EVENT DESCRIPTION

NOTE: This course description has been revised and reflects updates for 2021. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

  • Oct 26@ 8:30am - 12:30pm
  • Oct 27 @ 8:30am - 12:30pm
  • Overview

    The application of Canada’s federal sales tax, the GST/HST is often far more complex than practitioners or businesses realize. The GST/HST principles involved are often quite different from those applied to income tax.

    This course will provide an overview a variety of important concepts related to the application and the recovery of the GST/HST.

    Course Description

    The course provides an overview of Canada’s federal sales tax relevant for accountants working with clients or in industry. The who, what and when for GST commences with a review of the three different types of supplies and their significance. The GST and HST place of supply rules are presented in detail with lots of examples because their misinterpretation often creates significant exposures for suppliers located in both non-HST and HST provinces.

    Also reviewed are registration, collection requirements, who pays tax, input tax credit entitlements and some cross border issues. The material highlights common sources of errors and assessments frequently discovered during a GST/HST audit or a review of a client’s books and records.

    Learning Objectives

    • Describe how the GST works
    • Participants will be able to determine the tax rate applicable on a taxable supply made in Canada
    • Describe the importance of the recovery rules that are required to be met before claiming an input tax credit
    • Describe and list the input tax credit restrictions and limitations
    • Explain issues and exposures related to the importation and exportation of taxable supplies
    • Identify and reduce other typical common audit exposures

    Seminar Content

    • GST/HST Basics
    • Who pays GST/HST?
    • Collecting GST/HST
    • GST place-of-supply rules
    • HST place-of-supply rules
    • Other collection issues
    • Import issues
    • Export issues
    • General recovery rules
    • Temporary large business restrictions
    • Employee reimbursements and allowances
    • Reporting net tax overview
    • Compliance issue overview

    Applicable To

    CPAs and students, practitioners to accountants in business/industry and other advisors who want to obtain a greater understanding of the federal sales tax system in Canada. It will also be beneficial to those who deal with the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on a daily basis or those who would like a refresher and update of trending issues.