Financial Services

Financial Services

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1.1 General Considerations

Queen's University engages in a variety of sales transactions. Some of these sales are to other Queen's departments (internal sales) and some are to outside vendors (external sales).

Tangible personal property (goods) acquired or produced for resale are taxable unless the property was donated to Queen's or used by another person prior to its acquisition by Queen's. Property (i.e. goods, capital property) that was previously used primarily (>50%) in the University's commercial activities is also taxable.

There are rules governing which tax rate applies on sales to other provinces. This section goes through internal versus external sales, sales to other provinces, tax rates of other provinces, accounting for the taxes collected on sales, and whether the supply is a single or incidental supply.

1.1.1 Internal Sales - No HST
1.1.2 Where Were the Goods/Services Delivered? (Place of Supply Rules)
1.1.3 Provincial Tax Rates
1.1.4 What Happens to the Taxes Collected on Sales? How is it Accounted For?
1.1.5 Taxes Collected on Sales where Queen's has an Agency Agreement
1.1.6 Single Supplies or Incidental Supplies