using the IFS formula: =IFS(M4="ON",".13",M4="AB",".05",M4="BC",".12",M4="MB",".12",M4="SK",".11",M4="QC",".14975",M4="NS",".15",M4="NB",".15",M4="NL",".15",M4="PE",".15",M4="NT",".05",M4="NU",".05",M4="YT",".05",TRUE,"0") Too many variable for the =IF command. This covered every province and excluded anything not in Canada. I then take the result and multiply it by the cost of the product column. Thanks again for your help.

@EagleAD Your choice to do it that way, but I would use a look up table. And, by the way, why did you put the tax rates between quotes? That turns them into texts. Although Excel will interpret them as a number as soon as you do some arithmetic with them, better to use numbers from the start.

I have to point out I'm a novice at formulas. Thanks for pointing out the "Quotes" turning them into Texts. I tried your solution with the lookup function but kept getting an error. I was messing something up in the formula which is pretty straightforward. Your help is much appreciated!

@EagleAD Did you figure it out or do you still need help?

@Riny_van_Eekelen I Think I'm good now.  Your help was very much appreciated.