Global

Details

  • Service: Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 5/22/2014

Canada - GST/HST returns of financial institutions due 30 June 

May 22:  Many financial institutions must soon file their 2013 GST/HST and QST final returns as well as their GST/HST and QST annual information returns to comply with complex GST/HST rules. The returns are due 30 June 2014.

First, financial institutions must determine how the various changes in 2013 will affect these returns, including the new QST rules, the elimination of the HST in British Columbia and the new HST in Prince Edward Island.


Second, financial institutions must determine whether to use new forms, deal with registration changes, or meet any other administrative, or filing obligations.


While the Canada Revenue Agency is increasing GST/HST audit activities in the financial sector, selected listed financial institutions (SLFIs) need to consider this opportunity to review previously filed final returns to correct errors, as well as take advantage of missed deductions.


Read a May 2014 report prepared by the KPMG member firm in Canada: Reminder - Financial Institutions Face June 30 Deadline




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