British Columbia
Harmonized Sales Tax Update
BC Building Envelope Council
Presented by Darren Taylor, CA
Vancouver
May 2010
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BC HST
Agenda
01 Implementation of HST
Real property transactions
02 Transitional rules
03 Recaptured Input Tax Credits (RITCs)
04 Mandatory e-filing
05 Compliance issues
06 Wrap-up
07 Residential property transactions
08
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2
01 Implementation of HST
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3
BC HST
Overview
Implementation of HST
•
BC HST legislation passed April 29, 2010
– Transitional rules become effective May 1, 2010
•
As of July 1, 2010, 5% GST and 7% PST will be replaced with the 12% HST
– Realignment of PST to the existing GST rules, with new 12% rate applying
•
Provincial Sales Tax ("PST") legislation effectively winds down as of June 30,
2010
– Some carry over issues for returns/exchanges/bad debt adjustments, etc.
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BC HST
Overview
Implementation of HST
•
Generally: no re-characterization of any supplies for GST purposes
– GST-taxable supplies remain HST-taxable
• Most goods and services
• Commercial real property
• New residential real property
– GST-zero-rated supplies remain HST-zero-rated
• Exports, basic groceries, prescription drugs, etc.
– GST-exempt supplies remain HST-exempt
• Medical, education, health care, most public services
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BC HST
Administration
Administration—status quo items
•
GST/HST registrants still subject to same GST rules for most compliance
issues
–
–
–
–
–
–
Registration requirements
Remittance procedures
Filing frequency/thresholds
ITC documentation rules
Audit and inspection provisions
Place-of-supply rules
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BC HST
Administration
Key implications for BC CEC businesses
•
With HST, the 7% BC component paid on materials incorporated into real
property contracts / construction services becomes refundable.
– Cheaper materials costs
– Impacts cost structure of in-force fixed price contracts
•
Most real property contractors are not PST-registered and purchase
materials on a PST tax-paid basis
– Rebate for PST tax-paid inventory on hand at June 30th 2010, if
subsequently incorporated into HST-taxable residential real property
contract.
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BC HST
Administration
PST refund for June 30th inventory of construction materials
•
Refund of PST available to HST-registered contractors for PST paid on
construction materials inventory on hand as at June 30th.
– Used to repair or improve residential real property under a contract to which
HST applies
– Does not apply if BC transitional rebate is available
– Does not apply if PST is otherwise recoverable by the contractor or any
other party
– Refund return must be filed on or before December 31, 2010
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02 Real property transactions
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BC HST
Real property
Typical GST/HST taxable real property transactions
•
General rule: the supply (sale/lease) of real property is taxable, unless an
exemption otherwise applies.
–
–
–
–
–
–
Real property construction services / progress payments
Sales of new residential construction
Sales of new/used commercial construction
REALTOR® commissions
Sales of undeveloped land (some exemptions for individuals/trusts)
Real property improvement / repair services
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BC HST
Commercial real property
Timing of GST/HST for taxable supplies of commercial real property
•
General rule: sales of commercial property are always taxable
– Sales of commercial and residential real property follows transfer of
ownership/possession
• 5% GST applies where ownership or possession is transferred on or
before June 30, 2010
• 12% HST applies where ownership and possession is transferred on or
after July 1, 2010
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BC HST
Commercial Real Property – Delayed Contract
Contract negotiated assuming PST would be embedded in materials costs, but sourced when
ITC on materials claimed.
Land
Materials
Labour
Profit
Selling price
Situation A
Before
HST
$ 5,000,000
5,350,000
5,000,000
1,650,000
$ 17,000,000
Situation B
After
HST
$ 5,000,000
5,000,000
5,000,000
2,000,000
$ 17,000,000
Revised
Selling Price
$
5,000,000
5,000,000
5,000,000
1,650,000
$ 16,650,000
Situation A:
Assumes building constructed/sold before July 1, 2010
7% PST cost included in cost of materials
No GST shown (claimed as ITC)
Situation B:
Assumes building constructed/sold entirely after July 1, 2010
7% provincial component of HST claimed as ITC
Post-HST: Sell price dropped to $1,650,000 and realized same margin
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03 Transitional rules
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BC HST
Transitional rules
Transitional rules
– Only apply to GST/HST-taxable supplies
– Determine which tax applies to transactions that straddle July 1, 2010
• GST and/or PST vs. HST
– Characterize the treatment of various supplies for GST/HST purposes
Important dates
– October 14, 2009
– May 1, 2010 – June 30, 2010
– July 1, 2010
(Certain pre-payments may attract HST)
(Pre-payments will attract HST)
(HST applies)
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BC HST
Review of transitional rules
Supply of goods
Supply of goods by way of sale
•
General rule: goods delivered/ownership transferred
• On or before June 30, 2010:
GST and/or PST apply
• On or after July 1, 2010:
HST applies
– Consideration billed May 1 – June 30, 2010
• Supplier bills HST on pre-payments received May 1, 2010 to June 30, 2010
for goods delivered on or after July 1, 2010
– Supplier: 7% BC HST not remitted until July 2010 reporting period
– Recipient: 7% BC HST ITC not claimed in July 2010 reporting period
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BC HST
Review of transitional rules
Supply of goods – examples
Supply of goods by way of sale
•
In April 2010, a person pays for furniture that will not be delivered until July 2010
Result:
•
In May 2010, a person pays for furniture that will not be delivered until July 2010
Result:
•
GST and PST apply
Consideration paid before May 1 – transitional rules do not apply
HST applies
Consideration paid May 1 – June 30 – transitional rules apply
In May 2010, a person enters into an agreement to purchase furniture. Under the agreement,
the person takes delivery of the furniture in July 2010 and makes 12 monthly payments from
July 2010 to June 2011. The person receives ownership of the furniture once all the payments
have been made
Result:
HST applies
Delivery and ownership transferred on or after July 1, 2010
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BC HST
Review of transitional rules
Services
Supply of services
•
General rule: services rendered
• On or before June 30, 2010
• On or after July 1, 2010
• 90% or more complete at June 30
GST and/or PST apply
HST applies
GST and/or PST apply
– Consideration billed May 1 – June 30, 2010
• Supplier bills HST on pre-payments received May 1, 2010 to June 30, 2010
for services rendered on or after July 1, 2010.
– Supplier:
– Recipient:
7% BC HST not remitted
until July 2010 reporting period
7% BC HST ITC not claimed in July 2010
reporting period
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BC HST
Review of transitional rules
Services – examples
Supply of services
•
On January 15, 2009, a contractor entered into a contract to construct a six storey
building. Construction began on July 1, 2009 and is expected to be completed on August
15, 2010. A progress payment is due on July 5, 2010 for the work completed up until the
end of June 2010.
Result:
•
Only 5% GST applies because the payment is attributable to property
delivered and services performed before July 2010.
A person pays for a 12-month photocopier maintenance contract in January 2010
Result:
GST and PST apply because the payment has been made before the
May 1 – June 30 transitional rules apply
Potential self-assessment requirement for 7% BC component of HST on
consideration that relates to July – December service
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BC HST
Review of transitional rules
Leases of property
Supply of property by way of lease
•
Goods, intangibles, personal property, commercial and non-residential real property
• On or before June 30, 2010
GST and/or PST apply
• On or after July 1, 2010
HST applies
• Exception:
lease interval begins before
July 1, 2010 and ends before
July 31, 2010
– Prepayments May 1 – June 30, 2010
• Supplier bills HST on lease pre-payments received May 1, 2010 to June 30,
2010 for lease interval that begins on or after July 1, 2010
– Supplier: 7% BC HST not remitted until July 2010 reporting period
– Recipient: 7% BC HST ITC not claimed until July 2010 reporting
period
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BC HST
Commercial real property
Progress payments and holdbacks
•
HST applies to progress payments that can reasonably be attributed to property
delivered and services performed on or after July 1, 2010
•
Holdbacks are considered to be part of the progress payments from which they
were held back
– 5% GST taxable progress payment – holdback relating to that progress
payment subject to 5% GST (even if released after July 1, 2010)
– 12% HST taxable progress payment – holdback relating to that progress
payment subject to 12% HST when released
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BC HST
Progress payments and holdbacks
Assume 3 contract payments of $500,000, with 10% holdback released on September 15, 2010
March 15, 2010
Payment #1
Progress payment
10% Holdback
Net payment
Contractor bills GST
Contractor bills HST
(Monthly filer)
Remittance Date
•
•
•
•
$
$
$
500,000
(50,000)
450,000
22,500
Nil
Apr.30, 2010
May 15, 2010
Payment #2
$
$
$
500,000
(50,000)
450,000
August 15, 2010
Payment #3
$
$
$
500,000
(50,000)
450,000
22,500
Nil
June 30,2010
Sept. 15, 2010
Payment #4
Holdback
$
150,000
11,250
27,000
Sep. 30, 2010
(a) 50% x $450,000 x 5% = $11,250
(c) [(2x$50,000) + 50% x $50,000] x 5% = $6,250
(b) 50% x $450,000 x 12% = $27,000
(d) 50% x $50,000 x 12% = $3,000
$
(a)
(b)
150,000
6,250
3,000
Oct. 31, 2010
Assume unit is 50% complete as at June 30, 2010. Therefore, 50% of August progress payment
relates to goods/services delivered before June 30 and 50% of goods/services delivered after
June 30
Application of GST or HST will generally follow the treatment of the progress payment to which the
holdback relates
Does not apply to sales of newly constructed or substantially renovated homes (other transitional rules
apply)
Special rules for property substantially complete before June 2010
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21
BC HST
In-progress contracts
Pre-HST contracts with PST-included pricing
•
Contracts bid/quoted/signed with expectation of PST cost being borne by
contractor
– Factored in to price /mark-up/ profit
– With HST, materials procured July 1, 2010 or later, will not bear the cost of
PST
– What to do?
• Price adjustment: customer-initiated?
• Contract wording?
• Do nothing?
• Negotiate?
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04 Recaptured Input Tax Credits (RITCs)
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BC HST
Recaptured 7% provincial component ITCs
General Input Tax Credit (ITC) Rules
– Commercial business are usually entitled to claim a full
ITC for GST/HST paid in the course of making GST/HSTtaxable supplies
– With HST, 7% BC provincial component of the HST
becomes refundable as an ITC (whereas PST previously
was not)
Recaptured ITCs
– Effect: limits from 12% to 5% the full ITC that should have
been available on "specified" expenditures
– Specified expenditures are PST-taxable expenditures that
should have become 7% cheaper, but will remain the
same cost until restriction phased-out
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24
BC HST
Recaptured 7% provincial component ITCs
Large businesses
•
•
Businesses with associated group revenues > $10 million
– Includes GST/HST taxable revenues
– Zero-rated revenues
Financial institutions and related persons (no revenue threshold)
Specified property or service
– Specified food, beverages and entertainment
– Specified energy excluding
• Energy used by farmers
• Energy used to produces goods for sale (manufacturers)
– Specified telecommunications (other than internet access and toll-free numbers)
– Specified road vehicles (less than 3,000 kg), parts and most services for them
• Watch for employer-provided vehicles (leased or owned)
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BC HST
Recaptured 7% BC component ITCs
Proposed phase-out
• Phase-out rules
– 100% restriction:
– 75% restriction:
– 50% restriction:
– 25% restriction:
– 0% restriction:
•
July 1, 2010 to June 30, 2015
July 1, 2015 to June 30, 2016
July 1, 2016 to June 30, 2017
July 1, 2017 to June 30, 2018
July 1, 2018 and after
RITC rules will impact real estate development and commercial leasing
businesses with associated group revenues over $10 million
– Specified vehicle restrictions may be significant cost to business
– Specified energy (developers not producing goods for sale)
– Specified meals and entertainment and telecommunication expenses
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BC HST
Recaptured 7% provincial component ITCs
Example
Recaptured ITCs
Hydro bill
5% GST
7% PST
12% HST
Prior to HST
100,000
5,000
7,000
112,000
Gross ITC
Restricted
Net ITC
(5,000)
107,000
HST with
restricted BC
ITC
100,000
12,000
112,000
(12,000)
7,000
(5,000)
107,000
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Full ITC after
Phase-Out
100,000
12,000
112,000
(12,000)
(12,000)
100,000
27
05 Mandatory e-filing
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BC HST
Electronic filing
Mandatory electronic GST/HST return filing (except charities)
•
•
•
•
CRA announced mandatory e-filing of GST/HST returns where:
– $1.5 million of taxable supplies made in Canada,
– Subject to recaptured ITC rules
or
– Builders who report:
• Grand-parented transactions
• Transitional tax adjustments
• Transitional housing rebates
Reporting periods ending on or after July 1, 2010
Penalties proposed for not complying
Must use NetFile if subject to RITC rules
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06 Implementation issues
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BC HST
Implementation issues
Internal accounting issues
•
Businesses will have to update their procedures on:
– Returns of goods
– Tax/price adjustments and credit notes
– Volume rebates and coupons
– Deposits and partial payments
– Bad-debt adjustments
– Employee reimbursements and allowances
– Taxable benefits
•
Mid-large businesses will need more sophisticated implementation plans
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07 Wrap-up
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BC HST
Grant Thornton LLP as a resource to your business
•
Sales and indirect tax services
–
–
–
–
–
"Controllers update"
Adhoc queries on GST/HST/PST transactions
Property transfer tax and fuel tax
Technical opinions and CRA/CTB ruling requests
Transaction planning
• Real property development
• Agreement reviews
• Partnerships, joint ventures and other business structures
• Dealing with non-residents (inbound/outbound)
– Tax authority audit assistance
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33
BC HST
Clients should be considering:
•
Complete risk management/implementation review
– Review GST/HST status of goods/services
– Impact assessment of transitional rules
– Evaluate potential system changes
– Recaptured ITCs
– Consider overall risk management and GST/HST/PST recovery reviews
•
Game Plan
– Mitigate financial risks of harmonization
– Understand cash flow/budget impact of HST on the business
– IT resourcing
– Staff training
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34
Fin
Great sales tax people you should get to know:
Darren Taylor, CA
Senior Manager
Sales and Indirect Tax
(604) 443-2106
dtaylor@grantthornton.ca
Gurmit Sangha, CGA
Manager
Sales and Indirect Tax
(604) 687-2711 ext 2369
gsangha@grantthornton.ca
Grant Thornton LLP
1600 Grant Thornton Place
333 Seymour Street
Vancouver, BC V6B 0A4
Grant Thornton LLP
3rd Floor – 888 Fort Street
Victoria, BC
V8W 1H8
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35
08 New construction – residential real property
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BC HST
Disclaimer
The information and examples contained within these presentation materials has been
prepared by Grant Thornton LLP for information only and is not intended to be relied
upon, a complete description of any tax issue or the opinion of our firm.
Changes in tax laws or other company specific factors could affect, on a prospective or
retroactive basis, the information contained within these presentation materials.
You should consult your Grant Thornton LLP adviser to obtain additional details, to
discuss whether the information in this presentation applies to your specific situation or to
obtain specific tax advice and/or a tax opinion.
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BC HST
New Residential Real Property
BC Transitional Rules / Rebates
BC New Housing Rebate
– 5% of selling price to max. of $26,250 for new residential units
– No phase-out, like 5% GST New Housing Rebate which grinds from
$6,300 to $nil from $350,000 to $450,000
BC New Housing Transitional Rebate
– Generally: 2% of selling price or $60/sq. meter
– Estimated PST embedded in cost of unit based on the extent of completion
as at June 30, 2010 (based on schedule)
BC Builder Transitional Tax Adjustment
– Generally: 2% of selling price based on extent of completion as at
June 30, 2010 (based on schedule)
– Approximates the PST claimed as an input tax credit (ITC) on materials
consumed on or after July 1, 2010 to completion of unit
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BC HST
New Residential Real Property
BC Transitional Rules / Rebates
•
BC PST Rebate for Residential Inventory for Residential Real Property
Contracts
– Effective July 1, 2010, refund of PST available to HST-registered
contractors
– PST-paid inventory held on hand as at June 30, 2010
– Inventory must be used to repair or improve residential real property under
an HST-taxable contract
– Does not apply if 2% BC Transitional Rebate also applies (i.e. new HSTtaxable residential property partially complete as at June 30, 2010)
– Rebate return due on or before December 31, 2010
– No mention of commercial builders with PST-paid inventory
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BC HST
New Residential Real Property
BC Transitional Rules / Rebates
•
Impact of HST on New Residential Real Property
– In BC, unless the new residential unit qualifies for a new home buyers or
landlord rebate and/or transitional rebates, new residential real property
will cost 7% more with HST (net of any cost savings for embedded PST
passed on by the builder)
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BC HST
New Residential Real Property
Example 1
GST-taxable sale of residential unit on or before
June 30, 2010
(Ignore property transfer tax, fees, etc.)
Selling
Net Cost to
price
5% GST
GST Rebate Purchaser
350,000
400,000
450,000
525,000
750,000
1,000,000
17,500
20,000
22,500
26,250
37,500
50,000
(6,300)
(3,150)
-
361,200
416,850
472,500
551,250
787,500
1,050,000
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BC HST
New Residential Real Property
Example 2 - $525,000 selling price
Comparison of non-grandparented new residential property
GST-taxable vs. HST-taxable sale
June 15, 2010
July 15, 2010
Selling price
525,000
525,000
5% GST
26,250
12% HST
63,000
Subtotal
551,250
588,000
GST new housing rebate
BC new housing rebate
(26,250) (max)
BC transitional rebate
(10,500) *
Net cost to purchaser
551,250
551,250
* based on 2% of selling price
(Assumes unit 100% as at May 31, 2010)
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BC HST
New Residential Real Property
Example 3
12% HST-taxable sale of residential unit on or after July 1, 2010
(Unit completed and available for sale before June 30, 2010)
(Ignore property transfer tax and fees)
5% BC
GST New
New
2% BC
Selling
Housing Housing Trans.
Net Cost to
$
price
12% HST Rebate
Rebate Rebate
Purchaser Increase
350,000
400,000
450,000
525,000
750,000
1,000,000
•
42,000
48,000
54,000
63,000
90,000
120,000
(6,300)
(3,150)
-
(17,500) (7,000)
(20,000) (8,000)
(22,500) (9,000)
(26,250) (10,500)
(26,250) (15,000)
(26,250) (20,000)
361,200
416,850
472,500
551,250
798,750
1,073,750
11,250
23,750
%
0.00%
0.00%
0.00%
0.00%
1.50%
2.38%
Not factored in: price reduction due to passed-on ITCs
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BC HST
New Residential Real Property
Example 4 - $525,000 selling price
Grandparented sale of residential unit sold July 31, 2010
Various degrees of completion as at June 30, 2010
%-Complete
100%
50%
0%
Selling price
525,000
525,000
525,000
5% GST
26,250
26,250
26,250
12% HST
Subtotal
551,250
551,250
551,250
GST new housing rebate
BC new housing rebate
BC transitional rebate
Net cost to purchaser
551,250
551,250
551,250
Builder transitional tax
2,625
10,500
• Builder transitional tax based on selling price adjustment
• No GST rebate, because $nil as at $450,000
• No BC new housing rebate, because no BC component of the HST was paid
(grandparented)
• No BC transitional rebate (grandparented)
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BC HST
New Residential Real Property
Example 5 - $350,000 selling price
Grandparented
Yes
Yes
Yes
No
No
% Complete Jun 30, 2010
100%
50%
0%
100%
50%
Sold
Aug.31, 2010 Aug.31, 2010 Aug.31, 2010 Aug.31, 2010 Aug.31, 2010
Selling price
350,000
350,000
350,000
350,000
350,000
5% GST
17,500
17,500
17,500
12% HST
42,000
42,000
Subtotal
367,500
367,500
367,500
392,000
392,000
GST new housing rebate
(6,300)
(6,300)
(6,300)
(6,300)
(6,300)
BC new housing rebate
(17,500)
(17,500)
BC transitional rebate
(7,000)
(5,250)
Net cost to purchaser
361,200
361,200
361,200
361,200
362,950
Builder transitional tax
1,750
7,000
Est. ITCs claimed by Builder
(1,750)
(7,000)
(1,750)
Net tax collected by gov't
11,200
11,200
11,200
11,200
11,200
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No
0%
Aug.31, 2010
350,000
42,000
392,000
(6,300)
(17,500)
368,200
(7,000)
11,200
45