Conquering Internal Company Challenges in Handling Canadian Taxes and Other VAT

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Conquering Internal Company Challenges in Handling Canadian Taxes and Other VAT"

Transcription

1 Conquering Internal Company Challenges in Handling Canadian Taxes and Other VAT DuCharme, McMillen & Associates Canada, Ltd. Darryl Rankin, CPA, CGA, Director, Commodity Tax WestRock Company Panel Members: Marina Lomako, Senior Tax Analyst Sandra D. Robertson, Director of Indirect Taxes Conquering Internal Company Challenges in Handling Canadian Taxes and Other VAT Managing GL Reporting Managing Tax Codes Accounts Payable Issues Audit Issues Tax Compliance page 2 1

2 Managing GL Reporting Setting up different Tax GL accounts Example: Manufacturer registered for the GST/HST, Quebec QST and PST in British Columbia, Manitoba and Saskatchewan 2 separate GL accounts for GST/HST One account for tax collected ex. GST/HST Collected One account for tax paid ex. GST/HST Input Tax Credit 2 separate GL accounts for QST One account for tax collected ex. QST Collected One account for tax paid ex. QST Input Tax Refund 1 separate GL account for BC PST, MB PST and SK PST page 3 Managing GL Reporting Setting up different Tax GL accounts Two separate GL accounts for Recaptured Input Tax Credits (RITC) Must report the provincial component of the HST for Ontario (8%) and PEI (9%) on restricted expenses One account for Ontario RITC One account for PEI RITC page 4 2

3 Managing GL Reporting Setting up different Tax GL accounts Optional GL Accounts: GST/HST Clearing account QST Clearing account Ensures balances owing/refund are cleared out of the collected and paid accounts to simplify reconciling issues. page 5 What WestRock Inherited Canada 2012 There was no oversight or review and reconciliation of Canadian tax G/L account balances and activity The G/L structure for Canada taxes did not align with the Canada tax structure, making it problematical to differentiate between the taxes Global VAT due to merger 2015 Historically little oversight or review in the U.S. of VAT for over 30 countries Complexities and issues with intercompany billings page 6 3

4 Reporting - WestRock Process Determine who is responsible for filing VAT/GST returns Set up a reconciliation process to reconcile each tax return to the balance sheet Adjust balance sheet accounts based on a detailed analysis of historical activity Centralize and standardize the calculating and filing of VAT returns where appropriate Regular review process for locally handled returns and audits page 7 Managing GL Reporting Mapping various systems to the applicable Tax GL accounts Legacy systems AP systems Billing systems Ensure all systems are accounted for and perform the necessary reconciliations to ensure completeness page 8 4

5 Managing GL Reporting Managing and understanding the different document types that post to a tax GL account: Sales/Receivable transactions Typically should only post to a tax collected GL account Accounts Payable transactions Typically should only post to a tax paid GL account Manual Journal entries Credits and adjustments Electronic transactions May post to both collected and paid GL accounts page 9 GL - WestRock Process Resolve registration and legal entity issues and name changes for all jurisdictions Restructure GST & other VAT account structure in the GL to take into account country differences Work with the division and country controllers to ensure all interfaces were mapped to the correct accounts Attend seminars on GST/VAT whenever possible Rely on support from advisors experienced in Canadian and other VAT law and practice page 10 5

6 Managing GL Reporting Strive to ensure all tax corrections are done through the system Ex.: AP invoice corrections for tax should be done with the appropriate debit memo Ex.: AR invoices should be corrected with credit/rebill invoices This ensures adequate audit trail Avoid doing corrections with a manual journal entry Problems with Manual journal entries to tax account Hard to trace to original transaction Usually part of a larger journal entry Multiple corrections combined into one entry lacks clarity Insufficient detail or explanation as to why entry made page 11 Managing GL Reporting Control access to the Tax GL Accounts If possible, only allow Tax Department to make manual journal entries that post to a tax account At a minimum, ensure a tax journal entry has approval from the Tax Department and sufficient supporting documentation is retained for audit purposes page 12 6

7 Managing Tax Codes Using a tax engine vs. home grown system Ensure tax tables and codes are up to date and current Periodic review Assigning exempt or taxable status to products using tax codes How are tax decisions made on customer invoices At the product or sku level At the invoice level Both? page 13 Accounts Payable Accounts Payable Issues GST/HST/QST Refunds (ITC/ITR) GST/HST/QST are recoverable taxes Generally GST/HST/QST should to be booked to GL account Expect to see GST/HST/QST on Canadian invoicing for inventory, capital assets (including real property) and services page 14 7

8 Accounts Payable Use of Tax Codes by Accounts Payable How to capture tax in a complex environment, i.e.: 13 Tax jurisdictions Multiple Provincial Tax Rates Different potential Tax Treatments: GST 5% only (no Provincial Tax) GST+ Provincial HST GST + PST PST Only (i.e. Ontario Insurance) No Tax page 15 Canadian Commodity Tax Rates at Sept 1, 2015 Province GST/HST Rate PST Rate Combined Rate Alberta British Columbia Manitoba New Brunswick 13 Harmonized 13 Newfoundland/Labrador 13 Harmonized 13 Northwest Territories Nova Scotia 15 Harmonized 15 Nunavut Ontario 13 Harmonized 13 Prince Edward Island 14 Harmonized 14 Quebec Saskatchewan Yukon page 16 8

9 Accounts Payable Tax Code Options No tax code, use manual AP entry (default no ITC) Implement Tax Codes: No Tax GST + PHST GST + PST PST Only GST + Self Assess PST page 17 Accounts Payable Tax Code Challenges Need to account for Jurisdiction i.e., Province Code. What is the default, i.e., no Tax? How to account for vendors with no GST/HST#? No tax code set up but have tax on invoice? How to handle this? Self-assessment challenges. On posting invoice, need to Dr. GST and Cr. PST with an offsetting Dr. to the expense or asset. page 18 9

10 AP - WestRock Process Evaluate Tax Rate setup and processes by jurisdiction Work with IT Department to correct tax rate structures and tables in the primary AP system Continually review GL transactions for accuracy Conduct internal reverse audits of historical activity Educate and train key employees page 19 WestRock - Ongoing Issues Customer issues: Drop-shipment transactions Customers with multiple legal entities some are registered with Canada and/or Quebec, and some are not Centralized purchasing from the U.S. for Canadian and other non-domestic legal entities Commodities (recycling) business has numerous cross border transactions along with limited records because of the nature of the business page 20 10

11 Accounts Payable Documentary Requirements Input Tax Credits Documentary Requirements Must meet the requirements of Subsection 169(4) Refer to the Input Tax Credit Information (GST/HST) Regulations for information on what is required to support an ITC claim Supplier Name Date of Invoice/Date Payable Total Payable GST/HST Registration Number Amount of Tax Payable Recipient Name Terms of Payment Description of Supply page 21 Audit Issues ITC Documentary Requirements Wrong Entity on Invoice Large multi-national companies with related entities Numerous name changes and/or re-organizations ABC Canada Ltd. ABC Logistics Corp. ABC Transport Ltd., ABC Testing Ltd. ABC Holdings Ltd. ABC BC Corp. ABC Ontario Canada Corp. ABC Quebec Ltd. page 22 11

12 Audit Issues ITC Documentary Requirements Wrong Entity on Invoice Invoices from suppliers in name of wrong member of the group Invoices from supplier with incorrect name on invoice, i.e., instead of ABC Canada Ltd. was issued to ABC Ltd., or ABC Logistics Corp instead of ABC Canada Ltd. DBA name causes issues. Central A/P processing or shared services names cause problems. CRA may look to deny ITC page 23 Audit Issues ITC Documentary Requirements Validating Vendor s GST/HST Registration # s Must validate Vendor s GST/HST Registration # s as part of meeting the documentary requirements GST/HST Registry website manual process to validate! Need correct legal name of vendor Require the 9-digit BN # How often to check a vendor s GST/HST #? page 24 12

13 WestRock Canada Audits Verify Legal Entity Names on invoices; ITRs were claimed without proper support documentation so Revenu Quebec has disallowed these ITRs A portion of certain ITCs and ITRs were disallowed on audit: Telecommunication services (local and long distance telephone) Energy adjustments We engaged a third party to conduct energy studies for manufacturing usage, for all Ontario and Quebec locations to support a partial recapture Insurance Contracts from US are subject to 10% Excise tax and the Canadian Legal Entity should self-assess the tax Volume discount paid at the incorrect rate (should be at the ship-to rate, not the bill-to rate) page 25 Tax Compliance and Reporting Supporting Documentation for Returns Documentation to satisfy Tax Authorities i.e., CRA Audit Include the following: Invoice samples (collected and paid) Download of Tax Account Activity (GL) Use of other reports to capture tax (ex., tax engines) Reconcile to tax returns Provide sales detail and link to financial statements Reasonability tests page 26 13

14 Tax Compliance and Reporting GST/HST Reconciliation to Returns GST Return GL GST/HST Account Sales and Purchases Register Financial Statements page 27 WestRock Canada Process Monthly reconciliations tax return to GL Run GL detail reports for each GL account from our financial system (JDE) Review questionable invoices listed on the GL details Gross sales reports from financial system and financial reports Canadian Entities must file GST/HST/QST returns electronically US entity must file/remit payment on tax return for CRA electronically QST only is filed manually with paper check for US entities only page 28 14

15 CONTACT INFORMATION Darryl Rankin Director, Commodity Tax Toronto, ON (800) , ext page 29 15

Ohio Tax. Workshop KK. Canadian Commodity Tax Update for U.S.-Based Companies. Wednesday, January 29, 2014 2:00 p.m. to 3:00 p.m.

Ohio Tax. Workshop KK. Canadian Commodity Tax Update for U.S.-Based Companies. Wednesday, January 29, 2014 2:00 p.m. to 3:00 p.m. Ohio Tax Workshop KK Canadian Commodity Tax Update for U.S.-Based Companies Wednesday, January 29, 2014 2:00 p.m. to 3:00 p.m. Biographical Information Darryl Rankin, Director, Commodity Tax, DuCharme,

More information

Harmonized Sales Tax Frequently Asked Questions

Harmonized Sales Tax Frequently Asked Questions Harmonized Sales Tax Frequently Asked Questions The province of Ontario announced in its March 2009 Budget that it would harmonize the retail sales tax (the Ontario RST) with the federal Goods and Sales

More information

A presentation by. Queen s University Financial Services

A presentation by. Queen s University Financial Services A presentation by Queen s University Financial Services 1 Alternative formats for this presentation can be found on the Financial Services website. Website: Financial Services Training page Email: finance.training@queensu.ca

More information

Canada Post Group Economic Impact on Canada. Corporate Planning and Strategy

Canada Post Group Economic Impact on Canada. Corporate Planning and Strategy Canada Post Group Economic Impact on Canada Corporate Planning and Strategy July 27 Section 1 1. The National Impact 2. Impact on the Provinces Corporate Planning and Strategy, July 27 Page 2 Study of

More information

- 1 - E-COMMERCE AND SALES TAX: SQUARE PEG IN A ROUND HOLE. In its broadest sense, electronic commerce or e-commerce involves the selling, buying,

- 1 - E-COMMERCE AND SALES TAX: SQUARE PEG IN A ROUND HOLE. In its broadest sense, electronic commerce or e-commerce involves the selling, buying, - 1 - E-COMMERCE AND SALES TAX: SQUARE PEG IN A ROUND HOLE In its broadest sense, electronic commerce or e-commerce involves the selling, buying, marketing or distributing of property and services via

More information

TAX GUIDE FOR PROCUREMENT CARDS IN CANADA

TAX GUIDE FOR PROCUREMENT CARDS IN CANADA TAX REPORTING TAX GUIDE FOR PROCUREMENT CARDS IN CANADA Simple tips on claiming input tax credits from procurement card transactions. VISA CANADA COMMERCIAL CARDS TAX REPORTING TIPS Canada s GST/HST Background

More information

Ontario introduces recaptured input tax credit rules

Ontario introduces recaptured input tax credit rules Ontario introduces recaptured input tax credit rules March 17, 2010 When the new HST rules were first introduced, it was noted that large businesses generally, those making taxable supplies of more than

More information

Prince Edward Island announces transitional rules for harmonized sales tax

Prince Edward Island announces transitional rules for harmonized sales tax Prince Edward Island announces transitional rules for harmonized sales tax November 2012 Effective April 1, 2013, Prince Edward Island (PEI) is replacing its federal and provincial sales tax system with

More information

Voluntary Scrapie Flock Certification Program Application for Advancement Requirements

Voluntary Scrapie Flock Certification Program Application for Advancement Requirements Administrative Fees: Voluntary Scrapie Flock Certification Program Application for Advancement Requirements An annual enrollment fee of $50/ hour plus HST or GST (depending upon province of residence)

More information

BMO Tax Payment & Filing Service. User Guide

BMO Tax Payment & Filing Service. User Guide BMO Tax Payment & Filing Service User Guide BMO Tax Payment & Filing Service User Guide This service provides a facility to initiate payroll source deductions, corporate income tax, GST, PST, and Harmonized

More information

Instructions NDEB Equivalency Process

Instructions NDEB Equivalency Process NDEB Equivalency Process Table of Contents Submitting an online application... 3 Website... 3 Online registration portal... 5 Submitting required documents... 10 Application Instructions-Final.docx 2 /

More information

AUTOMOBILE EXPENSES & RECORDKEEPING

AUTOMOBILE EXPENSES & RECORDKEEPING February 2015 CONTENTS Who should keep records? Expenses to track Deductible expenses Keeping a kilometre log Business vs. personal Other motor vehicles The standby charge GST/HST and QST considerations

More information

GST/HST AND PST ISSUES ASSOCIATED WITH BUYING AND SELLING A BUSINESS

GST/HST AND PST ISSUES ASSOCIATED WITH BUYING AND SELLING A BUSINESS GST/HST AND PST ISSUES ASSOCIATED WITH BUYING AND SELLING A BUSINESS Seminar Materials Presented at the Canadian Bar Association's 2010 Tax Law for Lawyers Conference Niagara-on-the-Lake, Ontario May 30,

More information

Quick Method of Accounting for GST/HST. Includes Form GST74

Quick Method of Accounting for GST/HST. Includes Form GST74 Quick Method of Accounting for GST/HST Includes Form GST74 RC4058(E) Rev. 03/2013 Is this guide for you? T his guide explains how to use the quick method of accounting. It does not apply to qualifying

More information

MULTILATERAL INSTRUMENT 33-107 PROFICIENCY REQUIREMENTS FOR REGISTRANTS HOLDING THEMSELVES OUT AS PROVIDING FINANCIAL PLANNING AND SIMILAR ADVICE

MULTILATERAL INSTRUMENT 33-107 PROFICIENCY REQUIREMENTS FOR REGISTRANTS HOLDING THEMSELVES OUT AS PROVIDING FINANCIAL PLANNING AND SIMILAR ADVICE MULTILATERAL INSTRUMENT 33-107 PROFICIENCY REQUIREMENTS FOR REGISTRANTS HOLDING THEMSELVES OUT AS PROVIDING FINANCIAL PLANNING AND SIMILAR ADVICE PART 1 PROFICIENCY REQUIREMENTS 1.1 Proficiency Requirements

More information

Question 2: Deloitte s Response:

Question 2: Deloitte s Response: Harmonized Sale Tax (HST) Frequently Asked Questions These questions are a follow up to the webinar presentation provided by Deloitte & Touche LLP on July 22, 2010. The purpose is to provide additional

More information

TAX LETTER. June 2010

TAX LETTER. June 2010 Tax Education Services TAX LETTER June 2010 HST CHANGES ARE HERE EVEN IF YOU RE NOT IN ONTARIO OR B.C. PERSONAL SERVICES BUSINESSES MAY BE USEFUL AGAIN CAN YOU SUE THE CRA? AROUND THE COURTS HST CHANGES

More information

Internet Connectivity Among Aboriginal Communities in Canada

Internet Connectivity Among Aboriginal Communities in Canada Internet Connectivity Among Aboriginal Communities in Canada Since its inception the Internet has been the fastest growing and most convenient means to access timely information on just about everything.

More information

Ontario Harmonized Sales Tax - Restrictions on Input Tax Credits for Large Businesses

Ontario Harmonized Sales Tax - Restrictions on Input Tax Credits for Large Businesses Bruce A. Johnston, CA, CFP, TEP Deborah M. Bourchier, CA, CFP, TEP Hugh Faloon, CA, CFP, TEP Paul Morton, CA, CFP, TEP Jeffrey N. Miller, CA, CFE, TEP Patricia Day, CA, CBV, CFP, TEP John Baldwin, CA,

More information

Canadian Provincial and Territorial Early Hearing Detection and Intervention. (EHDI) Programs: PROGRESS REPORT

Canadian Provincial and Territorial Early Hearing Detection and Intervention. (EHDI) Programs: PROGRESS REPORT Canadian Provincial and Territorial Early Hearing Detection and Intervention (EHDI) Programs: PROGRESS REPORT www.sac-oac.ca www.canadianaudiology.ca 1 EHDI PROGRESS REPORT This progress report represents

More information

4.0 Health Expenditure in the Provinces and Territories

4.0 Health Expenditure in the Provinces and Territories 4.0 Health Expenditure in the Provinces and Territories Health expenditure per capita varies among provinces/territories because of different age distributions. xii Population density and geography also

More information

National Instrument Definitions. (3) In a national instrument or multilateral instrument

National Instrument Definitions. (3) In a national instrument or multilateral instrument PART 1 DEFINITIONS AND INTERPRETATION 1.1 and Interpretation (1) Every term that is defined or interpreted in the statute of the local jurisdiction referred to in Appendix B, the definition or interpretation

More information

ENERGY TRADING IN CANADA Current Sales Tax, Customs and Fuel Tax Issues

ENERGY TRADING IN CANADA Current Sales Tax, Customs and Fuel Tax Issues Energy trading in canada Current Sales Tax, Customs and Fuel Tax Issues Stikeman Elliott llp ENERGY TRADING IN CANADA Current Sales Tax, Customs and Fuel Tax Issues Alan Kenigsberg (akenigsberg@stikeman.com)

More information

Sage 50 Accounting (Release 2015.1)

Sage 50 Accounting (Release 2015.1) Sage 50 Accounting (Release 2015.1) December 2014 Contents Sage 50 Accounting Canadian Edition (Release 2015.1) 1 Sage 50 Accounting Release 2015.1 1 What's new and product improvements 1 Support for employer

More information

Suncor Invoice Submission Standard

Suncor Invoice Submission Standard Suncor Invoice Submission Standard This document is intended for North American suppliers that provide materials and/or services to Suncor, and it includes the details suppliers are required to complete

More information

Recurring GST/HST Issues: A Hot Topics Overview

Recurring GST/HST Issues: A Hot Topics Overview Recurring GST/HST Issues: A Hot Topics Overview 1 Presenters Douglas Han, LL.B. Principal Veridical Tax Advisors Inc. Shawn Starkes, CGA Principal Veridical Tax Advisors Inc. 2 Agenda and Approach Introduction

More information

Income tax rates for Canadian-controlled private corporations (CCPCs) 2012-2013

Income tax rates for Canadian-controlled private corporations (CCPCs) 2012-2013 Income tax rates for Canadian-controlled private corporations (CCPCs) 2012-2013 Federal income tax rates for income earned by a CCPC 1 Small Active Income between $400,000 and General Active General corporate

More information

Tax Implications of Doing Business in Canada:

Tax Implications of Doing Business in Canada: Tax Implications of Doing Business in Canada: Risk and Recovery Presenters: Clyde Seymour, C.A., MAcc Tax Director Canada Sheila Wisner, C.A. Canadian Sales Tax Subject Matter Expert General Information

More information

Corporate taxation, CPP and EI 2015

Corporate taxation, CPP and EI 2015 Corporate taxation, CPP and EI 05 Table Business income eligible for SBD (05) Small business limit Federal $500,000.00 % Combined % Alberta 500,000.00.00 British Columbia 500,000.50.50 Manitoba 5,000 0.00.00

More information

Employment termination and group insurance coverage

Employment termination and group insurance coverage HEALTH & DENTAL / DISABILITY, LIFE AND AD&D 14-11 Employment termination and group insurance coverage This GroupLine is a revised version of GroupLine 07-02. Previous versions also include 05-21, 02-11

More information

Quick Method of Accounting for GST/HST

Quick Method of Accounting for GST/HST Quick Method of Accounting for GST/HST Includes Form GST74 RC4058(E) Rev. 10 Is this guide for you? T his guide explains how to use the Quick Method of accounting. It does not apply to qualifying non-profit

More information

APPLICATION FOR PROFESSIONAL AND COMMERCIAL GENERAL LIABILITY INSURANCE FOR MEMBERS OF THE CANADIAN ASSOCIATION OF OPTOMETRISTS

APPLICATION FOR PROFESSIONAL AND COMMERCIAL GENERAL LIABILITY INSURANCE FOR MEMBERS OF THE CANADIAN ASSOCIATION OF OPTOMETRISTS Canadian Association of Optometrists APPLICATION FOR PROFESSIONAL AND COMMERCIAL GENERAL LIABILITY INSURANCE FOR MEMBERS OF THE CANADIAN ASSOCIATION OF OPTOMETRISTS Name of Applicant: Business/Corporation

More information

AND IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS AND IN THE MATTER OF TD ASSET MANAGEMENT INC.

AND IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS AND IN THE MATTER OF TD ASSET MANAGEMENT INC. July 28, 2005 IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK, NOVA SCOTIA, PRINCE EDWARD ISLAND, NEWFOUNDLAND AND LABRADOR,

More information

Loblaw Companies Limited

Loblaw Companies Limited Loblaw Companies Limited Electronic Data Interchange (EDI) 864 Resolution Procedures For Invoices Loblaw Companies Limited 1 President's Choice Circle Brampton Ontario L6Y 5S5 Page 1 of 19 CONTENTS WHAT

More information

Return to PST Questions and Answers

Return to PST Questions and Answers Return to PST Questions and Answers Is there a transitional period introduced in the Provincial Sales Tax Act ( PSTA )? When the Harmonized Sales Tax ( HST ) replaced the Goods and Services Tax ( GST )

More information

Harmonized Sales Tax. for Ontario Business. Prepared by Ontario s Certified General Accountants

Harmonized Sales Tax. for Ontario Business. Prepared by Ontario s Certified General Accountants Harmonized Sales Tax for Ontario Business Prepared by Ontario s Certified General Accountants Harmonized Sales Tax for Ontario Business (Book II) VISION Certified general accountants will be integral to

More information

Report of the CMEC Quality Assurance Subcommittee

Report of the CMEC Quality Assurance Subcommittee Report of the CMEC Quality Assurance Subcommittee 2007 2007 CMEC Jurisdictional Update on Activities Related to Quality Assurance Introduction In February 2007, ministers responsible for advanced education

More information

What's New in Sage 50 Accounting 2013

What's New in Sage 50 Accounting 2013 What s New in Sage 50 Accounting 2013 Sage 50 What's New in Sage 50 Accounting 2013 Sage 50 Accounting 2013 includes the following features: Installation Easier to Install or Upgrade First Step Pro Premium

More information

Taxation Bulletin. Ontario to Eliminate Provincial Sales Tax July 1, 2010; Harmonize with Federal GST

Taxation Bulletin. Ontario to Eliminate Provincial Sales Tax July 1, 2010; Harmonize with Federal GST Taxation Bulletin March 2009 Fasken Martineau DuMoulin LLP Ontario to Eliminate Provincial Sales Tax July 1, 2010; Harmonize with Federal GST Ottawa Montréal Québec City Johannesburg www.fasken.com The

More information

How to Finalize a Private Used Car Sale

How to Finalize a Private Used Car Sale A page for each province! How to Finalize a Private Used Car Sale Everything you need to know about the steps involved with finalizing the sale of a used car - in every province. CARPROOF S SMART BUYERS

More information

Canada. Contact James Yager KPMG in Canada Tax Partner T: +1 416 777 8214 E: jyager@kpmg.ca

Canada. Contact James Yager KPMG in Canada Tax Partner T: +1 416 777 8214 E: jyager@kpmg.ca Canada Introduction Liability to Canadian tax is determined by residence status for taxation purposes and the source of income derived by an individual. Income tax is levied at progressive rates on a person

More information

Non Resident Importers (NRI)

Non Resident Importers (NRI) Non Resident Importers (NRI) A Non-Resident Importer (NRI) is a company who in most cases does not have a physical presence in Canada, yet for purposes of customs and GST, acts as the importer of record

More information

E.164 National Numbering for Canada as Part of Country Code 1

E.164 National Numbering for Canada as Part of Country Code 1 CANADA E.164 National Numbering for Canada as Part of Country Code 1 Canada is part of Country Code 1, and participates in the North American Number Plan (NANP) with the USA and 18 Caribbean nations. A

More information

taxation Current to June 20, 2013 What s Inside www.bdo.ca

taxation Current to June 20, 2013 What s Inside www.bdo.ca www.bdo.ca taxation Tax Facts 2013 Current to June 20, 2013 Tax Facts 2013 provides you with a summary of 2013 personal income tax rates and amounts, as well as corporate tax rates (as at July 1, 2013),

More information

Doing Business in Canada GST/HST Information for Non-Residents

Doing Business in Canada GST/HST Information for Non-Residents Doing Business in Canada GST/HST Information for Non-Residents RC4027(E) Rev. 13 Is this guide for you? T his guide explains how the Canadian goods and services tax/harmonized sales tax (GST/HST) applies

More information

Harmonized Sales Tax for Ontario Point-of-Sale Rebate on Newspapers

Harmonized Sales Tax for Ontario Point-of-Sale Rebate on Newspapers GST/HST Info Sheet GI-060 February 2010 Harmonized Sales Tax for Ontario Point-of-Sale Rebate on Newspapers The Government of Ontario has proposed a harmonized sales tax (HST) which will come into effect

More information

Competitive Alternatives 2014: Special Report - Focus on Tax

Competitive Alternatives 2014: Special Report - Focus on Tax Competitive Alternatives 2014: Special Report - Focus on Tax Focus on Tax is a supplement to the 2014 Competitive Alternatives report, a global report released in March examining significant business costs

More information

FACTS & FIGURES. Tax Audit Accounting Consulting

FACTS & FIGURES. Tax Audit Accounting Consulting FACTS & FIGURES Tax Audit Accounting Consulting FACTS AND FIGURES FOR TAX PREPARATION AND PLANNING JULY, 2013 CHAPTER 1B PERSONAL INCOME TAX 1.1 Federal Tax Rates - Individuals... 1 1.2 Federal Personal

More information

MAGAZINE Publisher s Statement 6 months ended June 30, 2015 Subject to Audit

MAGAZINE Publisher s Statement 6 months ended June 30, 2015 Subject to Audit MAGAZINE Statement 6 months ended June 30, 2015 Subject to Audit Field Served: Canadian gardeners. Definition of List Source Recipients: Method of Circulation for Analyzed Nonpaid Circulation: Market Coverage

More information

Businesses that carry on commercial activities and are registered for GST/HST

Businesses that carry on commercial activities and are registered for GST/HST ISSUE 2014-10 WWW.BDO.CA THE TAX FACTOR DO YOU HAVE ALL THE DOCUMENTS REQUIRED TO SUPPORT YOUR RECOVERY OF GST/HST AND QST? CONTENTS Do you have all the documents required to support your recovery of GST/HST

More information

Working with a financial adviser

Working with a financial adviser Working with a financial adviser Canadian Securities Administrators Securities regulators from each province and territory have teamed up to form the Canadian Securities Administrators, or CSA for short.

More information

DOING BUSINESS IN CANADA. Tax Overview

DOING BUSINESS IN CANADA. Tax Overview DOING BUSINESS IN CANADA Tax Overview Why do business in Canada Market Integrated modern G8 economy Population over 35 million most within 200 miles of border Population concentrated over 44% in 6 largest

More information

TRANSITIONAL RULES FOR THE NEW BRUNSWICK HST RATE INCREASE

TRANSITIONAL RULES FOR THE NEW BRUNSWICK HST RATE INCREASE TRANSITIONAL RULES FOR THE NEW BRUNSWICK HST RATE INCREASE March 30, 2016 This Notice provides general descriptions of transitional rules for the increase in the Harmonized Sales Tax (HST) rate to 15 per

More information

AGREEMENT ON MOBILITY OF WITHIN CANADA

AGREEMENT ON MOBILITY OF WITHIN CANADA Canadian Council of Professional Engineers OF PROFESSIONAL ENGINEERS * WITHIN CANADA * The term professional engineer is an official mark held by the Canadian Council of Professional Engineers. AMONG:

More information

GST/HST Info Sheet. ABM Services December 2006

GST/HST Info Sheet. ABM Services December 2006 GST/HST Info Sheet ABM Services December 2006 This info sheet replaces the previous version dated September 2004. This info sheet discusses the application of the goods and service tax/harmonized sales

More information

Citation: TD Asset Management Inc. et al, 2005 ABASC 436 Date: 20050429

Citation: TD Asset Management Inc. et al, 2005 ABASC 436 Date: 20050429 Headnote Mutual Reliance Review System for Exemptive Relief Applications investment advisor registered as such under US securities laws but operating out of Alberta is exempt from the registration requirement

More information

Bill C-27: First Nations Financial Transparency Act

Bill C-27: First Nations Financial Transparency Act Bill C-27: First Nations Financial Transparency Act Overview of Act Bill C-27: First Nations Financial Transparency Act was introduced in the House of Commons on November 23, 2011 and is identified as

More information

Sprott Flow-Through Limited Partnerships. Sprott Tax-Assisted Investments

Sprott Flow-Through Limited Partnerships. Sprott Tax-Assisted Investments Sprott Flow-Through Limited Partnerships Sprott Tax-Assisted Investments sprott asset management lp Natural resources an essential element of a well-structured investment portfolio Adding natural resource

More information

BRM Programs What to Expect for the 2013 Program Year

BRM Programs What to Expect for the 2013 Program Year Growing Forward 2 is a five-year policy framework for Canada s agriculture and agri-food sector and the basis for the delivery of federal-provincial-territorial programs. Growing Forward 2 includes ongoing

More information

Social Housing in Canada, 2010: A Patchwork Quilt

Social Housing in Canada, 2010: A Patchwork Quilt Social Housing in Canada, 2010: A Patchwork Quilt International Housing Exchange Partnership Berlin, Germany October 19-22, 2010 Social Housing Services Corporation 2010 Summary: The Canadian constitution

More information

Doing Business in Canada GST/HST Information for Non-Residents

Doing Business in Canada GST/HST Information for Non-Residents Doing Business in Canada GST/HST Information for Non-Residents RC4027(E) Rev.10 Is this guide for you? T his guide explains how the Canadian goods and services tax/harmonized sales tax (GST/HST) applies

More information

KPMG s 2013 TEI PD Day Workshop 10: Taxation Aspects of Cloud Computing

KPMG s 2013 TEI PD Day Workshop 10: Taxation Aspects of Cloud Computing KPMG s 2013 TEI PD Day Workshop 10: Taxation Aspects of Cloud Computing Date: April 11, 2013 Presenters: C.T. Ormrod / J. Bain Learning Objectives At the end of this session, you will have a better understanding

More information

Notices / News Releases

Notices / News Releases Chapter 1 Notices / News Releases 1.1 Notices 1.1.1 CSA Staff Notice 45-314 Updated List of Current Exempt Market Initiatives January 28, Introduction CSA Staff Notice 45-314 Updated List of Current CSA

More information

WORKING GROUP # 8: PREQUALIFICATION, SOURCE LISTS AND STANDING OFFERS. Conference Call, November 30, 2005 RECORD OF DECISIONS

WORKING GROUP # 8: PREQUALIFICATION, SOURCE LISTS AND STANDING OFFERS. Conference Call, November 30, 2005 RECORD OF DECISIONS WORKING GROUP # 8: PREQUALIFICATION, SOURCE LISTS AND STANDING OFFERS RECORD OF DECISIONS Present: Newfoundland and Labrador, Nova Scotia, Quebec, Manitoba, Saskatchewan, Alberta, British Columbia and

More information

Many individuals hold investment portfolios in

Many individuals hold investment portfolios in BMO NESBITT BURNS Understanding Personal Holding Companies Many individuals hold investment portfolios in a personal holding company. It is important for these investors to understand the various tax implications

More information

Survey of Innovation and Business Strategy, 2012 Released at 8:30 a.m. Eastern time in The Daily, Monday, March 10, 2014

Survey of Innovation and Business Strategy, 2012 Released at 8:30 a.m. Eastern time in The Daily, Monday, March 10, 2014 Survey of Innovation and Business Strategy, 2012 Released at 8:30 a.m. Eastern time in The Daily, Monday, March 10, 2014 Global value chains Business activities performed outside of Canada In 2012, 13.7

More information

How to subscribe to CHF Canada s Online Learning Management System (LMS)

How to subscribe to CHF Canada s Online Learning Management System (LMS) How to subscribe to CHF Canada s Online Learning Management System (LMS) 1. Before You Start There are a number of payment options for subscribing to the Learning Management System. If you would like to

More information

INCORPORATING YOUR BUSINESS

INCORPORATING YOUR BUSINESS INCORPORATING YOUR BUSINESS REFERENCE GUIDE If you are carrying on a business through a sole proprietorship or a partnership, it may at some point be appropriate to use a corporation to carry on the business.

More information

Additional Tables, Youth Smoking Survey 2008-09

Additional Tables, Youth Smoking Survey 2008-09 Additional Tables, Youth Smoking Survey 2008-09 Table 1. cigar use in last 30 days, cigarillo/little cigar/cigar use in last 30 days, cigarette use in the last 30 days, self defining as a smoker, Canada,

More information

National Instrument 55-104 Insider Reporting Requirements and Exemptions

National Instrument 55-104 Insider Reporting Requirements and Exemptions National Instrument 55-104 Insider Reporting Requirements and Exemptions PART 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions and interpretation (1) In this Instrument acceptable summary form means, in

More information

BY-LAW 6 PROFESSIONAL LIABILITY INSURANCE PART I LICENSEES HOLDING A CLASS L1 LICENCE GENERAL

BY-LAW 6 PROFESSIONAL LIABILITY INSURANCE PART I LICENSEES HOLDING A CLASS L1 LICENCE GENERAL BY-LAW 6 May 1, 2007 Amended: June 28, 2007 February 21, 2008 September 24, 2009 November 24, 2011 September 27, 2012 April 25, 2013 October 24, 2013 October 29, 2015 December 10, 2015 (editorial changes)

More information

AN INTRO TO. Privacy Laws. An introductory guide to Canadian Privacy Laws and how to be in compliance. Laura Brown

AN INTRO TO. Privacy Laws. An introductory guide to Canadian Privacy Laws and how to be in compliance. Laura Brown AN INTRO TO Privacy Laws An introductory guide to Canadian Privacy Laws and how to be in compliance Laura Brown Air Interactive Media Senior DMS Advisor A Publication of 1 TABLE OF CONTENTS Introduction

More information

Insurance industry. Key tax rates and updates. www.pwc.com/ca/insurancekeytaxrates

Insurance industry. Key tax rates and updates. www.pwc.com/ca/insurancekeytaxrates www.pwc.com/ca/insurancekeytaxrates Insurance industry Key tax rates and updates Tax changes, rates, deadlines and other useful information for the insurance industry in Canada. 2014 Insurance industry:

More information

Control and sale of alcoholic beverages, for the year ending March 31, 2012 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 11, 2013

Control and sale of alcoholic beverages, for the year ending March 31, 2012 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 11, 2013 Control and sale of alcoholic beverages, for the year ending March 31, 2012 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 11, 2013 Beer and liquor stores and agencies sold $20.9 billion

More information

Mortgage Loan Insurance Business Supplement

Mortgage Loan Insurance Business Supplement CANADA MORTGAGE AND HOUSING CORPORATION Mortgage Loan Insurance Business Supplement YEAR-END December 31, March 31, The following Mortgage Loan Insurance Business Supplement is prepared for the year ending

More information

PROVINCIAL/TERRITORIAL COMPASSIONATE LEAVE LEGISLATION Provinces/Territories with Compassionate Care Leave Legislation

PROVINCIAL/TERRITORIAL COMPASSIONATE LEAVE LEGISLATION Provinces/Territories with Compassionate Care Leave Legislation PROVINCIAL/TERRITORIAL COMPASSIONATE LEAVE LEGISLATION Provinces/Territories with Compassionate Care Leave Legislation Almost all of the provinces and territories either had existing labour legislation

More information

Overview of E waste Management in Canada

Overview of E waste Management in Canada Overview of E waste Management in Canada Michael VanderPol Environment Canada International E waste Management Network (IEMN) Hanoi, Vietnam 14 17 July 2014 Different levels of Canadian government control

More information

Workers' Compensation

Workers' Compensation Suite How to Use GrandMaster Suite Workers' Compensation This page intentionally left blank Workers' Compensation 3 Table of Contents: HOW TO USE GRANDMASTER SUITE - WORKERS' COMPENSATION...4 OVERVIEW...4

More information

If you have questions, or need assistance with completing this form, please call 1-800-667-6102, extension 0956.

If you have questions, or need assistance with completing this form, please call 1-800-667-6102, extension 0956. Ministry of Finance Revenue Division 2350 Albert Street Regina, Sask. S4P 4A6 Phone: 1-800-667-6102 Fax: (306) 798-3045 NON-RESIDENT CONTRACTORS REQUEST FOR CONTRACT CLEARANCE SUPPLEMENTARY WORKSHEETS

More information

INCORPORATING YOUR PROFESSIONAL PRACTICE

INCORPORATING YOUR PROFESSIONAL PRACTICE INCORPORATING YOUR PROFESSIONAL PRACTICE REFERENCE GUIDE Most provinces and professional associations in Canada now permit professionals such as doctors, dentists, lawyers, and accountants to carry on

More information

General Information for GST/HST Registrants

General Information for GST/HST Registrants General Information for GST/HST Registrants RC4022(E) Rev. 12/2010 I Is this guide for you? f you own or operate a business in Canada, you need to know about the goods and services tax (GST) and the harmonized

More information

Probate planning to minimize estate costs

Probate planning to minimize estate costs Probate planning to minimize estate costs Probate serves as proof to financial institutions, financial advisors and the land registry office that your will has been certified by the court and that your

More information

Doing Business In Canada

Doing Business In Canada Doing Business In Canada This chapter is a general overview of Canadian tax principles and has been prepared by Cadesky and Associates LLP, a Canadian and International Tax Advisory firm. Comments should

More information

University tuition fees, 2014/2015 Released at 8:30 a.m. Eastern time in The Daily, Thursday, September 11, 2014

University tuition fees, 2014/2015 Released at 8:30 a.m. Eastern time in The Daily, Thursday, September 11, 2014 University tuition fees, 2014/2015 Released at 8:30 a.m. Eastern time in The Daily, Thursday, September 11, 2014 Canadian full-time students in undergraduate programs paid 3.3% more on average in tuition

More information

Open Government and Information Management. Roy Wiseman Executive Director, MISA/ASIM Canada CIO (Retired), Region of Peel roy.wiseman@outlook.

Open Government and Information Management. Roy Wiseman Executive Director, MISA/ASIM Canada CIO (Retired), Region of Peel roy.wiseman@outlook. Open Government and Information Management Roy Wiseman Executive Director, MISA/ASIM Canada CIO (Retired), Region of Peel roy.wiseman@outlook.com Open Government Defined Government of Canada defines Open

More information

CHANGES TO QUÉBEC S TAX SYSTEM PURSUANT TO THE UNDERTAKINGS TO HARMONIZE IT WITH THE FEDERAL TAX SYSTEM APPLICABLE IN 2013

CHANGES TO QUÉBEC S TAX SYSTEM PURSUANT TO THE UNDERTAKINGS TO HARMONIZE IT WITH THE FEDERAL TAX SYSTEM APPLICABLE IN 2013 CHANGES TO QUÉBEC S TAX SYSTEM PURSUANT TO THE UNDERTAKINGS TO HARMONIZE IT WITH THE FEDERAL TAX SYSTEM APPLICABLE IN 2013 To achieve greater harmonization of Québec s sales tax (QST) system with the federal

More information

Domestic and International Medical Device Reimbursement

Domestic and International Medical Device Reimbursement Diverse Intelligence Solutions Growth Fuel New Thinking & Innovation Domestic and International Medical Device Reimbursement Deborah Schenberger, Ph.D. OMTEC, 2009 Overview Challenges of reimbursement

More information

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2015. November 2014

PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2015. November 2014 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2015 November 2014 PARAMETERS OF THE PERSONAL INCOME TAX SYSTEM FOR 2015 Legal deposit November 2014 Bibliothèque et Archives nationales du Québec ISBN

More information

PROVINCIAL/TERRITORIAL COUNCIL Of MINISTERS OF SECURITIES REGULATION (Council) ANNUAL PROGRESS REPORT January 2013 to December 2013

PROVINCIAL/TERRITORIAL COUNCIL Of MINISTERS OF SECURITIES REGULATION (Council) ANNUAL PROGRESS REPORT January 2013 to December 2013 PROVINCIAL/TERRITORIAL COUNCIL Of MINISTERS OF SECURITIES REGULATION (Council) ANNUAL PROGRESS REPORT January 2013 to December 2013 BACKGROUND Since its formation in 2004, the Provincial-Territorial Council

More information

1 - ACCOUNTS RECEIVABLE

1 - ACCOUNTS RECEIVABLE 1 - ACCOUNTS RECEIVABLE ACCOUNTS RECEIVABLE 1.01 User defined GL posting dates for receivables documents (e.g. orders, invoices, etc.) to be either the Transaction Date or the System Date. 1.02 User configuration

More information

Control and sale of alcoholic beverages, for the year ending March 31, 2013 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 10, 2014

Control and sale of alcoholic beverages, for the year ending March 31, 2013 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 10, 2014 Control and sale of alcoholic beverages, for the year ending March 31, 2013 Released at 8:30 a.m. Eastern time in The Daily, Thursday, April 10, 2014 Beer and liquor stores and agencies sold $21.4 billion

More information

The Deputy Minister of Community Services Harvey Brooks

The Deputy Minister of Community Services Harvey Brooks Recommendations by the: Chartered Accountants of the Yukon Certified Management Accountants of the Yukon Submitted to: The Minister of Community Services Hon. Elaine Taylor Date: March XX, 2013 The Deputy

More information

Harmonized Sales Tax in Canada

Harmonized Sales Tax in Canada Harmonized Sales Tax in Canada Ontario Edition Prepared by Ontario s Certified General Accountants Certified General Accountants of Ontario 240 Eglinton Avenue East Toronto, ON M4P 1K8 416-322-6520 or

More information

Harmonized Sales Tax and the Provincial Motor Vehicle Tax

Harmonized Sales Tax and the Provincial Motor Vehicle Tax Harmonized Sales Tax and the Provincial Motor Vehicle Tax RC4100(E) Rev. 10 Is this guide for you? T his guide explains whether or not you have to pay tax when you register a motor vehicle in British Columbia,

More information

SCOTIA DEALER ADVANTAGE RETAIL FINANCING PROGRAM DEALER AGREEMENT

SCOTIA DEALER ADVANTAGE RETAIL FINANCING PROGRAM DEALER AGREEMENT SCOTIA DEALER ADVANTAGE RETAIL FINANCING PROGRAM DEALER AGREEMENT This Agreement executed on by Scotia Dealer Advantage Inc ( SDA ) and (the Dealer ). (Dealership Legal Name) WHEREAS the Dealer carries

More information

Federal Personal Amounts... 4 Provincial and Territorial Tax Credits... 4 Canada/Quebec Pension... 7 Employment Insurance (EI) Employee...

Federal Personal Amounts... 4 Provincial and Territorial Tax Credits... 4 Canada/Quebec Pension... 7 Employment Insurance (EI) Employee... 2013 Taxation Rates Federal Personal Amounts... 4 Provincial and Territorial Tax Credits... 4 Canada/Quebec Pension... 7 Employment Insurance (EI) Employee... 7 Employment Insurance (EI) Employer... 7

More information

SCHEDULE A ACCREDITED INVESTOR STATUS CERTIFICATE

SCHEDULE A ACCREDITED INVESTOR STATUS CERTIFICATE SCHEDULE A ACCREDITED INVESTOR STATUS CERTIFICATE TO BE COMPLETED BY BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO, QUÉBEC, NEWFOUNDLAND AND LABRADOR, NOVA SCOTIA, NEW BRUNSWICK AND PRINCE

More information

Atlantic Provinces 71 COMMUNITIES

Atlantic Provinces 71 COMMUNITIES NATIONAL STUDY OF AUTOMOBILE INSURANCE RATES Third Release Atlantic Provinces 71 COMMUNITIES vs. British Columbia, Alberta Saskatchewan, Manitoba & Ontario 3,985,162 Auto Insurance Rates Compared October

More information