A Practical Guide to the GST/HST, 8th Edition - Answerconnect

A Practical Guide to the GST/HST is a hands-on reference with helpful tips, real-life examples, and expert guidance to solve common areas of difficulty.

The 8th edition of A Practical Guide to the GST/HST has been updated to illustrate the current state of the GST/HST in Canada, including the numerous rate changes that occurred since the last edition as well as new exemptions and changes to the tax base. This edition also includes an outline of the Quebec Sales Tax ("QST"), including its relationship with GST/HST and related concerns for taxpayers carrying on business from or within Quebec.

Recognizing that the GST/HST regime now authorizes varying rates, exemptions, and rebates on a province-specific basis, the book is structured to highlight these provincial differences to facilitate compliance across jurisdictions. Common issues that arise out of topics such as assessments and objections procedures, exempt vs zero-rated supplies, and input tax credits are addressed with easy-to-follow explanations and practical examples.

The book also reflects the consequences of the latest jurisprudential trends impacting sales tax application and compliance. Designed for non-commodity tax specialists and corporate tax specialists, this reference guide is an invaluable tool for all who must comply with this increasingly complicated framework.

Key topics include:

• Advantages, disadvantages and requirements of GST/HST registration
• The obligations of a GST/HST registrant, including documentary requirements for input tax credits
• Special GST/HST collection rules and alternate simplified tax remittance methods
• Administrative relief, including the cancellation or waiver of interest, and remission orders
• Objection and appeal procedures
• Imports and exports
• "Place of supply" rules (with accompanying reference charts)
• Zero-rated and exempt supplies
• Application of GST/HST to employee benefits

New in this edition:

• National impact of new HST rates in New Brunswick, Prince Edwards Island, and Newfoundland and Labrador (including up-to-date "Quick Method" rates for easier compliance by small businesses.
• Update on New Housing Rebates application.
• Updated ratios, prescribed rates, and prescribed factors to facilitate compliance with increasingly complex rules consequential to increase in rates and progressing elimination of temporary input-tax credit recapture rules
• Revised material and references reflecting the most recent legislative updates and administrative materials provided by the Department of Finance, the Canada Revenue Agency, and provincial authorities
• More practical examples to ensure easy compliance in this complicated framework