OVAT

AcronymDefinition
OVATOne-Variable-at-a-Time
OVATOngoing Violence Assessment Tool (spousal abuse)
References in periodicals archive ?
The OVAT legislation will provide for similar restrictions with respect to fuel, combustibles, and road vehicles.
Implementation of the OVAT raises significant issues relating to the current place of supply rules for services and intangibles that could negatively affect the competitiveness of suppliers located in Ontario.
Because the OVAT will generally have the same tax base as the GST, financial services will be exempt from the revised tax --which is likely to result in higher costs because the institutions will pay the OVAT on more expenses but generally will not be able to claim ITCs to recover the tax.
The transition from an RST regime to the OVAT for supply and install construction contracts has its own unique issues.
During the transition, tangible personal property could be delivered to a job site and installed by the contractor on or before June 30, 2010, but the formal acceptance by the owner may occur on or after July 1, 2010, and thus be subject to the OVAT.
Guidance is also needed on whether to invoice the OVAT for holdbacks receivable and payable as of July 1, 2010, but released after harmonization.
Clarification of the rules on the temporary OVAT ITC restrictions applied on energy costs used in the manufacture of goods to be used on supply and install contracts must take into account that these costs are currently non-taxable under the RST regime.
SST 2 describes the transitional rules that will apply to new housing transactions straddling the OVAT implementation date of July 1, 2010.
If a written agreement of purchase and sale were entered into on or before the June 18, 2009, announcement date, the sale will not be subject to the provincial portion of the OVAT where both ownership and possession of the home are transferred after June 2010.
Where new homes are subject to the provincial portion of the OVAT after June 2010, an RST transitional housing rebate will be available to provide relief.