GST/HST- Fundamentals

GST/HST- Fundamentals
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.




NOTE: Course login details are normally sent to registrants within one week from date of registration.

DL22230121

Recorded: October 2021 

Because the video recordings are taken from live seminars, the information presented is up-to-date at the time of recording. While we make an effort to keep our inventory updated and seasonally remove outdated titles, changes in accounting, tax and other acts and legislations can happen at any time. It is up to the purchaser to take note of the recording date, and to determine for themselves whether the recorded video is still relevant to their needs. 

The course provides an overview of Canada’s federal sales tax relevant for accountants working with clients or in industry. The who, what and when for GST commences with a review of the three different types of supplies and their significance. The GST and HST place of supply rules are presented in detail with lots of examples because their misinterpretation often creates significant exposures for suppliers located in both non-HST and HST provinces.

Also reviewed are registration, collection requirements, who pays tax, input tax credit entitlements and some cross border issues. The material highlights common sources of errors and assessments frequently discovered during a GST/HST audit or a review of a client’s books and records.

LEARNING OBJECTIVES

  • Describe how the GST works
  • Participants will be able to determine the tax rate applicable on a taxable supply made in Canada
  • Describe the importance of the recovery rules that are required to be met before claiming an input tax credit 
  • Describe and list the input tax credit restrictions and limitations
  • Explain issues and exposures related to the importation and exportation of taxable supplies
  • Identify and reduce other typical common audit exposures

CONTENT

  • GST/HST Basics

  •   Who pays GST/HST?

  • Collecting GST/HST

  • GST place-of-supply rules

  • HST place-of-supply rules

  • Other collection issues

  • Import issues

  • Export issues

  • General recovery rules

  • Temporary large business restrictions

  • Employee reimbursements and allowances

  • Reporting net tax overview

  • Compliance issue overview

PREREQUISITES
Participants should have a good solid understanding of accounting and bookkeeping principles.

WHO WILL BENEFIT
CPAs and students, practitioners to accountants in business/industry and other advisors who want to obtain a greater understanding of the federal sales tax system in Canada. It will also be beneficial to those who deal with the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) on a daily basis or those who would like a refresher and update of trending issues.

CPD-7 Hours

When
4/1/2022 - 3/31/2023 11:59 PM
Where
On-demand