Form GST494 Gst / Hst Final Return for Selected Listed Financial Institutions - Canada

The Form GST494 is used for filing the Goods and Services Tax/Harmonized Sales Tax (GST/HST) final return for selected listed financial institutions in Canada.

The financial institutions themselves are responsible for filing the Form GST494 GST/HST Final Return in Canada.

Form GST494 Gst/Hst Final Return for Selected Listed Financial Institutions - Canada - Frequently Asked Questions (FAQ)

Q: What is the GST494 form? A: The GST494 form is the final return for selected listed financial institutions in Canada for reporting GST/HST.

Q: Who needs to file the GST494 form? A: Selected listed financial institutions in Canada need to file the GST494 form.

Q: What is GST/HST? A: GST/HST stands for Goods and Services Tax/Harmonized Sales Tax, which is a tax levied on the supply of most goods and services in Canada.

Q: What is a listed financial institution? A: A listed financial institution is a financial institution that is listed in Schedule VI of the Excise Tax Act.

Q: What information needs to be reported on the GST494 form? A: The GST494 form requires reporting of various financial information, including GST/HST amounts collected, paid, and payable.

Q: When is the deadline to file the GST494 form? A: The deadline for filing the GST494 form is determined based on the fiscal year-end of the financial institution, but it is generally due within three months after the fiscal year-end.

Q: How can the GST494 form be filed? A: The GST494 form can be filed electronically through the Canada Revenue Agency's My Business Account or by mail.

Q: Are there any penalties for late filing of the GST494 form? A: Yes, there may be penalties for late filing or non-filing of the GST494 form. It is important to file the form on time to avoid penalties.