Canada’s Department of Finance has announced the launch of consultations on draft tax proposals, including proposals for implementing certain Budget 2021 measures and others. The proposals are summarized by the Department of Finance as follows. The deadline for comments is between 7 March and 5 May 2022, depending on the measure.
Draft proposals would address an error in the current law for the COVID-19 GST Credit Top-up so that it is consistent with the original intent of the measure as announced in March 2020 by the Government of Canada and how it has been administered by the CRA. In addition, draft proposals would ensure the proper functioning of the revocation tax with respect to organizations that have their registration as a charity revoked due to being listed as a terrorist entity.
To clarify the GST/HST treatment of crypto asset mining, draft proposals would specify that crypto asset mining would generally not be considered a “supply” for GST/HST purposes. This would mean that the GST/HST would not apply to the provision of crypto asset mining and input tax credits would not be available to the person providing the mining.
Source Orbitax
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