- The GST/HST annual filing
threshold will be increased from $500,000 to $1,500,000 for
fiscal years beginning after 2007. Current monthly or quarterly
filers whose threshold does not exceed $1,500,000 will continue
as monthly or quarterly filers unless they elect otherwise. New
registrants, unless they elect otherwise and do not have a
threshold amount for a fiscal year that exceeds $1,500,000 will
have a fiscal year reporting period.
- The GST/HST instalment base
threshold for fiscal years beginning after 2007 will be
increased from $1,500 to $3,000. An annual filer whose tax
remittance for a fiscal year is less than $3,000 will only make
one remittance at the end of the fiscal year.
- Input tax credits (ITCs) for GST/HST paid on meals of long-haul truck drivers will decrease proportionately as the deductible portion of long-haul truck driver’s meal expenses increases for income tax purposes. The rates of recapture of ITCs claimed by a person for food and beverages consumed during an eligible travel period will be as follows:
- 40% after March 19, 2007
- 35% for 2008
- 30% for 2009
- 25% for 2010
- 20% after 2010
- Effective April 1, 2008,
alcohol blended fuels and bio-diesel fuels will be subject to
the excise tax on gasoline and diesel fuel respectively as the
excise tax exceptions was repealed for renewable fuels.
- Streamlined Accounting. Amendments have been made to the Regulations Amending the Streamlined Accounting Regulations. They are as follows:
- Municipalities using the Special Quick Method remittance rates are increased to 100% from 57.14% in the federal GST/HST rebate for municipalities.
- The 83% GST/HST health care rebate is extended to provincially recognized and publicly funded non-profit health care facilities that provide services previously performed in hospitals and to government-funded charities and non-profit organizations that supply ancillary support services to hospitals and health care facilities.
- The revised remittance rates for municipalities using the Special Quick Method that have a permanent establishment in a non-participating province are now 12.2% for supplies in a participating province and 5.6% for supplies in a non-participating province.
- New Gst/Hst Remittance
Voucher. The new form is now four pages long. Registrants
must use the remittance voucher at the bottom of page three when
making a payment or filing a return. Do not submit any part of
page one as it does not contain the necessary registrant account
information.
- First Nations Goods and Services Tax (FNGST) by the Nunatsiavut Government and the Kwanlin Dun First Nations. Effective August 20, 2007 the Nunatsiavut Government and the Kwanlin Dun First Nation imposed a FNGST on their respective lands. No additional forms or changes to registration will be required as the FNGST is designed to work within the GST/HST framework..
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