HeeBeeGB
Rough_Rock
- Joined
- Nov 24, 2005
- Messages
- 68
Darn it...so much for getting my tax back!
December 2, 2005
For the week of December 5, 2005
10% on clocks with a value in excess of $50.00. This tax will be eliminated in 2009.
8% on all articles of made of semi-precious stones, jewellery, precious and semi-precious stones, and goldsmiths’/silversmiths’ products. This rate remains subject to rate reductions currently in place, to be eliminated in full by March 1, 2009.
Elimination of excise tax on watches as of November 25, 2005.
Over the past 36 hours, the Canadian Jewellers Association (CJA) sought the legal opinion of a tax specialist and has been informed that CRA had no other option but to interpret this recent set of circumstances to result in the above-noted structure.
However, the CJA is continuing to work on this issue with key stakeholders in the Finance and Revenue departments in Ottawa to clear up the ambiguity resulting from the passing into law of Bill C 259. This website will provide updates on these efforts as they are available.
December 2, 2005
For the week of December 5, 2005
Regarding - An Act to Amend the Excise Tax Act
The Canada Revenue Agency (CRA) ruled yesterday that the wording in Bill C 259 is such that the excise taxes on the following categories are now:
10% on clocks with a value in excess of $50.00. This tax will be eliminated in 2009.
8% on all articles of made of semi-precious stones, jewellery, precious and semi-precious stones, and goldsmiths’/silversmiths’ products. This rate remains subject to rate reductions currently in place, to be eliminated in full by March 1, 2009.
Elimination of excise tax on watches as of November 25, 2005.
Over the past 36 hours, the Canadian Jewellers Association (CJA) sought the legal opinion of a tax specialist and has been informed that CRA had no other option but to interpret this recent set of circumstances to result in the above-noted structure.
However, the CJA is continuing to work on this issue with key stakeholders in the Finance and Revenue departments in Ottawa to clear up the ambiguity resulting from the passing into law of Bill C 259. This website will provide updates on these efforts as they are available.
300x240.png)