我的问题可能说不清楚,我做capital lease的时候, 每个lease term的obligation of lease的折旧,如果我在最初就把HST拿出来为ITC,那我的obligation of lease 的amortization就不对了,所以我想问一下在HST的情况下,如果算OBLIGATION的amortization schedule,谢谢
-susan_wu(皓皓妈升级版);
2012-3-20(#63023@41)
向银行要amortization schedule啦。如果是sales and leaseback。当初Sales的时候,税要全部remit,净值capitalize,资产depreciation照旧。资产也可以重新分类一下,分成xx under capital lease。每月的lease payment,Debit HST receivable and Lease obligation。如果改成off-balance sheet(当然这个不太符合GAAP),当成operating lease,就把资产抹掉,不用再depreciate,lease payment net of tax进lease expense.
How to calculate HST-ITC for each payment period? Use effective annual rate?
-susan_wu(皓皓妈升级版);
2012-3-21(#63038@41)
HST is nothing to do with the annual rate. HST ITC should be specified on the lease agreement. Yes, the peridic interest pmt is calculated using effective interest rate.
-readingbook(chinacanada);
2012-3-21(#63039@41)
yes. Readingbook is correct.
-huskywang(husky);
2012-3-21(#63042@41)
For a), you dont need to set up account- loan for HST,see below:
Dr. leased assets***
Dr. ITC ***
Cr. Leased liabilities
b) Dr. interest exp.***
Dr. leased liability***
Cr. cash
c) correct
-readingbook(chinacanada);
2012-5-14(#64996@41)
You are right, my problem is the total HST including the principle in our vehicle lease and amortization with interest expense together. I can't figure out HST for each period. If I need to assume HST equal payment/1.13*0.13 and others treat as interest expense?
-susan_wu(皓皓妈升级版);
2012-3-21{250}(#63040@41)
the leas agreement should specify the HST they charged.
if not, your logical is correct. after dedcuting HST, the other goes to interest expense.the leas agreement should specify the HST they charged.
if not, your logical is correct. after dedcuting HST, the other goes to interest expense.
the interest expense should be recorded at the begining of the lease according to accraul basis accounting.
-huskywang(husky);
2012-3-21{257}(#63043@41)
We do not take HST on period payment into lease covenant. Firms do not have obligation to HST on lease payment as this HST will be taken into ITC in the same reporting period.
-linsh(linsh);
2012-3-21(#63056@41)