Cost Recovery Invoices
June 4, 2015
As you are aware, in January 2015, Multi-Material Stewardship Western (MMSW) issued cost recovery invoices to all MMSW stewards. The invoices that were issued at that time did not separate out the GST portion but were issued 'tax inclusive', meaning GST was included in the total invoice amount. Internally, MMSW has separated out the GST portion and made the proper remittances to the government. Please note that any future invoices, once the program has launched, will be issued with appropriate taxes shown separately.
For the purposes of amending your business's internal records to reflect the GST associated with your cost recovery invoice, please use the following formula to separate out the stewardship fee from the GST on your cost recovery invoice:
Total invoice amount x 5/105 = the GST portion of the invoice.
With this calculation, you are able to identify the stewardship fee portion and the Input Tax Credit (ITC) portion if your organization is eligible for ITCs.
If you would like MMSW to re-issue the invoice for your internal records, with the GST portion separated out, please advise MMSW accounts receivable at: email@example.com
The Business Number for MMSW is 81237 6655 RT0001.