GST SALE OF LAND START SEE SECTIONS

GST & SALE OF LAND START SEE SECTIONS: 10, 11 & 12 OF PART I TO SCHEDULE V WAS LAND USED IN FARMING? DOES LAND INCLUDE “RESIDENTIAL COMPLEX? ” NO YES WILL BUYER USE ONLY FOR PERSONAL ENJOYMENT? YES IS SELLER AN INDIVIDUAL OR PERSONAL TRUST? NO NO FOR “COMPLEX” ONLY IS THE SELLER THE “BUILDER”? YES * NO YES WAS PROPERTY USED IN BUSINESS WITH REOP? NO SALE OF PROPERTY IS TAXABLE YES DID THE SELLER CLAIM ITCs? YES WAS SELLER REGISTERED AND RENTING IT OUT TAXABLE? NO DID SELLER ELECT YES TO MAKE TAXABLE? YES NO DID SELLER SUBDIVIDE 2 X OR MORE? NO WAS LAND SOLD AS NO INVENTORY IN COURSE OF A BUSINESS? DID SELLER ELECT TO MAKE TAXABLE? NO * DEFINITIONS – SEE 123(1) SALE OF PROPERTY IS EXEMPT IF SELLER IS CHARITY, HOSPITAL, SCHOOL, COLLEGE MUNICIPALITY OR OTHER NON-PROFIT SEE SCHEDULE V

SALE OF LAND COLLECTING GST 1. 2. IF SALE IS TAXABLE DOESN’T MATTER IF SELLER IS REGISTERED FOR GST! COLLECTION RULES FOUND IN 221(2) START REGISTERED IS SELLER NON RESIDENT OF CANADA? YES BUYER REPORTS AND REMITS TAX TO CRA GST 34 OR 62 NOT GST 60 REGISTERED N O YES ARE ALL BUYERS REGISTERED FOR GST ON CLOSING? N O HAVE SELLER & BUYER MADE V I 2 ELECTION? YES IS BUYER AN INDIVIDUAL BUYING “RESIDENTIAL COMPLEX OR CEMETERY PLOT’? NO WILL BUYER USE LAND PRIMARILY FOR PERSONAL ENJOYMENT? S YE N O YES N O SELLER MUST REPORT & REMIT GST TO CRA BUYER WILL SELF ASSESS ON BOX 205 OF GST RETURN