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Streamlined Accounting (GST/HST) Regulations

Version of section 2 from 2017-01-01 to 2024-05-28:

  •  (1) In these Regulations,

    Act

    Act means the Excise Tax Act; (Loi)

    basic groceries

    basic groceries[Repealed, SOR/99-368, s. 2]

    capital asset

    capital asset of a person means

    • (a) property that is, or would be if the person were a taxpayer under the Income Tax Act, capital property of the person within the meaning of that Act, and

    • (b) in respect of a supply that was made by the person at any time before January 1, 2017, property that was, or would have been if the person were a taxpayer under the Income Tax Act, eligible capital property of the person within the meaning of that Act as it read at that time; (bien immobilisé)

    consideration

    consideration, in respect of a supply, includes all amounts credited to the recipient of the supply in respect of a trade-in (within the meaning of subsection 153(4) of the Act) accepted in full or partial consideration for the supply or, if the supplier and the recipient are not dealing with each other at arm’s length at the time the supply is made and the amount credited to the recipient in respect of the trade-in exceeds the fair market value of the trade-in at the time ownership of it is transferred to the supplier, that fair market value; (contrepartie)

    Division II

    Division II, Division III, Division IV, Division IV.1 and Division V means Division II, III, IV, IV.1 and V, respectively, of Part IX of the Act; (section II, section III, section IV, section IV.1 et section V)

    election

    election means an election under subsection 227(1) of the Act. (choix)

    eligible capital property

    eligible capital property[Repealed, 2016, c. 12, s. 96]

    improvement

    improvement[Repealed, SOR/99-368, s. 2]

    medical device

    medical device[Repealed, SOR/99-368, s. 2]

    prescription drug

    prescription drug[Repealed, SOR/99-368, s. 2]

    retail establishment

    retail establishment[Repealed, SOR/99-368, s. 2]

  • (2) For the purposes of these Regulations, the basic threshold amount for a reporting period of a registrant is equal to the amount determined by the formula

    (A + B) × (365 / C)

    where

    A
    is the total of all consideration (other than consideration referred to in section 167.1 of the Act that is attributable to goodwill of a business) that became due, or was paid without having become due, to the registrant in the threshold period for the reporting period for taxable supplies (other than supplies of financial services, supplies by way of sale of real property or capital assets of the registrant and supplies deemed under subsection 177(1.2) of the Act to be made by the registrant) that are or would be, but for that subsection, made in Canada by the registrant;
    B
    is the total of all tax under Division II that became collectible in the threshold period in respect of taxable supplies (other than supplies of financial services, supplies by way of sale of real property or capital assets of the registrant and supplies deemed under subsection 177(1.2) of the Act to be made by the registrant) that are or would be, but for that subsection, made in Canada by the registrant; and
    C
    is the number of days in the threshold period.
  • (3) For the purposes of these Regulations, the total threshold amount for a reporting period of a registrant is equal to the total of

    • (a) the amount determined by the formula

      (A + B) × (365 / C)

      where

      A
      is the total of all consideration (other than consideration referred to in section 167.1 of the Act that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services and supplies by way of sale of real property or capital assets of the registrant) made by the registrant that became due, or was paid without having become due, to the registrant in the threshold period for the reporting period,
      B
      is the total of all tax under Division II that became collectible in the threshold period in respect of taxable supplies (other than supplies of financial services and supplies by way of sale of real property or capital assets of the registrant) made by the registrant, and
      C
      is the number of days in the threshold period, and
    • (b) the total of all amounts, each of which is an amount in respect of a person (in this paragraph referred to as the “associate”) who was associated with the registrant at the end of the particular fiscal year of the associate that is the last fiscal year of the associate ending in that threshold period, determined by the formula

      (D + E) × (365 / F)

      where

      D
      is the total of all consideration (other than consideration referred to in section 167.1 of the Act that is attributable to goodwill of a business) for taxable supplies (other than supplies of financial services and supplies by way of sale of real property or capital assets of the associate) made by the associate that became due, or was paid without having become due, to the associate in the particular fiscal year,
      E
      is the total of all tax under Division II that became collectible in the particular fiscal year in respect of taxable supplies (other than supplies of financial services and supplies by way of sale of real property or capital assets of the associate) made by the associate, and
      F
      is the number of days in the particular fiscal year.
  • SOR/99-368, s. 2
  • 2016, c. 12, s. 96

Date modified: