August 11, 2022
Joel Gomes

Accounting Change to Cost Plus Claims

August 11, 2022
Joel Gomes

To our Cost Plus Plan Members,

It has been brought to our attention, that the 5% Goods and Services Tax (GST) must be charged on all administration fees and services, including our Cost Plus processing claims fees.

Until now, we have only been charging 8% Provincial Sales Tax (PST) on our Cost Plus administration fees. We now need to charge GST to ensure the proper 13% of the Harmonized Sales Tax (HST) is collected, as required by the Canada Revenue Agency (CRA).

For example, let’s say this month you have Cost Plus claims in the amount of $1,000. The following example illustrates the calculation of the total payable to Beneplan:

Cost Plus plan members will, of course, be able to include the 13% HST paid, with their company’s regular HST filing (ITC).

Please ensure that you are using the most current version of the Cost Plus Claims form available HERE.

We apologize for any inconvenience this may cause. If you have an questions please contact vincenza@beneplan.ca.

As always, we thank you for being valued members of our Co-operative.

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