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.
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.