PST - Review of Jurisdictional Sales Tax (OC)
The seminar provides exposure to the key topics that concern the application of the four province’s sales tax regimes. You will leave the seminar with a greater understanding of the major issues that can impact a person operating in the various provinces and with a better knowledge of the differences between the four jurisdictions.
The seminar provides exposure to the key topics that concern the application of the four province’s sales tax regimes. The seminar begins with a broad outline of the four main provincial sales taxes, starting with basic concepts and moving toward more complex and province-specific subjects.
Ironically, the attempt to simply and streamline can lead to increased complexities. Several provinces have harmonized with the GST, beginning in 1996 with three Atlantic Provinces and most recently in 2013 with PEI. As more and more provinces switch from Provincial Sales Tax (PST) to HST, accounting professionals can lose touch with PST rules. Furthermore, each province has its own unique rules in the application of its respective tax. Consequently, this seminar enables practitioners to obtain a better understanding of PST.
Specifically, you will learn about policy intent and application of a “use” tax compared to the application of a “value-added tax” (VAT). While the three Prairie Provinces’ sales tax constitutes a single stage “use” tax, the Quebec Sales Tax (QST) is a VAT very similar to the GST/HST. Accordingly, many concepts of the QST will comprise a separate component of the seminar. After receiving real-world examples to demonstrate the application of seminar concepts, you will leave the seminar with a greater understanding of the major issues that can impact a person operating in the various provinces and with a better knowledge of the differences between the four jurisdictions.
WHO WILL BENEFIT:
Most accounting professionals. Whether working in industry or public practice, persons responsible for sales tax matters will gain added information and knowledge from this course.
Upon completing this seminar, you should be able to:
- determine if and when a person should register for PST or QST,
- determine when tax applies on property and services and when to charge tax,
- look for the opportunity to use exemptions,
- identify situations where PST is triggered on a company’s use of its assets in a PST jurisdiction,
- bid on contract proposals, knowing how their costs are impacted by the PST, and
- be better prepared to respond to government audit queries.
- Differences among PST, QST, and GST/HST
- Parties and goods subject to jurisdictional sales taxes
- The timing of registering for PST or QST
- Legislation and tax rates
- Differences between goods and services
- Sales tax base and the application of PST and QST to property
- Taxable services for PST
- Motor vehicles, boats, and aircraft
- Real property contractors
- Assets brought into a jurisdiction for temporary use
- Use that originates from outside the jurisdiction, such as software and promotional distribution
- Exemptions: consumer goods, agriculture, manufacturers & producers, by class of person
- Reorganizations, transfers, and refunds
- Administration and enforcement
- Reporting obligations and entitlements
- New issues, including Quebec’s “Netflix” amendments and US Wayfair cas
- New e-commerce registration requirements for PST
No prior experience is required. However, the more a person is involved in PST and QST matters, the more they will gain from taking this course.
COURSE LEADER: JEFF HARRISON, CPA, CMA