Search - consideration

As noted below, this apportionment is based on the extent to which the property or service is used to make taxable supplies for consideration (which in this context does not include nominal consideration). Grants and subsidies Grants and subsidies as consideration ss 141.01(1.2) 28. ... When consideration is due ss 152(1) 59. Consideration, or a part thereof, for a taxable supply is deemed to become due on the earliest of: the day the supplier first issues an invoice in respect of the supply for that consideration or part, or the date of that invoice, whichever is the earlier; the day the supplier would have, but for an undue delay, issued an invoice in respect of the supply for that consideration or part; and the day the recipient is required to pay that consideration or part to the supplier pursuant to a written agreement. ...

As noted below, this apportionment is based on the extent to which the property or service is used to make taxable supplies for consideration (which in this context does not include nominal consideration). Grants and subsidies Grants and subsidies as consideration ss 141.01(1.2) 28. ... When consideration is due ss 152(1) 59. Consideration, or a part thereof, for a taxable supply is deemed to become due on the earliest of: the day the supplier first issues an invoice in respect of the supply for that consideration or part, or the date of that invoice, whichever is the earlier; the day the supplier would have, but for an undue delay, issued an invoice in respect of the supply for that consideration or part; and the day the recipient is required to pay that consideration or part to the supplier pursuant to a written agreement. ...

Acquisition for consideration less than the fair market value of the property 5. ... Acquisition for consideration over the fair market value of the property 10. ... Ss 14(3),14(12) i) Is there a PAC in the conditions of share consideration? ...

Acquisition for consideration less than the fair market value of the property 5. ... Acquisition for consideration over the fair market value of the property 10. ... Ss 14(3),14(12) i) Is there a PAC in the conditions of share consideration? ...

Section 211.16 May determine if a registrant indicates to the recipient the consideration paid or payable and the tax playable in respect of the supply or the amount paid or payable for the supply includes the tax payable in a manner that is satisfactory Headquarters Positions Director General, Assessment, Benefit and Service Branch Director General, Compliance Programs Branch Director, Assessment, Benefit and Service Branch Director, Compliance Programs Branch Manager, Compliance Programs Branch Field Positions Director, National Verification and Collections Centre Director, Tax Centre Director, Tax Services Office Assistant Director, National Verification and Collections Centre Assistant Director, Tax Centre Assistant Director, Tax Services Office Manager, Audit Large Business Case Manager Manager, GST/HST Audit Team Leader, Audit Team Leader, GST/HST Audit Delegation in respect of section 211.16 was initially approved on November 24, 2021. ... Subsection 211.19(4) May allow the use of any other conversion method to determine the value of the consideration for the supply Headquarters Positions Director General, Assessment, Benefit, and Service Branch Director General, Compliance Programs Branch Director, Assessment, Benefit, and Service Branch Director, Compliance Programs Branch Manager, Assessment, Benefit, and Service Branch Manager, Compliance Programs Branch Field Positions Director, National Verification and Collections Centre Director, Tax Centre Director, Tax Services Office Assistant Director, National Verification and Collections Centre Assistant Director, Tax Centre Assistant Director, Tax Services Office Manager, GST/HST Returns and Payment Processing Delegation in respect of subsection 211.19(4) was initially approved on November 24, 2021. ... Paragraph 52(4)(b) of the Budget Implementation Act, 2007, in respect of requests that an assessment be made under section 296 of the Excise Tax Act to take into consideration section 10.1 of Part V of Schedule VI of the Excise Tax Act- Supply of intangible personal property May consider a request and assess, reassess, or make an additional assessment of the net tax, and of any interest, penalty or other obligation, to the extent that the requested assessment, reassessment or additional assessment may reasonably be regarded as relating to the specified supply Field Positions Director, Tax Services Office Assistant Director, Audit Assistant Director, GST/HST Audit Manager, Audit Manager, GST/HST Audit Team Leader, Audit Team Leader, GST/HST Audit History: Delegation in respect of paragraph 52(4)(b) of the Budget Implementation Act, 2007 was amended on November 6, 2014 and May 6, 2013. ...

Where consideration is monetary, the amount of the money will be used to calculate the tax. ... The general timing of liability rule under subsection 168(1) of the Act is that tax is payable by the recipient of a taxable supply on the earlier of the day the consideration for the supply is paid and the day the consideration for the supply becomes due. ... Consideration Becomes Due 3. Under subsection 152(1) of the Act, consideration, or a part thereof, for a taxable supply, is deemed to become due on the earliest of the following days: (a) the day the supplier first issues an invoice in respect of the supply for that consideration or part; (b) the date of that invoice; (c) the day when, but for an undue delay, the supplier would have issued an invoice in respect of the supply for that consideration or part; and (d) the day that the recipient is required to pay that consideration or part pursuant to an agreement in writing. 4. ...

This memorandum explains how to determine the value of consideration for a supply in Canadian currency where the consideration is expressed in foreign currency. ... Where the consideration for a supply is expressed in foreign currency, the value of the consideration shall be calculated based on the value of that foreign currency in Canadian currency. ... Day Consideration Is Paid 7. The value of the consideration in equivalent Canadian currency may be calculated on the day payment in respect of a supply is received by the supplier (i.e., the day the consideration is paid by the recipient). ...

Where consideration is monetary the amount of the money will be used to calculate the tax. ... Consideration Becomes Due 4. Under subsection 152(1) of the Act, consideration, or a part thereof, for a taxable supply, is deemed to become due on the earliest of the following days: a) the day the supplier first issues an invoice in respect of the supply for that consideration or part; b) the date of that invoice; c) the day the supplier would have, but for an undue delay, issued an invoice in respect of the supply for that consideration or part; and d) the day the recipient is required to pay that consideration or part to the supplier pursuant to an agreement in writing. 5. ... The issuance of an invoice in these situations will not cause consideration to become due. ...

The taxable amount is the value of consideration for the sale of the subject item expressed in money and the fair market value of the consideration other than money at the time at which the sale is completed. ... Treatment of the taxable amount when a third-party makes a rebate payment The payment of a rebate by a third-party to the consumer does not reduce the value of consideration received by the vendor. ... Example of a Mail-in Rebate Purchased Subject Vehicle Initial Price from Retailer $115,000 Less: Discount (price adjustment) ($10,000) Add: Truck liner $500 Running boards $750 Trailer hitch $450 Vinyl wrap $4,000 Taxable Amount $110,700 (the value of consideration received by the retailer is $110,700) Luxury Tax amount (lesser of 10% of $110,700 and 20% of $110,700 less $100,000) $2,140 Sub-Total $112,840 GST $5,642 Total $118,482 (the purchaser pays the retailer the total amount of $118,482) Less: Manufacturer’s Rebate (the purchaser completes and submits a mail-in rebate application form and receives payment by mail) ($2,000) Final cost to Purchaser $116,482 (the value of consideration is $110,700: the payment of the manufacturer’s rebate paid to the purchaser has no impact on the consideration received by the retailer) Example of a Rebate at the Point-of-Sale Purchased Subject Vehicle Initial Price from Retailer $140,000 Less: Discount (price adjustment) ($5,000) Add: Floor mats $100 Upgraded audio system $4,000 Freight/Pre-delivery Inspection $2,000 Taxable Amount $141,100 (the value of consideration received by the retailer is $141,100) Luxury Tax amount (lesser of 10% of $141,100 and 20% of $141,100 less $100,000) $8,220 Sub-Total $149,320 GST $7,466 Total $156,786 Less: Manufacturer’s Rebate (the purchaser is eligible for a manufacturer’s rebate and assigns the application for the rebate over to the retailer. ...

In general, the HST on consideration for a supply is payable on the earlier of the day the consideration is paid and the day the consideration becomes due. ... In this case, the day the supplier issues an invoice for the consideration payable under the written agreement is irrelevant for purposes of determining when the consideration becomes due. ... Deposits Deposits given in respect of a supply are not consideration for a supply unless and until the supplier applies the deposit as consideration for the supply or the deposit is forfeited. ...