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ARTICLE · 09 FEBRUARY 2015

Joint Ventures: CRA Curbs GST/HST Reporting By Bare Trustees And Nominee Corporations

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Are you a participant in a joint venture that is using a bare trust or nominee corporation to report its GST/HST?

CanadaTax
Mark Lewis
Mark Lewis
Beverly Gilbert, C.A.
Beverly Gilbert, C.A.
Janet Kasun
Janet Kasun
Author LinkedIn connections

Are you a participant in a joint venture that is using a bare trust or nominee corporation to report its GST/HST? If so, you must act before the joint venture's first 2015 GST/HST return becomes due. In 2014, the Canada Revenue Agency ("CRA") issued GST/HST Notice No. 284 which included an important policy change that will now no longer allow bare trustees or nominee corporations to account for GST/HST collection and related input tax credit claims on the joint venture's behalf. As a result of this policy change, participants in joint ventures should give careful consideration to whether their structure remains compliant with the CRA policy. Should a change in the operator be required, participants must give careful consideration to restructuring their arrangements as any change may have legal consequences beyond GST/HST considerations.

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