GST Information Return Filers Now Face Stiff Penalties for Errors
December 3, 2009
Many large companies and financial institutions who have to file the GST Annual Information Return now face new penalties for incorrectly filing these returns. The new penalty regime will apply to returns required to be filed on or after June 30, 2010.
B.C. Releases HST Transitional Rules for New Home Builders
November 19, 2009
Builders and buyers of new homes in British Columbia will be affected by the province’s proposal to harmonize its provincial sales tax with the federal goods and services tax.
B.C. and Ontario ReleaseTransitional Rules for Harmonized Sales Tax
October 15, 2009
Today the governments of British Columbia and Ontario both released rules that will apply during the transition from their current provincial sales taxes (PST) to the new harmonized sales tax (HST). The rules in the B.C. and Ontario releases are substantially the same.
Finance Overhauls Proposed GST Rules for Financial Services Sector and Pension Plans
September 23, 2009
The Department of Finance today announced changes to previously released proposals affecting GST rules for the financial services sector and pension plan trusts. These changes follow industry consultations on the proposals released on January 26, 2007.
B.C. Announces PST-GST Harmonization
July 23, 2009
British Columbia has announced that intends to harmonize its provincial sales tax (PST) with the federal Goods and Services Tax (GST), effective July 1, 2010.
Have You Overpaid GST on Investment Management Services?
July 6, 2009
The GST status of some investment management services remains uncertain despite the recent release of two much-anticipated decisions by the Federal Court of Appeal, which were in the taxpayers’ favour.
Ontario Releases HST Transitional Rules for New Home Builders
June 22, 2009
Builders and buyers of new homes in Ontario will be affected by the province’s proposal to harmonize its retail sales tax with the federal goods and services tax. Ontario recently released transitional rules for some new housing transactions that will straddle July 1, 2010, the effective date of the harmonized tax. Ontario also proposed changes to the new housing rebate announced in its 2009 budget.
Ontario’s PST-GST Harmonization — Planning Your Next Steps
May 21, 2009
Companies that do business in Ontario will be affected by the province’s proposal to harmonize its provincial sales tax (PST) with the federal goods and services tax (GST) to create a single, value-added harmonized sales tax (HST) at a 13% rate, effective July 1, 2010.
Real Estate Developers and Ontario Sales Tax — What Lies Ahead in the Transition to HST?
March 31, 2009
Real estate developers will be affected by Ontario’s plans to combine its provincial sales tax (PST) with the federal Goods and Services Tax (GST) to create a single, harmonized sales tax with a 13% rate (5% GST plus 8% PST), effective July 1, 2010.
Developers — Don’t Overlook GST Rules When Renting Out New Housing
February 5, 2009
Real estate developers who rent out new housing should be aware of the Goods and Services Tax (GST) consequences that can arise. Due to the recent change in the real estate market, many developers may discover that they can’t sell their new housing stock for as much as they had expected. Often, instead of keeping that stock on the market, developers will decide to rent out new houses or condominiums until the market turns around and the units can be sold.
Indirect Tax Update - Winter 2009
February 5, 2009
This issue includes the following articles:
- Financial Institutions GST Update
- Input Allocation Method Reminders
- Filing the New Annual Information Schedule
- CRA Can Assess Tax under Draft GST Self-Assessment Rules
- Refund Opportunity for GST Assessed on Exports of Intangibles
- Court Allows Holding Company to Claim Input Tax Credits for Merger Fees
- GST on Food Products — Cut Through the Confusion
- B.C. Implements PST Changes to Real Property Contracts
- Finance Parks Automobile Deduction Limits and Prescribed Rates for 2009
- Customs Fact — Correct Any Errors on Duty-Free Imports
Indirect Tax Update - Spring 2008
June 13, 2008
This issue includes the following articles:
- Financial Institutions — Don’t Miss GST Filing Deadlines
- Annual Information Schedule — June 30, 2008 Deadline Looming
- CRA Extends Saturday Deadline in July to Apply for ITC Allocation Method
- Complicated Self-assessment Rules Make for Complicated Deadlines
- Court Rulings Don’t Resolve GST Status of Investment Management Services
- General Motors — Taxpayer Allowed ITCs for Pension Plan's Investment Management Services
- Canadian Medical Protective Association — Investment Management Services GST-Exempt
- Ontario WSIB to Overhaul Employers’ Rebate Program
- Newfoundland to Eliminate 15% RST on Insurance Premiums
Indirect Tax Update - Winter 2008
February 13, 2008
This issue includes the following articles and more:
- Another GST Rate Cut — Managing the Transition
- FI Surprise — Investing Funds May Trigger Need to File New GST Information Schedule
- WSIB Offers Amnesty for Unregistered Ontario Employers
- SLM Direct Marketing — Tax Court Finds Agency Relationship
- Université de Sherbrooke — ITCs on Stadium Denied due to Lack of Clear Intent for Commercial Use
- Y.S.I.’s Yacht Sales — Tax Court Clarifies "Recipient" of Supplies
Indirect Tax Update - Spring 2007
June 29, 2007
This issue includes the following articles and more:
- GST Late-Filing Costs Spike as of April 2007
- Financial Institutions Face New Compliance Requirements
- GST Refunds Set Off Against Other Taxes by CRA
- Do Not Fall into European VAT Trap
- Make Sure You’ve Got Your Supplier’s Number
- New Zero-Rated IPP Provision May be Difficult to Interpret
- B.C. Tax on Legal Services is Valid
- Internal Communication Systems Subject to Ontario Sales Tax?
Indirect Tax Update - Winter 2007
March 30, 2007
This issue includes the following articles and more:
- 2007 Federal Budget - Indirect Tax Changes
- New GST Rules for Financial Services Sector
- New GST Rebate for Pension Plan Trusts
- New GST Policy on Bank Machine Services
Indirect Tax Update - Fall 2006
October 30, 2006
This issue includes the following articles and more:
- Visitors' GST Rebate to be Eliminated in April 2007
- Saskatchewan Cuts Sales Tax by 2%
- CRA Confirms Independent Medical Exams May be GST-Exempt
- Timing of Tax Paid in Error May Affect Rebates