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ARTICLE · 11 FEBRUARY 2014

CRA Imposes Deadline For Eliminating HST/GST Joint Venture Reporting By Nominees

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The Canada Revenue Agency has announced that, after 2014, it will no longer tolerate joint venture arrangements in which nominee corporations file HST/GST returns and remit HST/GST for the joint venture.

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Neal Armstrong
Neal Armstrong
Paul Lamarre
Paul Lamarre
Fred Purkey
Fred Purkey
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The Canada Revenue Agency has announced that, after 2014, it will no longer tolerate joint venture arrangements in which nominee corporations file HST/GST returns and remit HST/GST for the joint venture.

Background

A joint venture election made for HST or GST purposes permits most purchases and sales made for the account of a qualifying joint venture (such as co-ownership of rental real estate, and various types of joint venture arrangements in the resources sector) to be reported on the HST/GST returns of a qualifying "participant" in the joint venture where the co-venturers have elected for that participant to be the "operator" of the joint venture for HST/GST purposes. There is essentially the same rule for Québec sales tax purposes. Such a "joint venture election" avoids the inconvenience of reporting the joint venture results pro rata in all the HST/GST (or QST) returns of the co-venturers.

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