How will Thompson, Ahern & Co. Limited (Thompson Ahern) deal with the HST on goods purchased from outside Canada? The invoice does not show any taxes. Should I self assess the HST or will Thompson, Ahern & Co. Limited handle that for me?
For example: I receive an invoice from a US vendor for goods I purchased and were shipped to our lab.
There should be NO need to self assess the HST on purchases from outside of Canada that are processed by Thompson Ahern. The University receives an electronic file from Thompson Aherns and based on coding information contained in the file, the taxes on the Value For Duty (VFD) amount as well as the brokerage fee are calculated and posted to FIS. However, as is the case with all automated system postings, departments should continue to review the entries to ensure that the posting, (i.e. tax treatment derived from the Thompson Aherns coding) was appropriate.