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Excise and GST/HST News- No. 94 Table of Contents Economic Action Plan 2014 Act, No. 2 Draft GST/HST Policy Statement released for public comment Form RC4616- Election for nil consideration under section 156 of the Excise Tax Act Regulations Amending Various GST/HST Regulations Reporting and filing options for certain excise duty licensees Prescribed rates of interest What’s new in publications Enquiries Economic Action Plan 2014 Act, No. 2 On October 10, 2014 the Minister of Finance tabled a Notice of Ways and Means Motion to implement tax provisions in Economic Action Plan 2014. ... Please send comments on this draft policy statement by February, 28, 2015, to the following address: Director Public Service Bodies and Governments Division Excise and GST/HST Rulings Directorate Canada Revenue Agency 14th floor, Place de Ville, Tower A 320 Queen Street Ottawa, ON K1A 0L5 Fax: 613-990-7584 Form RC4616- Election for nil consideration under section 156 of the Excise Tax Act The election under section 156 permits corporations resident in Canada and Canadian partnerships that are registrants engaged exclusively in commercial activities and that are members of the same qualifying group, to jointly elect to treat taxable supplies (with certain exceptions) between them as having been made for no consideration. Effective January 1, 2015, an election (or revocation of an election) must be made jointly by a particular specified member of a qualifying group and another specified member of the same group by completing and filing Form RC4616, Election or Revocation of an Election for Closely Related Corporations and/or Canadian Partnerships to Treat Certain Taxable Supplies as Having Been Made for Nil Consideration for GST/HST Purposes which is replacing Form GST25. ...

The value of consideration can be determined by applying a “rebate factor”. ... Applying the rebate factor to calculate the value of the consideration Value of consideration (where purchaser is not entitled to the Nova Scotia rebate) 14. ... Value of consideration (where purchaser is entitled to the Nova Scotia rebate) 16. ...

The value of consideration can be determined by applying a “rebate factor”. ... Applying the rebate factor to calculate the value of the consideration Value of consideration (where purchaser is not entitled to the Nova Scotia rebate) 14. ... Value of consideration (where purchaser is entitled to the Nova Scotia rebate) 16. ...

This memorandum explains how the value of consideration for a supply is to be converted into Canadian currency for GST/HST purposes where the consideration is expressed in foreign currency. ... Generally, under subsection168(1), the GST/HST 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. 3. ... Day consideration is paid 10. The value of the consideration in equivalent Canadian currency may be calculated on the day the payment in respect of a supply is paid to the supplier. ...

Reduction in consideration ss 232(2) 5. Where a supplier has charged to, or collected from, another person tax and there has been a reduction in the consideration after the GST/HST has been charged or collected, the supplier may adjust the amount of tax charged but not collected by subtracting the portion of tax that was calculated on the amount by which the consideration was reduced, where tax calculated on the consideration or part was charged but not collected; and credit or refund the tax collected on the portion of the consideration or part that was reduced, where tax calculated on the consideration or part was collected. 6. A reduction in consideration may occur under the following circumstances: when some or all of the consideration is returned; as a result of surpassing a certain volume of purchases, i.e., a volume rebate; where goods delivered are found to be substandard; or where goods are returned to the supplier for a full or partial refund of the consideration. 7. ... An early payment discount to which section 161 applies is not considered to be a reduction of consideration. 10. ...

Reduction in consideration ss 232(2) 5. Where a supplier has charged to, or collected from, another person tax and there has been a reduction in the consideration after the GST/HST has been charged or collected, the supplier may adjust the amount of tax charged but not collected by subtracting the portion of tax that was calculated on the amount by which the consideration was reduced, where tax calculated on the consideration or part was charged but not collected; and credit or refund the tax collected on the portion of the consideration or part that was reduced, where tax calculated on the consideration or part was collected. 6. A reduction in consideration may occur under the following circumstances: when some or all of the consideration is returned; as a result of surpassing a certain volume of purchases, i.e., a volume rebate; where goods delivered are found to be substandard; or where goods are returned to the supplier for a full or partial refund of the consideration. 7. ... An early payment discount to which section 161 applies is not considered to be a reduction of consideration. 10. ...

Total consideration must not exceed $481,500. For further information, see the discussion of total consideration in Section 19.3.1, Rebate for Builder-Built Unit (Land Purchased). ... It is calculated as 2.34% of the total consideration to a maximum of $8,750. The rebate gradually reduces to zero as total consideration increases from $374,500 to $481,500. ...

Total consideration must not exceed $481,500. For further information, see the discussion of total consideration in Section 19.3.1, Rebate for Builder-Built Unit (Land Purchased). ... It is calculated as 2.34% of the total consideration to a maximum of $8,750. The rebate gradually reduces to zero as total consideration increases from $374,500 to $481,500. ...

The remainder of the consideration is to be financed by a loan subject to approval by a bank. ... Therefore, services cannot reduce the amount of consideration subject to tax. ... In this case, the GST is charged on the value of consideration for each of the supplies. ...

The remainder of the consideration is to be financed by a loan subject to approval by a bank. ... Therefore, services cannot reduce the amount of consideration subject to tax. ... In this case, the GST is charged on the value of consideration for each of the supplies. ...