Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
The application of GST/HST to real property transactions can be complex, particularly when part of the property may include a residential component. Failure to appreciate these complexities, especially rules related to deemed supplies and exemption entitlements can result in significant and unexpected liabilities. This coruse increases awareness of some important GST/HST issues associated with real property transactions.
This course will explore the important GST/HST issues associated with real property transactions, including construction or substantial renovation of residential property, sale of real property including contract assignments, joint-ventures and partnerships, issues related to leasehold allowances and expense recoveries, and the special rules applicable to supplies of real property by charities and other public service bodies. The presentation will be in a lecture format, using examples drawn from CRA rulings, case law and real-life experiences of the presenter and participants. Where appropriate, CRA assessing practices and issues regarding self-supply rules will be addressed.
Topics Include:
- Key concepts, including the definition of residential complex and builder.
- Major sale and rental exemptions, including important differences between condominium and bare-land strata fees.
- Deemed self-supply rules related to construction or renovation of a residential complex including ‘property-flips’.
- Application of GST/HST to the construction and sale of residential projects on leased land, including First Nations territories.
- The differences between the use of joint-ventures and partnerships.
- Discussion and illustration of the complex exemptions for sales by individuals.
- ITC entitlements and restrictions and various rebate programs.
- Tax collection and reporting obligations of registrants and non-registrants.
- Special rules applicable to the non-profit sector.
- Some important provincial tax issues associated with real property transactions.
NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.
Unlock learning anytime, anywhere with the Blackboard Learn app
Seamlessly access your on demand courses, assignments, and get PD hours on the go. Learn how to download now and elevate your education experience with the convenience of mobile learning.
Key Takeaways
By the end of this course, participants should be able to:
- Identify key definitions and concepts important to real property transactions, including real property exemptions.
- Apply the self-supply rules related to construction of new housing, including property flippers.
- Address and apply tax collection and accounting issues including special rules for Joint Ventures & partnerships.
- Identify ITC entitlements (including restrictions) and rebates.
Who Will Benefit
This session is focused on the needs of financial professionals who provide advice on, or participate in, the purchase, sale, or rental of real property.
Prerequisite(s)
Participants enrolled in this seminar should possess a strong understanding of basic GST/HST rules and the input tax credit system.
How to Access the Course
New mobile learning! Download Blackboard Learn from your app store (iOS or Android). Learn more.
To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.