Global

Details

  • 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?




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