Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/4/2013

Canada - New QST procedures for financial institutions 

February 4: Many financial institutions registered for Quebec sales tax (QST) purposes soon will have to file their QST returns with the Canada Revenue Agency (CRA) instead of the Quebec Revenu Agency (QRA).

As part of the further harmonization of the QST rules with the goods and services tax (GST) rules, the CRA has taken over the administration of the QST on behalf of the QRA for all “selected listed financial institutions” (SLFI) effective January 1, 2013.


Accordingly, the CRA is now administering GST/HST and QST for all SLFIs at the federal level.


Generally, for QST purposes, a SLFI entity is a financial institution that has a permanent establishment in Quebec and a permanent establishment in another province. For example, SLFI entities for QST purposes could include banks, securities dealers, pension plans and other investment plans.


Read a January 2013 report prepared by the KPMG member firm in Canada: New QST Returns and Filing Procedures for Many FIs




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