Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
NOTE: No updates or changes were made to the 2023 version of this course. If you completed the course in 2022, please be advised the 2023 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
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 course will increase awareness of some of the 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 course 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.
This course is focused on the needs of financial professionals who provide advice on, or participate in, the purchase, sale, or rental of real property.
Participants enrolled in this course should possess a strong understanding of basic GST/HST rules and the input tax credit system.
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
LEARNING OBJECTIVES
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.
How to Access The Course
To access the course 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.