![]() ![]() Alternative days for conversion of foreign currencyĥ. For additional information about when the GST/HST becomes due, refer to GST Memorandum 300-6, Time of Liability. the day the recipient is required to pay that consideration or part pursuant to an agreement in writing.Ĥ.the day the supplier would have, but for an undue delay, issued an invoice in respect of the supply for that consideration or part and.the earlier of the day the supplier first issues an invoice in respect of the supply for that consideration or part and the date of that invoice.Under subsection 152(1), the consideration, or a part thereof, for a taxable supply is deemed to become due on the earliest of: Generally, under subsection168(1), the GST/HST is payable by the recipient of a taxable supply on the earlier of the day the consideration for the supply is paid and the day the consideration for the supply becomes due.ģ. such other day as is acceptable to the Minister.Ģ.Under section 159, where the consideration for a supply is expressed in a foreign currency, the value of the consideration shall, for GST/HST purposes, be calculated based on the value of that foreign currency in Canadian currency on: If you are uncertain as to whether a supply is made in a participating province, see GST/HST Technical Information Bulletin B-103, Harmonized Sales Tax – Place of Supply Rules for Determining Whether a Supply is Made in a Province.ġ. The GST applies in the rest of Canada at the rate of 5%. The HST applies in the participating provinces at the following rates: 13% in Ontario and 15% in New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island. Reference in this publication is made to supplies that are subject to the GST or the HST. If you wish to make a technical GST/HST or QST enquiry related to SLFIs, please call 1-85. You may also visit the Revenu Québec website at revenuquebec.ca to obtain general information.įor listed financial institutions that are selected listed financial institutions (SLFIs) for GST/HST or Quebec sales tax (QST) purposes or both, whether or not they are located in Quebec, the CRA administers the GST/HST and the QST. If you are located in Quebec and wish to request a ruling related to the GST/HST, please call Revenu Québec at 1-80. GST/HST Memorandum 1-4, Excise and GST/HST Rulings and Interpretations Service explains how to obtain a ruling or an interpretation and lists the GST/HST rulings centres. If you require certainty with respect to any particular GST/HST matter, you may request a ruling. If this information does not completely address your particular situation, you may wish to refer to the Act or relevant regulation, or call GST/HST Rulings at 1-80 for additional information. The information in this publication does not replace the law found in the Act and its regulations. ![]() So people who prefer cash can continue to use it.All legislative references in this publication are to the Excise Tax Act unless otherwise specified. Bank notes will continue to be available to Canadians even if we introduce a digital currency. And only a central bank can guarantee that public interest-not profit-is the top priority.Ī digital dollar would complement cash, not replace it. This could compromise the central role of the Canadian dollar in our economy and affect the stability of our financial system.Ī digital Canadian dollar could help protect our economy by ensuring Canadians always have an official, safe and stable digital payment option in the Canadian dollar. It’s also possible that, in the future, cryptocurrencies or CBDCs issued by foreign countries could be widely used in Canada. Protecting our economy and financial system If this trend continues, there may come a time when cash is not widely accepted in day-to-day transactions, which could exclude many Canadians from the economy. However, people tend to use cash less often these days: most payments are already digital, such as using debit or credit cards. Anyone can use cash, including people who don’t have a bank account, a credit score or official identification documents. The Bank of Canada supplies bank notes to Canadians and makes sure people are confident in the Canadian dollar. Ultimately, Parliament and the Government of Canada will determine if or when to issue a digital Canadian dollar. That’s why we-like many other central banks around the world-are exploring the possibility of issuing a digital version of our national currency. And we need to prepare for whatever the future holds. Why we’re researching a digital Canadian dollarĪs Canada’s central bank, we have a responsibility to ensure everyone always has the opportunity to take part in the economy. ![]()
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