Specialized HST/GST: Financial Services Course

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This is the agenda for Day 1
Day 1 Wednesday, September 12, 2018
8:00 – 9:00
Registration & Continental breakfast

9:00 – 10:30
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.

10:30 – 10:45
Networking break

10:45 – 11:30
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.

11:30 – 12:00
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).

12:00 – 1:00
Network lunch

1:00 – 2:15
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).

2:15 – 3:45
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.

3:45 – 4:00
Networking break

4:00 – 5:00
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.

This is the agenda for Day 2
Day 2 Thursday, September 13, 2018
8:00 – 9:00
Continental breakfast

9:00 – 10:45
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.

10:45 – 11:00
Networking break

11:00 – 12:00
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.

12:00 – 1:00
Networking lunch

1:00 – 1:45
Module V: Lecture (cont’d)/interactive session

1:45 – 3:00
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.

3:00 – 3:15
Networking break

3:15 – 4:30
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.

4:30 – 4:45
Closing