WebJan 13, 2024 · A joint election under section 156 of the Excise Tax Act (Canada) (“ETA”) deems all taxable supplies made between closely related corporations to have been made for nil consideration so that no GST/HST is collectible on such supplies (“156 Election”). WebIf you manage corporations that charge fees or rent to each other without GST/HST applying, make sure to have them complete a Form RC4616 and file it with the CRA. Otherwise, if it is ever audited, the CRA will assess the corporation charging the fees or rent for the unremitted GST/HST plus interest and possibly penalties. Also, make sure that ...
Late-filed Section 156 Elections and Revocations - Ryan
WebJan 1, 1991 · According to section 240, generally, a co-venturer may register for the GST/HST if it is engaged in a "commercial activity", as defined in subsection 123(1), in Canada. The election under section 273 will not affect the determination of whether the co-venturer is engaged in a commercial activity in Canada. WebDec 16, 2014 · - Section 156 allows for an election between certain closely held corporations and closely held partnerships (effectively, closely related parties), and when in place, … emry byrd
“Nil Consideration” Election for Members of a Closely Related …
WebSection 156 the Excise Tax Act provides an election for members of a qualifying group to deem most transactions (excluding real property) for Nil consideration (refer to GST Memorandum 14.5). This election has … WebMay 19, 2024 · If you have intercompany transactions, such as management or rent, with closely-related Canadian corporations (or partnerships) that are GST-registered, you … WebSection 156 of the Excise Tax Act (the Act) provides an election that permits corporations and Canadian partnerships (as defined in that section), to treat certain taxable supplies between them as having been made for no consideration, if the requirements for the … drayton entertainment box office hours