Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 5/13/2014

Canada - Businesses, financial institutions must file GST/HST information returns 

May 13:  Many large businesses and financial institutions (FI) across Canada need to prepare the information required to file their GST/HST annual information return—due by 30 June 2014 for many entities.

Also, this year, some entities may have to file similar information for QST purposes.


While these returns are generally aimed at financial institutions, many large businesses that have made a particular election with an financial institution or that meet certain financial revenue thresholds will be treated as financial institutions for GST/HST and QST purposes and will be required to file these returns no later than six months after their year-end.


Failure to provide the appropriate information on the return by the required deadline could be subject to penalties of as much as $100,000* per return.


*$ = Canadian dollar


The Canada Revenue Agency (CRA) released a new GST/HST and QST combined annual information return. For 2013, there are changes that need to be considered—including revision of the indirect tax regime in British Columbia.


Read a May 2014 report prepared by the KPMG member firm in Canada: FIs and Large Businesses — File Forms or Face Penalties




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1801 K Street NW
Washington, DC 20006.

 

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