![]() The general timing of liability rule, under subsection 168(1) of the Act, is that tax 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 that consideration for the supply becomes due. " taxable supply" means a supply that is made in the course of a commercial activity, but does not include an exempt supply.ġ. " tax" means the Goods and Services Tax payable under Part IX of the Excise Tax Act " supply" means, subject to sections 133 and 134 of the Act, the provision of property or a service in any manner, including sale, transfer, barter, exchange, licence, rental, lease, gift or disposition (c) anything that is supplied to an employer by a person who is or agrees to become an officer or employee of the employer in the course of or in relation to the office or employment of that person " sale", in respect of property, includes any transfer of the ownership of the property and a transfer of the possession of the property under an agreement to transfer ownership of the property " recipient", in respect of a supply, means the person who pays or agrees to pay consideration for the supply or, if no consideration is or is to be paid for the supply, the person to whom the supply is made "registrant" means a person who is registered, or who is required to apply to be registered, under sections 240 and 241 of the Excise Tax Act " property" means any property, whether real or personal, movable or immovable, tangible or intangible, corporeal or incorporeal, and includes a right or interest of any kind, a share and a chose in action, but does not include money " person" means an individual, partnership, corporation, trust or estate, or a body that is a society, union, club, association, commission or other organization of any kind " invoice" includes a statement of account, a bill and any other similar record, regardless of its form or characteristics, and a cash register slip or receipt Where the consideration is non-monetary, the fair market value of the consideration at the time the supply was made will be used to calculate the tax ![]() ![]() Where consideration is monetary the amount of the money will be used to calculate the tax. " consideration" may be money, a thing, a service, forbearance in the exercise of a right or anything else which induces the supplier to make the supply. 1990, c.45 (Bill C-62) or represent National Revenue, Customs and Excise interpretations of terms relevant to the administration of that Act. The following definitions have either been taken from the Excise Tax Act (as amended by S.C. This memorandum in the TIME OF LIABILITY sub-series explains what an invoice is for purposes of the timing of liability for payment of the Goods and Services Tax (GST).Įxcise Tax Act sections 123, 133, 138, 152, 168 and 223, subsections 153(2), 169(1) and 169(3) ![]() TAX ON SUPPLIES TIME OF LIABILITY Ottawa, MaINVOICES Please contact your GST/HST Rulings Centre for assistance. As a result, some of the technical information this memorandum contains may no longer be valid. Please note that the following GST Memorandum, although correct at the time of issue, has not been updated to reflect any subsequent legislative changes since the date of issue.
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