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CRA and the 2010 Olympic Games. CGA/CRA Liaison Meeting – July 8, 2008 Andrew Chan, Team Leader, 2010 Olympics Team, Vancouver TSO Christine Siu, Auditor, 2010 Olympics Team, Vancouver TSO. Agenda. Background CRA Involvement Technical Issues and Actions Questions. Background.

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Cra and the 2010 olympic games l.jpg

CRA and the 2010 Olympic Games

CGA/CRA Liaison Meeting – July 8, 2008

Andrew Chan, Team Leader, 2010 Olympics Team, Vancouver TSO

Christine Siu, Auditor, 2010 Olympics Team, Vancouver TSO


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Agenda

  • Background

  • CRA Involvement

  • Technical Issues and Actions

  • Questions


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Background

  • Vancouver 2010 Winter Games are the third Olympic Games in Canada:

    • February 12 – 28, 2010(17 days)

  • Vancouver 2010 Paralympic Winter Games will be the first winter Paralympic Games in Canada

    • March 12 – 21, 2010(10 days)



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650,000

74,000

45,000

Comparison of Hockey Attendance in February

700000

600000

500000

400000

300000

200000

100000

0

Giants

Canucks

Olympics

Pacific Coliseum

GM Place

UBC & GM Place


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Background

  • A major international undertaking

    • Partners, sponsors, supporters and suppliers

    • All levels of government and First Nations

    • Businesses, athletes, officials, volunteers, visitors, and media


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Sport, services and games operations $735M

Domestic sponsorships $760M

Technology and Other $768M

Ticketing, licensing and merchandising $278M

REVENUE $2.2 billion

EXPENSES $2.2 billion

Venues $580M

IOC contributions $638M

Marketing & communications $126M

Government and

Other $730M

VANOC - The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games

Source: VANOC third quarter report for the 2007-08 fiscal year, June 20, 2008, p. 12-13


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Government Participation

  • Government of Canada commitment - $656 million

  • Province of B.C. commitment - $600 million


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Government Participation

  • Landmark multi-party agreement

  • Provide essential government services and capital funding

  • 2010 Olympic and Paralympic Winter Games Federal Secretariat


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CRA Participation

  • Committees & Working Groups

  • CRA 2010 Website

  • CRA 2010 Olympics Team

  • Outreach

  • Compliance


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The CRA 2010 Olympics Team

  • Single Point of Contact

  • Committee representation

  • Coordinate 2010 activities

  • Research / Best Practices

  • Perform audits

  • Deliver outreach


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Outreach

  • Increase compliance through education

  • Presentations to various stakeholders

    • Vancouver Regional Construction Association

    • NBC

    • Province of BC

    • Minister of National Revenue

    • Beijing/X’ian Tax Officials


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Compliance – Tax & GST Issues

  • Sponsorships

  • Underground Economy

  • Provincial Income Allocation

  • Increased Real Estate Activity

  • Non-resident & International

  • Accommodations


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Hiring Non-Resident Employees

Construction worker (U.S.)

Employee

A Ltd.

Employer

  • Tax implication: A Ltd. is required to deduct CPP, EI, and Income Tax. The non-resident employee receives a T4 slip at the end of the taxation year and reports it on his income tax return filed in Canada.


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Regulation 105 Withholding Tax

  • Tax implication: B Inc. is required to withhold and remit 15% of the gross payment per Regulation 105 of the Income Tax Act

  • Non-resident would file a T1 to establish final tax liability

  • Non-resident may apply for a Regulation 105 Waiver if applicable

Consultant from Seattle giving a seminar on Olympic recruitment to staff at B Inc.


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Part XIII Withholding Tax

RENT

Australian resident owns Whistler condo

Toronto resident rents the condo during the Olympics

  • Tax implication: The Toronto resident withholds Part XIII tax (25%) from the rental payments.

  • This represents the non-resident’s final tax liability and he is not required to file an income tax return in Canada.


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Non-Resident GST Issues

  • A non-resident carrying on business in Canada who

    • Is making taxable supplies in Canada, and

    • Is not a small supplier

      Must register for GST/HST.

  • Non-resident corporations may voluntarily register in certain situations


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New Legislation 2007

  • Three components

    • Waive non-resident withholding tax liability of the IOC and the IPC

    • Non-resident athletes and other non-resident individuals not to be taxed

    • Cancel duties, excise, and GST on certain goods imported in connection with the Games

  • Subsections 115(2.3), 212(17.1), and 153(1)


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Accommodations IssueComparison of Rental Prices



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CRA Websitehttp://www.cra-arc.gc.ca/2010games/