Search - consideration

Please refer to the current issue of Information Circular 71-17, Requests for Competent Authority Consideration Under Mutual Agreement Procedures in Income Tax Conventions, with respect to requests for competent authority consideration. ...

If the supply of the option to purchase real property is a taxable supply, the consideration payable for the acquisition of the option is subject to the GST/HST. ... Where the supply includes the provision of real property situated in two or more provinces, separate taxable supplies of real property are deemed to be made for each part of the real property that is located in a particular province, for separate consideration equal to the proportion of the total consideration reasonably attributable to each part of the real property. ... Since the properties are situated in two provinces, the Excise Tax Act deems the supply of the real property to be two separate supplies made for separate consideration. ...

A result of these increases is that effective April 1, 2018, the provincial sales tax imposed in such circumstances forms part of the consideration for a taxable supply of a passenger vehicle and will be subject to GST/HST. ... As a result, effective April 1, 2018, for all sales of new and used passenger vehicles in B.C. with a purchase price of $125,000 or more, the GST is calculated on the total consideration paid for the passenger vehicle, including the amount of the provincial sales tax imposed on the purchase of the passenger vehicle. ... (as set out in the Regulations), in accordance with section 154 of the Act, the GST payable by the purchaser of the new passenger vehicle is calculated on the consideration payable for the new passenger automobile including the B.C. provincial sales tax of 15%, as follows: Cost of passenger automobile: $135,000.00 B.C. provincial sales tax ($135,000 x 15%): 20,250.00 Total consideration for the passenger automobile: $155,250.00 GST ($155,250 x 5%): 7,762.50 Total amount charged to customer ($155,250 + $7,762.50): $163,012.50 For more information regarding the application of GST/HST to federal, provincial and territorial taxes, duties and fees, see GST/HST Memorandum 3-5 Application of GST/HST to Other Taxes, Duties, and Fees. ...

However, the reasonable basis should also take into consideration the personal use, if any, of a work space that is an individual's principal place of business as described in 2 above. ...

In such a case, consideration may be given to waiving interest in all or in part for the period from when payments commence until the amounts owing are paid provided the agreed payments are made on time. ...

If it is impossible to get the proper documentation, taxpayers should submit full details and a written explanation for consideration. 16. ...

Where the value of different parts of the same property can be ascertained, one method that could be used to determine the capital cost of the part sold is to take that proportion of the capital cost of the whole property that the amount or value of the consideration for the part disposed of (before the deduction of selling expenses) is of the amount above plus the fair market value at the date of disposition of the part retained. ...

The paragraph is also changed to take into consideration the amendment to subsection 70(3.1) enacted under S.C. 1994, c.21 (formerly Bill C-27) for the 1992 and subsequent taxation years. ...

Where subsection 160(1) applies to a subsection 75(2) situation, the transferor and transferee are jointly and severally liable to pay a) that part of the transferor's Part l tax, for each taxation year, that is attributable to the subsection 75(2) attribution, and (b) an amount equal to the lesser of (i) the transferor's tax liability for the year in which the property was transferred and for any preceding year, and (ii) the amount by which the fair market value of the transferred property exceeds the fair market value of the consideration given therefor. ...

However, a gift certificate will likely only qualify as a gift where the donor has given consideration for its acquisition. ...