This link was on Twitter yesterday.
It caught my eye and concerned me just a bit, so I did some checking:
I've compiled a few links that you might find useful:
http://www.taxdetective.ca/whats_new_2012_1.html
Remember, incorporating limits liability. If the corporation has no assets, and no insurance, who will you go after?
Just because someone has put a corporate name on their invoice doesn’t mean they really are incorporated. One way to check is to ask for the Corporate BN # used to report Corporate income taxes and payroll. Another is through the company registrar of the province/territory.
As child care providers a corporation may not be required to register for GST/HST if they are under $30,000 in taxable supplies and in some cases, their sales are exempt, so you won’t see a GST/HST # on their invoice.
Why check further? Payroll liability, employment standards (things like vacation pay et al...) and Worksafe BC (or whatever your province/territory calls it, plus..Insurance because the company has limited liability.
Did you know you can validate a GST/HST # before filing a claim for an ITC that may or may not be legitimate.
How well do you know your suppliers? If you were audited, and you had claimed ITC's from suppliers who weren't registrants, it could be very costly.
http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/gsthstrgstry/menu-eng.html
http://www.cra-arc.gc.ca/whtsnw/menu-eng.html takes you to the Site map for What's New.
If you click on the More What's New, you'll find What's new for charities, corporations, EFILE, Payroll, Seniors, SR&ED and Other...
It seems they have cut back the Archives to 6 months, where before there were multiple years you could look through. Times they are a'changing.
I guess we'll all have to check there more often now.
What started all this? I clicked on something that I didn't know about and when I searched for it under Joint Venture, I couldn't find it again. Someone at CRA needs to add this to the Joint Venture webpage as it's pretty important info for Joint Venturers.
What's new for 2011 for Joint Ventures
If you purchased a specially equipped motor vehicle your GST/HST may be rebated by CRA!
Here's the form and page 2 and 3 provide details of what qualifes and how to complete the form:
http://www.cra-arc.gc.ca/E/pbg/gf/gst518/README.html