GST & SALE OF LAND

1. START SEE SECTIONS: 10, 11 & 12 OF PART I TO SCHEDULE V WAS LAND USED IN FARMING? DOES LAND INCLUDE “RESIDENTIAL COMPLEX?” NO GST & SALE OF LAND YES NO YES FOR “COMPLEX” ONLY YES WILL BUYER USE ONLY FOR PERSONAL ENJOYMENT? IS SELLER AN INDIVIDUAL OR PERSONAL TRUST? IS THE SELLER THE “BUILDER”? YES NO NO* NO WAS PROPERTY USED IN BUSINESS WITH REOP? YES SALE OF PROPERTY IS TAXABLE DID THE SELLER CLAIM ITCs? YES YES NO YES NO YES WAS SELLER REGISTERED AND RENTING IT OUT TAXABLE? DID SELLER ELECT TO MAKE TAXABLE? YES YES YES NO DID SELLER SUBDIVIDE 2 X OR MORE? WAS LAND SOLD AS INVENTORY IN COURSE OF A BUSINESS? DID SELLER ELECT TO MAKE TAXABLE? SALE OF PROPERTY IS EXEMPT NO NO NO IF SELLER IS CHARITY, HOSPITAL, SCHOOL, COLLEGE MUNICIPALITY OR OTHER NON-PROFIT SEE SCHEDULE V * DEFINITIONS – SEE 123(1)

2. SALE OF LANDCOLLECTING GST • IF SALE IS TAXABLE DOESN’T MATTER IF SELLER IS REGISTERED FOR GST! • COLLECTION RULES FOUND IN 221(2) START GST 34 OR 62 IS SELLER NON RESIDENT OF CANADA? REGISTERED BUYER REPORTS AND REMITS TAX TO CRA YES NOT GST 60 REGISTERED NO ARE ALL BUYERS REGISTERED FOR GST ON CLOSING? YES YES IS BUYER AN INDIVIDUAL BUYING “RESIDENTIAL COMPLEX OR CEMETERY PLOT’? WILL BUYER USE LAND PRIMARILY FOR PERSONAL ENJOYMENT? NO NO HAVE SELLER & BUYER MADE V I 2 ELECTION? YES NO BUYER WILL SELF ASSESS ON BOX 205 OF GST RETURN YES NO SELLER MUST REPORT & REMIT GST TO CRA