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.
Schedule
- November 25, 2024, 8:30 a.m. - 12:30 p.m.
- November 26, 2024, 8:30 a.m. - 12:30 p.m.
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
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Grace Caputo is a Senior Manager in the Indirect Tax group, a National Group at Grant Thornton LLP and provides specialty tax advisory related to all aspects of Canadian sales taxes to various clients of the firm across Canada and the world.