QST roadblocks

Article Abstract:

The harmonization of Canadan federal and Quebec province sales tax laws is underway but in the interim, Quebec businesses dealing with non-residents have to use a large and complex set of rules. The Quebec Sales Tax (QST) is intended to be a tax on goods and services used in the province so most sales of corporeal movable property and services to non-residents are zero rated. However, there are ambiguities when goods and services are delivered in Quebec or are brought into the province. Other difficulties arise with the definition of services and the purchase and use of intellectual property. The harmonization, if successful will be a model for other Canadian states.

Canada, Taxation, Harmonization of laws

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Mastering the QST

Article Abstract:

The Quebec sales tax (QST) affects all non-Quebec residents that are in business with Quebec firms. QST is a tax on business supplies and some exemptions deemed nontaxable supplies include; goods that are movable property used in making a new supply of the same moveable property, corporeal moveable property (CMP) used in making other CMP, services supplied for the purpose of making a new supply of the same service and immovable property for the purpose of resale. Nonresidents, those that have no permanent establishment in Quebec, doing business in the province must register for QST.

Accounting, auditing, & bookkeeping, Tax return preparation services, Tax policy, Consumption taxes

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Final offerings: proposed amendments to the Income Tax Act will curtail a capital gains deferral previously available on the death of a shareholder

Article Abstract:

The Canadian Finance Dept. has proposed reforms in the laws governing the use of capital dividend accounts contained in the Income Tax Act. The reforms will prohibit the use of capital dividend accounts as deferrals at the death of shareholders. Specifically, an amendment to subsection 112(3) of the Income Tax Act will require that all losses sustained by an individual on the disposition of shares will be reduced by the amount of all capital dividends received during the previous year.

Tax Law, Public Finance Activities, Capital gains tax, Canada. Finance Canada

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