Commodity Tax Reviews

Statistically over 90% of businesses miss opportunities to reduce their payments by taking advantage of the exemptions available to them within the Federal and Provincial Tax Acts.

Every business in Canada pays Commodity Taxes: sales tax - GST and PST, fuel tax, excise tax, duty, customs, EHT and other payroll taxes. Even 'tax exempt' businesses pay taxes on virtually every purchase of a service or product.

In fact, millions of dollars of overpayments are made annually.

The main reason: There are challenges that contribute to inaccuracies or errors:

• understanding the differences that apply in various jurisdictions
• staffing churn or turnover and the use of temporary staff
• keeping current on the rules and regulations
• implementation of a new accounting or information system(s)
• out-of-province or out-of-country transactions
• multiple facilities
• a high volume of purchase or sale transactions

Our professional team has extensive knowledge of all commodity and duty taxes found in Canada and the United States. Our job is to keep abreast of the latest legislative changes, interpretations of tax rulings, and pending legislation relating to these types of indirect tax so you don't have to. This expertise allows us to identify and claim tax overpayments and credits from your historical commodity tax transactions – And these tax recoveries translate into instant savings and better cash flows for your future.

We work with key personnel in your finance and accounting teams – with minimal interruption to your team's workday. Generally no more than 30 minutes of your staff's time is all it takes to determine eligibility.

Once the review is complete, we prepare a report with details of all potential tax recoveries that we find, and we outline the legislative grounds for this recovery. This detailed report enables you to apply these best practices to ensure that you are able to avoid indirect tax overpayments in the future.

We then review our findings with you and work to prepare and file the necessary tax claim forms. We review your data, prepare a detailed report, file a claim, and if audited, defend the claim on your behalf. Conversely, if we are unable to find recoveries for you, we provide you with comfort and validation that you are not leaving any money on the table.

Our guarantee is simple: If we can't find you money, we don't make any money.

Simply put, there's nothing for you to lose and absolutely everything to gain.

Let Impact 360 identify and assist you in recapturing indirect tax overpayments using our applied knowledge and experience with the latest legislation, judicial rulings, government guidelines, and policies.