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Here are the Sales and Excise Tax Measures included in Budget 2018. GST/HST and Investment Limited Partnerships: Budget 2018 proposes measures so that the GST/HST applies to management and administrative services rendered by the general partner on or after September 8, 2017, and not to management and administrative services rendered by the general partner before September 8, 2017 unless the general partner charged GST/HST in respect of such services before that date. Budget 2018 also proposes that the GST/HST be generally payable on the fair market value of management and administrative services in the period in which these services are rendered....
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Public consultations were announced recently for the draft legislative and regulatory proposals relating to the Goods and Services Tax / Harmonized Sales Tax (GST/HST) and excise duty. The proposals relating to GST/HST and Excise Duty include new and previously released proposals. New proposals include changes to: 1.    Revise the timing of requirements for GST/HST rebate applications by public service bodies; 2.    Extend the application of the GST/HST rules applicable to selected listed financial institutions to include investment limited partnerships, and provide GST/HST relief to investment limited partnerships with non-resident investors where certain conditions are met; and 3.    Revise the federal excise...
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What can the CRA do if you do not pay the amounts held in trust? If the deemed trust amounts are not paid in time, the CRA can take several actions including garnishing bank accounts, accounts receivable, and any other income sources, seizing and selling assets, and using other legal actions to collect amounts owing. What happens if your business has a deemed trust debt with the CRA? If your business have a deemed trust debt owing to the CRA, the amount of the debt becomes secured to the CRA over all your assets, regardless of any security interest you may...
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What are deemed trusts? Deemed trust amounts include amounts that an employer deducts and withholds from the wages of the employees and GST/HST amounts that are collected by businesses from customers.   These amounts are important sources of revenue for the government and are collected by businesses as agents of the government.  Parliament enacted powerful tools to collect these amounts and protect these from being diverted to other creditors. As an employer, you hold in trust amounts that are deducted from your employee’s wages for income tax, Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums.  Payroll deductions, CPP contributions...
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