Marc Swartz, CA, CPA Toronto, Durham & York Regions, Ontario

35th Annual Toronto International Film Festival - Films, Hollywood Stars, Potential Oscar Winners and More!!!

It's that time of the year again for the Toronto International Film Festival ("TIFF") running from September 8, 2011 to September 18, 2011 in Toronto, Ontario, Canada. The Toronto International Film Festival is a rival to the Cannes Film Festival in France.

TIFF, which started in 1976, is known around the world. Movie screenings are open to industry members as well as the public.

According to Wikipedia, TIFF showcased 339 films from 59 countries at 32 screens in downtown Toronto venues in 2010.

Many Hollywood studios, and others, now premiere their North American or worldwide debut of films that they hope will generate buzz for the Oscars and hopefully win. Others win significant acclaim and awards at TIFF and go on to win at the Oscars.

Some well known recent films that were screened at the Toronto International Film Festival include The King's Speech, Precious, Slumdog Millionaire, Chariots of Fire, The Big Chill, Ray and more.

Numerous well known and lesser known Hollywood stars as well as stars from elsewhere come to Toronto during TIFF.

Learn more about the Toronto International Film Festival by visiting the TIFF website.

35th Annual Toronto International Film Festival - Films, Hollywood Stars, Potential Oscar Winners and More!!

Do I pay 5% sales tax or 12% sales tax on my real estate commission?

This is a very good question for purchasers of real estate in British Columbia.

On August 26, 2011, the British Columbia government announced the results of the referendum held to determine whether the 12% HST should be kept or whether BC should move back to the 5% GST and 7% BC PST. The voters decided to scrap the 12% HST.

The BC and federal governments need to determine the conversion date that the HST will be cancelled and the GST / PST will be re-introduced. In addition, transitional rules have not yet been announced. Transitional rules deal with issues such as how to tax transactions that were partly before the conversion date and partly after the conversion date. We also don't know whether the BC government plans to apply the BC PST to real estate commissions.

Thus, at the present time, without knowing key information, it is not possible to clearly state the amount of sales tax that you will owe on your real estate commission in British Columbia. It will also depend on when your real estate transaction occurs.

This article is intended to inform readers of developments as of the date of publication on August 27, 2011 and is neither a definitive analysis of the law, proposed law, administrative positions, interpretations, court cases etc. nor a substitute for professional advice. Readers should discuss with appropriate professional tax advisors, financial advisors, legal counsel and/or other advisors regarding how the information may apply to their specific situations. This post will NOT be updated for changes in legislation, court cases, interpretations or other matters after publication. E.&O.E.

Do I pay 5% sales tax or 12% sales tax on my real estate commission?

What are the Transitional Rules from British Columbia HST to GST / PST as a result of the Referendum?

British Columbia will be removing the 12% HST, which had been implemented on July 1, 2010, and moving back to the previously existing GST / PST system which existed prior to July 1, 2010. This change is due to the referendum which was held during the summer of 2010. Referendum results were announced on August 26, 2011.

Transitional rules relating to the conversion from the harmonized sales tax ("HST") to the goods and services tax ("GST") and provincial sales tax ("PST") sytems have NOT yet announced as of August 26, 2011 by either the federal or the BC provincial governments.

Since no province has ever moved from the HST to GST/PST, we cannot look at prior situations to see how the transition rules could possibly work. However, reviewing the transitional rules for the conversion from GST/PST to HST for Ontario and British Columbia on July 1, 2010 may provide some ideas of the issues that will need to be considered by the governments and the areas that may be focussed upon.

This article is intended to inform readers of developments as of the date of publication on August 27, 2011 and is neither a definitive analysis of the law, proposed law, administrative positions, interpretations, court cases etc. nor a substitute for professional advice. Readers should discuss with appropriate professional tax advisors, financial advisors, legal counsel and/or other advisors regarding how the information may apply to their specific situations. This post will NOT be updated for changes in legislation, court cases, interpretations or other matters after publication. E.&O.E.

What are the Transitional Rules from British Columbia HST to GST / PST as a result of the Referendum?

British Columbia votes to scrap the HST (Harmonized Sales Tax)

On August 26, 2011, British Columbia election officials announced the results of the summer 2011 HST referendum.

British Columbia residents have voted to scrap the 12% harmonized sales tax ("HST") which had become effective on July 1, 2010. The HST was applicable on most goods and services sold in BC.

On July 1, 2010, the HST had replaced the previously existing system of 5% federal GST which applied on most goods and services and the 7% provincial sales tax (PST, also known as the social services tax) which applied to a much smaller range of goods and services.

As a result of the referendum, BC will be reverting back to the previous GST / PST system.

At this point in time, it has not yet been announced when the conversion back to the GST / PST system will occur. However, according to the Memorandum of Agreement Concerning a Canada-British Columbia Comprehensive Integrated Tax Co-ordination Agreement executed on July 23, 2009, rate changes to the HST can only occur to the HST rate in BC after two years from the date of the HST implementation in BC (i.e. July 1, 2010). Thus, the rate decrease can occur on or after July 1, 2012 under the agreement, unless the agreement is amended.

Transition rules have not yet been announced by the Governments of Canada and British Columbia.

This article is intended to inform readers of developments as of the date of publication on August 27, 2011 and is neither a definitive analysis of the law, proposed law, administrative positions, interpretations, court cases etc. nor a substitute for professional advice. Readers should discuss with appropriate professional tax advisors, financial advisors, legal counsel and/or other advisors regarding how the information may apply to their specific situations. This post will NOT be updated for changes in legislation, court cases, interpretations or other matters after publication. E.&O.E.

British Columbia votes to scrap the HST (Harmonized Sales Tax)

2011 Markham Ribfest - July 8, 9, 10

It's time for the annual Markham Ribfest. This year, the dates and hours of the Markham Ribfest are:

Friday, July 8, 2011- 6 pm to 10 pm

Saturday, July 9, 2011 - noon to 10 pm

Sunday, July 10, 2011 - noon to 6 pm

The 2011 Markham Ribfest is in a NEW location. It is at the Markham Civic Centre at 101 Town Centre Boulevard, Markham, Ontario (northwest corner of Warden Avenue and Highway 7).

Admission is free. Parking is also free in the area. However, parking is extremely limited at the Civic Centre because the parking lot is being used for part of the Ribfest.

The Ribfest includes a midway, games, great food, kids area, music and much much more.

2011 Markham Ribfest - July 8, 9, 10