• Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 6/24/2014

Canada - QST returns of fund managers due 30 June 

June 24:  Fund managers and insurance companies that are not registered for the indirect tax in Quebec (QST) may need to file a specific new QST return no later than 30 June 2014, to remit QST or claim refunds relating to a “tax adjustment transfer election.”

The “tax adjustment transfer election” is one of the joint compliance elections commonly used by managers and their qualifying funds under the GST/HST selected listed financial institutions (SLFIs) rules.

New QST return

Revenu Quebec recently released a new QST return for non-SLFI managers that do not reside in Quebec and that have “tax adjustment transfer elections” in effect with their funds.

To pay or claim a refund related to a QST tax adjustment, qualifying managers must file the new QST return VD-406.2, Déclaration de transfert de redressement de taxe par un gestionnaire d’un régime de placement qui ne réside pas au Québec (available in French only at this time).

For many non-SLFI managers, these returns must be received by Revenu Quebec by 30 June 2014.

Read a June 2014 report prepared by the KPMG member firm in Canada: Mutual and Segregated Fund Managers – Are You Remitting GST and QST Correctly?

©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International.

KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.

The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Direct comments, including requests for subscriptions, to
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.


Share this

Share this


Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)

Already a Subscriber? Login

Not a member? Subscribe now