1 / 22

CRA and the 2010 Olympic Games

CRA and the 2010 Olympic Games. CGA/CRA Liaison Meeting – July 8, 2008 Andrew Chan, Team Leader, 2010 Olympics Team, Vancouver TSO Christine Siu, Auditor, 2010 Olympics Team, Vancouver TSO. Agenda. Background CRA Involvement Technical Issues and Actions Questions. Background.

didier
Download Presentation

CRA and the 2010 Olympic Games

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CRA and the 2010 Olympic Games CGA/CRA Liaison Meeting – July 8, 2008 Andrew Chan, Team Leader, 2010 Olympics Team, Vancouver TSO Christine Siu, Auditor, 2010 Olympics Team, Vancouver TSO

  2. Agenda • Background • CRA Involvement • Technical Issues and Actions • Questions

  3. Background • Vancouver 2010 Winter Games are the third Olympic Games in Canada: • February 12 – 28, 2010(17 days) • Vancouver 2010 Paralympic Winter Games will be the first winter Paralympic Games in Canada • March 12 – 21, 2010(10 days)

  4. Economic Impact

  5. 650,000 74,000 45,000 Comparison of Hockey Attendance in February 700000 600000 500000 400000 300000 200000 100000 0 Giants Canucks Olympics Pacific Coliseum GM Place UBC & GM Place

  6. Background • A major international undertaking • Partners, sponsors, supporters and suppliers • All levels of government and First Nations • Businesses, athletes, officials, volunteers, visitors, and media

  7. Sport, services and games operations $735M Domestic sponsorships $760M Technology and Other $768M Ticketing, licensing and merchandising $278M REVENUE $2.2 billion EXPENSES $2.2 billion Venues $580M IOC contributions $638M Marketing & communications $126M Government and Other $730M VANOC - The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games Source: VANOC third quarter report for the 2007-08 fiscal year, June 20, 2008, p. 12-13

  8. Government Participation • Government of Canada commitment - $656 million • Province of B.C. commitment - $600 million

  9. Government Participation • Landmark multi-party agreement • Provide essential government services and capital funding • 2010 Olympic and Paralympic Winter Games Federal Secretariat

  10. CRA Participation • Committees & Working Groups • CRA 2010 Website • CRA 2010 Olympics Team • Outreach • Compliance

  11. The CRA 2010 Olympics Team • Single Point of Contact • Committee representation • Coordinate 2010 activities • Research / Best Practices • Perform audits • Deliver outreach

  12. Outreach • Increase compliance through education • Presentations to various stakeholders • Vancouver Regional Construction Association • NBC • Province of BC • Minister of National Revenue • Beijing/X’ian Tax Officials

  13. Compliance – Tax & GST Issues • Sponsorships • Underground Economy • Provincial Income Allocation • Increased Real Estate Activity • Non-resident & International • Accommodations

  14. Hiring Non-Resident Employees Construction worker (U.S.) Employee A Ltd. Employer • Tax implication: A Ltd. is required to deduct CPP, EI, and Income Tax. The non-resident employee receives a T4 slip at the end of the taxation year and reports it on his income tax return filed in Canada.

  15. Regulation 105 Withholding Tax • Tax implication: B Inc. is required to withhold and remit 15% of the gross payment per Regulation 105 of the Income Tax Act • Non-resident would file a T1 to establish final tax liability • Non-resident may apply for a Regulation 105 Waiver if applicable Consultant from Seattle giving a seminar on Olympic recruitment to staff at B Inc.

  16. Part XIII Withholding Tax RENT Australian resident owns Whistler condo Toronto resident rents the condo during the Olympics • Tax implication: The Toronto resident withholds Part XIII tax (25%) from the rental payments. • This represents the non-resident’s final tax liability and he is not required to file an income tax return in Canada.

  17. Non-Resident GST Issues • A non-resident carrying on business in Canada who • Is making taxable supplies in Canada, and • Is not a small supplier Must register for GST/HST. • Non-resident corporations may voluntarily register in certain situations

  18. New Legislation 2007 • Three components • Waive non-resident withholding tax liability of the IOC and the IPC • Non-resident athletes and other non-resident individuals not to be taxed • Cancel duties, excise, and GST on certain goods imported in connection with the Games • Subsections 115(2.3), 212(17.1), and 153(1)

  19. Accommodations IssueComparison of Rental Prices

  20. Comparison of Rental Prices

  21. CRA Websitehttp://www.cra-arc.gc.ca/2010games/

More Related