As mentioned in our April 2014 issue, as of January 1, 2015, the federal government will implement important changes with respect to the election enabling closely related persons to not collect and remit GST/HST for certain taxable supplies made between them.

In particular, as of 2015, the form for this election will have to be filed with the tax authorities rather than simply being saved in the entities’ records.

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What this means for the software and cloud services industries

The International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board have finally issued their new Standard on revenue – IFRS 15 Revenue from Contracts with Customers (ASU 2014-09 or Topic 606 in the U.S.). This bulletin summarizes the new requirements and what they will mean for entities that apply International Financial Reporting Standards (IFRS) in the software and cloud services industries.

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Redeemable preferred shares issued in a tax planning arrangement

Raymond Chabot Grant Thornton has just published the November 2014 Flash Bulletin, titled “Redeemable preferred shares issued in a tax planning arrangement (Exposure Draft issued)”. In this edition, we have outlined the most significant proposed modifications by the AcSB in its Exposure Draft “Redeemable preferred shares issued in a tax planning arrangement”.

 

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In general, a person carrying on a business is required to collect and remit GST and QST to the government. However, for the purposes of the Excise Tax Act (ETA) and An Act respecting the Québec sales tax (AQST), a joint venture is not a person. Consequently, each co-venturer is required to collect and remit tax and claim tax credits on its share of supplies carried out through the joint venture. The accounting treatment of these transactions may be complex and may not reflect the business reality. For this reason, the participants in a joint venture may elect to have one of the co-venturers (called “operator”) handle all the GST/HST/QST accounting.