Members were joined by Dr. Silvie MacLean on April 21 and 28, 2022, to learn more about financial management and operational finance.
Below are the supporting materials she provided for GST/HST rebate.
- Review the RC4034 Explanation Guide
- Complete the Non-for Profit Government Funding Application 523-1 (annually)
- Complete and submit schedule GST66E for the Federal rebate (83%) Report on Line 311 (submitted twice a year; Oct. 30 and April 30)
- Complete and submit schedule RC7066 for the Provincial rebate (87%) *Report on Line 311 (submitted twice a year; Oct. 30 and April 30)
- Memo re GHT HST Reporting and Filing
Teams were advised to ensure clear reconciliation and account of all GST/HST payment on record.
This spreadsheet is a tool teams can use to do this. It outlines the most important information to collect. This will prevent issues if there is ever a blind audit from the Canada Revenue Agency.
Remember that the budget is net of GST/HST rebate and follows the accrual accounting method (note: accrual method means the expenses (and revenues) are recognized and recorded at the time they occur). This net amount, therefore, will be accounted on the general ledger, statement of financial position aka balance sheet as an asset and under cash flow as a operating activity. The GST/HST will also be listed as a receivable (asset) under the Audited Statement of Revenue and Expenditures Report (ASRER).