Specialized GST/HST: Financial services

This course explores the ever-changing GST/HST legislation and guidance for financial institutions and services, including pensions. Get the practical insights and solutions you need to successfully apply your knowledge in real-life transaction and compliance situations.

Event Details

Location and date:
Toronto September 12-13, 2018

This two-day course examines the complex and dynamic indirect tax concepts and legislation for financial institutions, services and pensions. This specialized course is a complement to the In-Depth HST/GST Course and will go into greater detail and look at the latest changes and developments in the important area of GST/HST and financial services. Register today and join some of the leading minds in this sector.

View the agenda

Additional options and pricing may be available. See pricing and registration for more details.



$995.00

12 CPD hour(s)
Pricing & registration

You will learn about:

  • defining “financial service” and “financial instrument”
  • HST/GST compliance for financial institutions
  • input tax credits for financial institutions
  • cross-border self-assessment rules for financial institutions
  • special rules for seizures and repossessions
  • pension plan rules (including master pension entity) rules
  • detailed rules for “selected listed financial institutions” and the “special attribution method”
  • latest developments, such as Investment Limited Partnership rules

Who should attend?

Tax professionals who have successfully completed the In-Depth HST/GST Course and other experienced professionals, including:

  • professional accountants, lawyers and others who advise clients on GST/HST matters
  • CFOs and other finance professionals responsible for GST/HST compliance
  • CRA, Department of Finance, and other government officials responsible for GST/HST

More Details:

Session Descriptions

Registration & Continental breakfast

Introduction/Module I: Definition of financial services lecture
Module 1 will cover in more detail the complexities of the definitions of "financial service" and "financial instrument" and provide details on key-related topics, such as derivatives and swaps, zero-rated financial services, mixed supplies including financial services (sections 138 and 139) and securitizations. Particular emphasis on paragraph (q) and "arranging for" (paragraph (l)) within the definition of "financial service" will be provided. Finally, this module will address how the significant changes to the definition of “financial service” have since impacted the interpretation of this complex definition.

Networking break

Module I: Lecture (cont’d)/interactive session
Module 1 will cover in more detail the complexities of the definitions of "financial service" and "financial instrument" and provide details on key-related topics, such as derivatives and swaps, zero-rated financial services, mixed supplies including financial services (sections 138 and 139) and securitizations. Particular emphasis on paragraph (q) and "arranging for" (paragraph (l)) within the definition of "financial service" will be provided. Finally, this module will address how the significant changes to the definition of “financial service” have since impacted the interpretation of this complex definition.

Module II: Financial institutions lecture
Module 2 will focus on the definition of "financial institution" and why it is important to determine whether a business has this status for GST purposes. The discussion will cover non-traditional financial institutions and will deal with related topics, including issues pertaining to making a section 150 election and other compliance implications for financial institutions (such as the Annual Information Return for Financial Institutions).

Network lunch

Module II: Lecture (cont’d)/interactive session
Module 2 will focus on the definition of "financial institution" and why it is important to determine whether a business has this status for GST purposes. The discussion will cover non-traditional financial institutions and will deal with related topics, including issues pertaining to making a section 150 election and other compliance implications for financial institutions (such as the Annual Information Return for Financial Institutions).

Module III: Inputs lecture
Module 3 will then focus on matters of great significance for financial institutions relating to GST compliance regarding input costs, including the rules for claiming input tax credits, self-assessment requirements for imported supplies, outlays and expenses and change-in-use of capital property.

Networking break

Module III: Lecture (cont’d)/interactive session
Module 3 will then focus on matters of great significance for financial institutions relating to GST compliance regarding input costs, including the rules for claiming input tax credits, self-assessment requirements for imported supplies, outlays and expenses and change-in-use of capital property.

Continental breakfast

Module IV: HST and QST lecture/interactive session
Module 4 will deal with accounting for the provincial component of HST, including the special rules applicable to "selected listed financial institutions" (“SLFIs”) and the use of the "special attribution method", excluding investment plans. The modifications to the rules as it applies to the introduction of Ontario and British Columbia as harmonized provinces effective July 1, 2010 will be addressed in detail, as well as the impact of subsequent exit by British Columbia and entry by Prince Edward Island as harmonized provinces effective April 1, 2013. This module will also address the contrasting world of Quebec Sales Tax (“QST”) as it relates to financial services supplied in the province of Quebec and the implementation of the specialized financial institution and SLFI rules in relation to QST effective January 1, 2013.

Networking break

Module V: HST and investment plans lecture
Module 5 will cover the new SLFI rules as applied specifically to investment plans, including mutual funds and segregated funds, including the impact of applicable changes in British Columbia, Prince Edward Island, Nova Scotia and the evolving rules in Quebec. Also included are the recent announcements regarding Investment Limited Partnerships (ILPs) with respect to SLFI status.

Networking lunch

Module V: Lecture (cont’d)/interactive session

Module VI: Pension plans and ITCs related to financial services lecture
Part 1 of Module 6 will address the pension plan rules (deemed supplies, pension entity SLFI reporting, rebates, etc.). The pension rules introduced in the 2013 Federal Budget will be addressed, in addition to the impact of relevant HST changes for Quebec, British Columbia, and Prince Edward Island. Also addressed will be the master pension entity rules first announced in 2016.

Networking break

Module VI: Lecture (cont’d)/interactive session
Part 2 of this module will focus on input tax credits related to financial services, namely, the implications of specific transactions to buying/selling assets and other property from a financial services perspective, including the application of special rules dealing with seizures and repossessions, settlement of insurance claims, construction bonds, holding companies/takeovers and supplies of financial services related to commercial activities. Also included are the recent announcements regarding Investment Limited Partnerships (ILPs) with respect to GP management distributions.

Closing

Speakers/Presenters
Venue[s] and Accommodation[s]

Venue[s]:

CPA Canada Offices
277 Wellington Street West, 2nd Floor, Toronto, Ontario M5V 3H2

For those participants travelling from out of town, please note that you are responsible for making your own hotel accommodations.

Nearby hotels Include:

Residence Inn Toronto Downtown 255 Wellington Street West, Toronto, ON M5V 3P9
To make a reservations call: 1-416-581-1800 or toll free 1-800-960-6752

SOHO Metropolitan Hotel
318 Wellington Street West, Toronto, ON M5V 3T4
To make reservations, call (416) 599-8800 or toll free 1-866-764-6638

Renaissance Toronto Downtown Hotel
1 Blue Jays Way, Toronto, ON M5V 1J4
To make reservations, call (416) 341-7100 or toll free 1-800-237-1512

Hyatt Regency Toronto
370 King Street West, Toronto, ON M5V 1J9
For reservations call: 1-416-343-1234


Contacts

Please contact:

Member Development and Support
Tel: 1-800-268-3793
Email: customerservice@cpacanada.ca