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| *The Commerce Journal>>>Canada Taxes |
GST Query on compensation? |
I work as a casual worker and recently could not go to work as i suffered a fall. I am now much better and have been offered a significant sum in compensation from insurer. On the final release form there is a question pertaining to GST which asks am i registered and what amount is recoverable. A few weeks ago i spoke to a tax adviser from Canada revenue who advised me that i do not have to pay ANY GST out of my compensation, i asked her if she was sure and she double checked and called me back to confirm this. If that is the case why would there be a question on the final release form. Unfortunately i can't call anybody until Tuesday as there is a civic holiday here in Canada so if anybody knows the correct answer, please let me know. The compensation is made up of loss of wages and pain and suffering. Could you post the Province you're in, and the form number you're looking at? It might help give some context. For me GST registrants are people who are in business and have registered for GST. This is mandatory for businesses earning over $30,000 per year gross. Registrants may be either in a DR or CR position (if in a CR position you'd receive a refund). You can also collect GST from the federal government in the form of a GST credit, but those recipients are not usually referred to as registrants; I therefore am not sure what they are asking. The only way you would have to deal with GST on Compo...you have to be self employed and registered...if you don't then don't worry about it but call them Tuesday and talk to them...any way if you are self employed and haven't earned under $30,000 then you don't have to worry... |
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