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CRA and the 2010 Olympic Games

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

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  1. 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

  2. Agenda • Background • CRA Involvement • Technical Issues and Actions • Questions

  3. 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)

  4. Economic Impact

  5. 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

  6. Background • A major international undertaking • Partners, sponsors, supporters and suppliers • All levels of government and First Nations • Businesses, athletes, officials, volunteers, visitors, and media

  7. 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

  8. Government Participation • Government of Canada commitment - $656 million • Province of B.C. commitment - $600 million

  9. Government Participation • Landmark multi-party agreement • Provide essential government services and capital funding • 2010 Olympic and Paralympic Winter Games Federal Secretariat

  10. CRA Participation • Committees & Working Groups • CRA 2010 Website • CRA 2010 Olympics Team • Outreach • Compliance

  11. The CRA 2010 Olympics Team • Single Point of Contact • Committee representation • Coordinate 2010 activities • Research / Best Practices • Perform audits • Deliver outreach

  12. 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

  13. Compliance – Tax & GST Issues • Sponsorships • Underground Economy • Provincial Income Allocation • Increased Real Estate Activity • Non-resident & International • Accommodations

  14. 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.

  15. 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.

  16. 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.

  17. 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

  18. 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)

  19. Accommodations IssueComparison of Rental Prices

  20. Comparison of Rental Prices

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

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