BUSI 4005 Chapter Notes - Chapter 14: Carpool, Calendar Year
28 May 2018
School
Department
Course
Professor
Chapter 14
1. GST/ HST
a. Ontatio – 13%
b. GST – 5%
2. Residency
a. Non resident person- register if permanent establish in Canada
b. Resident, engage in commercial activity and make taxable supply
3. Commercial activity
a. Any business carry by person
b. Adventure / concern in nature of trade carry on by a person
c. Supply of real property
4. Supply
a. Sale/ rental/ transfer of good
b. Render service
c. Barter transaction
d. Licensing arrangement for copyright
5. Type of supply
a. Taxable supply- general , GST = 5%
b. Taxable supply- zero rated
c. Exempt supply – x GST
6. Register requirement
a. All engage in business should register CRA
b. Small supplier exemption
i. No require GST
ii. Revenue of associated person
iii. Taxi and ride sharing service
1. GST
2. Except school transportation
3. Uber
iv. Requirement
1. Last 4 quarter test < 30k
2. Calendar year < 30k
7. ITC
a. Current expenditure and real property
i. <10%, no ITC
ii. 10<x<90%, x%
iii. >90%, 100% ITC
b. Person capital property
i. < 50% - x ITC
ii. > 50% - 100% ITC
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