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Overview
Get answers to the tax questions you encounter every day
- Gain new insights into the most commonly misunderstood aspects of Canadian sales tax
- Learn the PST, GST, and HST requirements in your province and all other jurisdictions where you have tax liability
- Discover where to find the latest changes in sales tax laws that govern your industry
- Be able to protect your company against audit surprises
- Explore ways to maximize sales tax recoveries and minimize sales tax costs
- Find out how to streamline your record keeping without putting your company at risk
- And even more you'll put to use immediately on the job!
If you have questions about sales and use tax laws, you're not alone. With four provinces still levying a general Provincial Sales Tax (PST), eight provinces and territories applying 5% Goods and Services Tax (GST), and the remaining five provinces now under Harmonized Sales Tax (HST) with two separate rates, it is difficult to be sure which tax should be charged or paid and at what rate. The transition to HST in British Columbia and Ontario has added a complexity that has never been seen before. Canada is one of the very few countries in the world with a single stage tax (PST) and a value added tax (GST and HST), adding to the confusion.
To add to your challenges, every level of the government is attempting to increase revenues. Clearly, your job has never been more difficult — or important — to your organization.
There's a lot on the line — and it's your responsibility
Your company depends on you to know the law regarding sales tax and make sure it is in compliance. This one-day workshop will arm you with the knowledge you need to meet the expectations of management — and the government. With the information you learn, you could cut your organization's tax payments substantially and even receive refunds. Most importantly, however, you'll gain the peace of mind that comes from knowing that you truly understand these complicated tax laws.
Agenda
Learning the Basics
- Cut through the confusion and discover these critical differences between PST, GST, and HST
- Sales tax in Canada — who pays? Who doesn't? We'll help set the record straight
- 4 major types of supply: real property, tangible personal property, intangible property, and services
- The truth about exemptions — find out why they may actually result in hidden taxations
- What tax immunity means for your business: How to proceed when items are not tax-exempt, but no tax is collectible
- Have you paid too much sales tax? Tips for recovering paid taxes, qualifying for input tax credits or rebates, and how to apply
Getting into the System
- Requirements and procedures to register for PST, GST, or HST
- Registering for sales tax collection — what you need to know
- Reporting options and requirements — alleviate frustration, and get it right the first time!
- Use these elections to make life simple and perhaps even save tax costs
- Self assessing tax — imports into Canada or a province, deemed sales and change of use
- British Columbia and Ontario HST transition
Facing the Government — the Dreaded Audit
- Keeping books and records — what's required, what's recommended, and why
- Have you collected and reported the right amount of tax? Here's how to know for sure
- Must-have documents to keep available in case of an audit — can you put your hands on them in a hurry?
- The audit process — what to expect, how to prepare, record-keeping essentials "just in case"
- The differences between an audit and an investigation — your risks and your rights
- Audit methods: sampling, estimates, extrapolation, assumptions, industry standards
- Dealing with an unjust assessment — your rights regarding the objection and appeals process
- Indemnities — do they protect you from the tax man or are they simply fuel for a civil suit in case of disputes
High Interest Areas
- Don't pay more than you need to! Here's how to avoid double taxation for PST, GST/HST
- Non-resident vendors — special rules and their impact on consumers (self-assessment may result)
- Non-resident customers — when to collect tax and at what rate (documentation is the key to getting it accepted)
- Importing goods into Canada — dealing with the Canada Border Services Agency: payment and recovery of sales tax
- Partnerships and joint ventures — what you should know about these potential business minefields
- Estates and GST/HST — handling the proverbial "death and taxes" together
- Allowances and reimbursements — tax recovery or tax expense?
- Buying and selling over the Internet — how to avoid extra sales tax on these types of transactions
- Public Sector Bodies — sales tax really matters to these customers — have you got it right?
- Financial Institutions — If this describes your organization, discover how it can impact your sales tax costs and reporting requirements
