Form RC7294 "Goods and Services Tax/Harmonized Sales Tax (Gst/Hst) and Quebec Sales Tax (Qst) Final Return for Selected Listed Financial Institutions" - Canada

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Download Form RC7294 "Goods and Services Tax/Harmonized Sales Tax (Gst/Hst) and Quebec Sales Tax (Qst) Final Return for Selected Listed Financial Institutions" - Canada

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Clear Data
Goods and Services Tax/Harmonized Sales Tax
(GST/HST) and Quebec Sales Tax (QST) Final
Return for Selected Listed Financial Institutions
Protected B
when completed
Administered by the Canada Revenue Agency.
You must file Form RC7294 if you are a person that is:
• a selected listed financial institution (SLFI) for QST purposes, whether or not you are a GST/HST and QST registrant
• an SLFI for GST/HST purposes and you are a QST registrant and an annual filer
This return must be filed within six months of your fiscal year end.
Notes
Do not use this form if you are an SLFI for GST/HST purposes, but not for QST purposes, and you are not a QST registrant, or if you are an
SLFI for GST/HST purposes, but not for QST purposes, and you are a QST registrant that is a monthly or quarterly filer. Instead use Form
GST494, Goods and Services Tax/Harmonized Sales Tax (GST/HST) Final Return for Selected Listed Financial Institutions. For more
information, go to canada.ca/gst-hst-financial-institutions.
If you are a person that is an SLFI for QST purposes, but not for GST/HST purposes, and you are required to file electronic returns for
GST/HST purposes, use this form for QST purposes only.
Before completing this form, see "General information" on page 5 of this return and Guide RC4050, GST/HST Information for Selected Listed
Financial Institutions, for more information.
Part A – Identification of the SLFI or the consolidated SLFI group of investment plans
Name of financial institution or consolidated group filing name
Business number
R T
Mailing address (Apt No. – Street No., Street name, PO Box, RR) City
Province/Territory/State
Postal or ZIP code
Country
Contact person
Contact person's title
Telephone number
Extension
Part B – Reporting period information
If you are not a registrant, you are considered a monthly filer.
Year
Month
Day
Year
Month
Day
Enter the fiscal year:
From
to
Enter your reporting period:
Monthly
Quarterly
Annual
Part C – Instalment method elected for transitional year (annual filers only)
[This information is not currently required for fiscal years that begin after June 30, 2010.]
Part D – Calculation under the special attribution method for GST/HST and QST
A monthly filer completes fields M1 through M12. A quarterly filer completes fields Q1 through Q4, while an annual filer completes the annual fields.
Section 1 – GST/HST
Complete lines 2000 through 4600 (on pages 6 to 8) to calculate your adjustment to net tax using the special attribution method (SAM) formula for GST/HST
purposes. Complete lines 4700 and 4800 (on page 8) if you are an SLFI investment plan and you have a net tax adjustment transfer amount as a result of
having a tax adjustment transfer election with your investment plan manager.
Section 2 – QST
Complete lines 5000 through 7600 (on pages 8 to 9) to calculate your adjustment to net tax using the special attribution method (SAM) formula for QST
purposes. Complete lines 7700 and 7800 (on page 9) if you are an SLFI investment plan and you have a net tax adjustment transfer amount as a result
of having a tax adjustment transfer election with your investment plan manager.
Notes
If you are an SLFI for QST purposes, but not for GST/HST purposes, only complete Section 2.
If you are an SLFI for GST/HST purposes, but not for QST purposes, only complete Section 1.
Part E – Calculation of the final adjustments to net tax for GST/HST and QST
A monthly filer completes fields M1 through M12. A quarterly filer completes fields Q1 through Q4, while an annual filer completes the annual fields.
Section 1
Complete lines 101 through 119, 205, and 405 (on pages 10 to 12) if you have GST/HST amounts to report.
Section 2
Complete lines 203 through 219, 305, and 505 (on pages 12 to 14) if you have QST amounts to report.
Section 3
Complete lines 135, 136, and 1300 (on page 15) if you have to report details of certain amounts included on lines 108 and 111.
Section 4
Complete lines 318 to 320 (on page 15) to report total refund claimed or payment enclosed (do not use this section if this return is being filed on a consolidated
basis for a group of SLFI investment plans).
Section 5
If you are a monthly or quarterly filer, complete this section to provide detailed information on the 2% British Columbia transition tax you were required
to report in a particular reporting period or a British Columbia transition rebate you claimed in the particular reporting period.
If you are an annual filer, complete this section if you are required to report the 2% British Columbia transition tax and/or you are claiming a British Columbia
transition rebate for the fiscal year. The rebate form must be included with the return. You must remit any British Columbia transition tax owing, net of any
British Columbia transition rebate you are claiming.
Notes
If you are an SLFI for QST purposes, but not for GST/HST purposes, and:
• you are required to file electronic returns for GST/HST purposes, only complete sections 2 and 4
• you are not required to file electronic returns for GST/HST purposes, and:
– you are an annual filer, complete sections 1, 2, 3, 4, and 5
– you are a monthly or quarterly filer, only complete sections 2, 4, and 5
If you are an SLFI for GST/HST purposes, but not for QST purposes, and you are a QST registrant that is an annual filer, complete sections 1, 2, 3, 4, and 5.
RC7294 E (11/2018)
(Ce formulaire est disponible en français.)
Clear Data
Goods and Services Tax/Harmonized Sales Tax
(GST/HST) and Quebec Sales Tax (QST) Final
Return for Selected Listed Financial Institutions
Protected B
when completed
Administered by the Canada Revenue Agency.
You must file Form RC7294 if you are a person that is:
• a selected listed financial institution (SLFI) for QST purposes, whether or not you are a GST/HST and QST registrant
• an SLFI for GST/HST purposes and you are a QST registrant and an annual filer
This return must be filed within six months of your fiscal year end.
Notes
Do not use this form if you are an SLFI for GST/HST purposes, but not for QST purposes, and you are not a QST registrant, or if you are an
SLFI for GST/HST purposes, but not for QST purposes, and you are a QST registrant that is a monthly or quarterly filer. Instead use Form
GST494, Goods and Services Tax/Harmonized Sales Tax (GST/HST) Final Return for Selected Listed Financial Institutions. For more
information, go to canada.ca/gst-hst-financial-institutions.
If you are a person that is an SLFI for QST purposes, but not for GST/HST purposes, and you are required to file electronic returns for
GST/HST purposes, use this form for QST purposes only.
Before completing this form, see "General information" on page 5 of this return and Guide RC4050, GST/HST Information for Selected Listed
Financial Institutions, for more information.
Part A – Identification of the SLFI or the consolidated SLFI group of investment plans
Name of financial institution or consolidated group filing name
Business number
R T
Mailing address (Apt No. – Street No., Street name, PO Box, RR) City
Province/Territory/State
Postal or ZIP code
Country
Contact person
Contact person's title
Telephone number
Extension
Part B – Reporting period information
If you are not a registrant, you are considered a monthly filer.
Year
Month
Day
Year
Month
Day
Enter the fiscal year:
From
to
Enter your reporting period:
Monthly
Quarterly
Annual
Part C – Instalment method elected for transitional year (annual filers only)
[This information is not currently required for fiscal years that begin after June 30, 2010.]
Part D – Calculation under the special attribution method for GST/HST and QST
A monthly filer completes fields M1 through M12. A quarterly filer completes fields Q1 through Q4, while an annual filer completes the annual fields.
Section 1 – GST/HST
Complete lines 2000 through 4600 (on pages 6 to 8) to calculate your adjustment to net tax using the special attribution method (SAM) formula for GST/HST
purposes. Complete lines 4700 and 4800 (on page 8) if you are an SLFI investment plan and you have a net tax adjustment transfer amount as a result of
having a tax adjustment transfer election with your investment plan manager.
Section 2 – QST
Complete lines 5000 through 7600 (on pages 8 to 9) to calculate your adjustment to net tax using the special attribution method (SAM) formula for QST
purposes. Complete lines 7700 and 7800 (on page 9) if you are an SLFI investment plan and you have a net tax adjustment transfer amount as a result
of having a tax adjustment transfer election with your investment plan manager.
Notes
If you are an SLFI for QST purposes, but not for GST/HST purposes, only complete Section 2.
If you are an SLFI for GST/HST purposes, but not for QST purposes, only complete Section 1.
Part E – Calculation of the final adjustments to net tax for GST/HST and QST
A monthly filer completes fields M1 through M12. A quarterly filer completes fields Q1 through Q4, while an annual filer completes the annual fields.
Section 1
Complete lines 101 through 119, 205, and 405 (on pages 10 to 12) if you have GST/HST amounts to report.
Section 2
Complete lines 203 through 219, 305, and 505 (on pages 12 to 14) if you have QST amounts to report.
Section 3
Complete lines 135, 136, and 1300 (on page 15) if you have to report details of certain amounts included on lines 108 and 111.
Section 4
Complete lines 318 to 320 (on page 15) to report total refund claimed or payment enclosed (do not use this section if this return is being filed on a consolidated
basis for a group of SLFI investment plans).
Section 5
If you are a monthly or quarterly filer, complete this section to provide detailed information on the 2% British Columbia transition tax you were required
to report in a particular reporting period or a British Columbia transition rebate you claimed in the particular reporting period.
If you are an annual filer, complete this section if you are required to report the 2% British Columbia transition tax and/or you are claiming a British Columbia
transition rebate for the fiscal year. The rebate form must be included with the return. You must remit any British Columbia transition tax owing, net of any
British Columbia transition rebate you are claiming.
Notes
If you are an SLFI for QST purposes, but not for GST/HST purposes, and:
• you are required to file electronic returns for GST/HST purposes, only complete sections 2 and 4
• you are not required to file electronic returns for GST/HST purposes, and:
– you are an annual filer, complete sections 1, 2, 3, 4, and 5
– you are a monthly or quarterly filer, only complete sections 2, 4, and 5
If you are an SLFI for GST/HST purposes, but not for QST purposes, and you are a QST registrant that is an annual filer, complete sections 1, 2, 3, 4, and 5.
RC7294 E (11/2018)
(Ce formulaire est disponible en français.)
Clear Data
Protected B
when completed
Part F – Percentages and totals for provinces and territories
Section 1 – GST/HST
If you are an SLFI for GST/HST purposes, enter in column 1 or 2 of Schedule A1 – GST/HST, as applicable, the attribution percentage for each participating
province and the percentage for unallocated amounts that are used as the basis for the calculation in Section 1 of Part D. Also, enter in column 1 or 2, as
applicable, the percentage allocated to non-participating provinces and non-residents deemed to be resident in Canada. When these percentages are added
together, the total should be 100%.
Enter in column 3, the total provincial part of the HST (other than prescribed amounts of tax) paid or payable in the particular reporting period(s) in the fiscal
year or in any other reporting period that precedes the particular reporting period(s) provided the particular reporting period(s) ends within two years after the
end of the fiscal year that includes the other reporting period under specific circumstances, for each participating province [Element F of the special attribution
method (SAM) formula and Element D of the adapted SAM formula].
Note
If you are an SLFI for QST purposes, but not for GST/HST purposes, do not complete Schedule A1 – GST/HST.
Schedule A1 – GST/HST
Column 1
Column 2
Column 3
Province or territory
Previous tax year
Current tax year
Provincial part of the HST
New Brunswick
%
% $
Newfoundland and Labrador
%
% $
Nova Scotia
%
% $
Ontario
%
% $
Prince Edward Island
%
% $
Total for participating provinces
%
% $
Unallocated amounts
%
%
Non-participating provinces
%
%
(including Quebec)
Non-residents deemed to be
%
%
resident in Canada
Total
100
%
100
%
Section 2 – QST
If you are an SLFI for QST purposes, enter in column 1 or 2 of Schedule A2 – QST, as applicable, the attribution percentage for Quebec and the percentage for
unallocated amounts that are used as the basis for the calculation in Section 2 of Part D. Also, enter in column 1 or 2, as applicable, the percentage allocated to
other provinces and non-residents deemed to be resident in Canada. When these percentages are added together, the total should be 100%.
Enter in column 3, the total QST (other than prescribed amounts of tax) paid or payable in the particular reporting period(s) in the fiscal year or in any other
reporting period that precedes the particular reporting period(s) provided the particular reporting period(s) ends within two years after the end of the fiscal year
that includes the other reporting period under specific circumstances [Element F of the special attribution method (SAM) formula and Element D of the adapted
SAM formula].
Note
If you are an SLFI for GST/HST purposes, but not for QST purposes, do not complete Schedule A2 – QST.
Schedule A2 – QST
Column 1
Column 2
Column 3
Province or territory
Previous tax year
Current tax year
QST
Quebec
%
% $
Unallocated amounts
%
%
Other provinces (includes
%
%
participating provinces)
Non-residents deemed to be
%
%
resident in Canada
Total
100
%
100
%
Note
In the case of consolidated filing, the percentages reported in schedules A1 and A2 under columns 1 and 2 would represent aggregated percentages
determined for each series/fund.
Part G – Schedule B
Complete the applicable sections of this schedule:
• Complete B1 if you are required to report an amount related to the recapture of input tax credits (RITCs) for the provincial part of the HST on specified
property or services.
• Complete B2 if you are a builder of newly constructed or substantially renovated housing in Ontario or Prince Edward Island who is required to report
the transitional tax adjustment.
• Complete B3 and/or B4 if you are a builder of newly constructed or substantially renovated housing in New Brunswick, Newfoundland and Labrador,
Nova Scotia, Ontario, or Prince Edward Island who is required to report sales of certain grandparented housing or sales of HST-taxable housing that
were originally purchased on a grandparented basis.
For more information on the transitional tax adjustment, see:
• GST/HST Info Sheet GI-095, Harmonized Sales Tax: Information on the Transitional Tax Adjustment for Builders of Housing in Ontario and British Columbia
• GST/HST Info Sheet GI-150, Harmonized Sales Tax: Information on the Transitional Tax Adjustment for Builders of Housing in Prince Edward Island
For more information on grandparented housing, see:
• GST/HST Info Sheet GI-083, Harmonized Sales Tax: Information for Builders of New Housing in Ontario
• GST/HST Info Sheet GI-104, Nova Scotia HST Rate Increase: Sales and Rentals of New Housing
• GST/HST Info Sheet GI-146, Harmonized Sales Tax: Information for Builders of New Housing in Prince Edward Island
• GST/HST Info Sheet GI-190, New Brunswick and Newfoundland and Labrador HST Rate Increases – Sales and Rentals of New Housing
• GST/HST Info Sheet GI-194, Prince Edward Island HST Rate Increase – Sales and Rentals of New Housing
Page 2
Clear Data
Protected B
when completed
B1 – Recaptured input tax credits
If you are subject to the RITC requirement with respect to the provincial part of the HST on specified property or services, report your total RITC amounts
included in Element G of the SAM calculation or Element E of the adapted SAM formula for the fiscal year on the line for the applicable province (i.e., B1-ON
and B1-PE). In this case, for Ontario and Prince Edward Island, you are not required to provide information on the lines for "Amounts subject to RITC", "RITC
rate", and "RITC amount". If you are required to calculate RITCs with respect to the provincial part of the HST under the general RITC rules, for Ontario and
Prince Edward Island, you are required to provide information on the lines for "Amounts subject to RITC", "RITC rate", and "RITC amount" and information on
lines B1-ON and B1-PE, as applicable. For more information, see Guide RC4050, GST/HST Information for Selected Listed Financial Institutions.
Ontario
Recapture of ITCs is a temporary measure being phased out in Ontario beginning July 1, 2015. To calculate your RITC amount, enter the amount subject to
RITC that applies to each rate period (below) under "Amounts subject to RITC" and multiply that amount by the appropriate rate you entered under "RITC rate".
Enter the result under "RITC amount". Complete one row for each RITC rate that applies in your reporting period. The rates of recapture in Ontario are:
• 100% for the period ending June 30, 2015
• 75% for the period from July 1, 2015 to June 30, 2016
• 50% for the period from July 1, 2016 to June 30, 2017
• 25% for the period from July 1, 2017 to June 30, 2018
Amounts subject to RITC
RITC rate
RITC amount
%
$
×
=
1
$
%
$
$
×
=
2
%
$
$
×
=
3
B1-ON
$
Add lines 1 through 3 and enter the result on line B1-ON:
Prince Edward Island
Recapture of ITCs is a temporary measure being phased out in Prince Edward Island beginning April 1, 2018. To calculate your RITC amount, enter the amount
subject to RITC that applies to each rate period (below) under "Amounts subject to RITC" and multiply that amount by the appropriate rate you entered under
"RITC rate". Enter the result under "RITC amount". Complete one row for each RITC rate that applies in your reporting period. The rates of recapture in Prince
Edward Island are:
• 100% for the period from April 1, 2013 to March 31, 2018
• 75% for the period from April 1, 2018 to March 31, 2019
• 50% for the period from April 1, 2019 to March 31, 2020
• 25% for the period from April 1, 2020 to March 31, 2021
Amounts subject to RITC
RITC rate
RITC amount
%
$
×
=
1
$
%
$
×
=
2
$
%
$
×
=
3
$
Add lines 1 through 3 and enter the result on line B1-PE:
B1-PE
$
If you made a supply by way of sale of a qualifying motor vehicle or removed a qualifying motor vehicle from a specified province and registered it in another
province, you may deduct an amount that was included as a recaptured ITC where you were required to use the general RITC rules for the qualifying motor
vehicle. This deduction is included on line 107 of the return for the relevant reporting period.
Report the deduction for the particular province on the applicable lines.
Ontario
B1V-ON
$
Prince Edward Island
B1V-PE
$
Note
Do not report a deduction in this section if your RITC amount for the qualifying motor vehicle was required to be included in Element G of the SAM formula or
Element E of the adapted SAM formula.
B2 – Transitional tax adjustment
If you are a builder who is required to account for the transitional tax adjustment in your net tax calculation, report the total amount of this transitional tax
adjustment for the fiscal year according to the province where the housing is located.
Ontario
B2-ON
$
Prince Edward Island
B2-PE
$
Page 3
Clear Data
Protected B
when completed
B3 – Sale of grandparented housing
Complete the following according to the province where the housing is located for grandparented housing that is:
• sold to a person where the total sales price (including any amount for any other taxable supply made to the person of an interest in the grandparented
housing) is $450,000 or more
• self-supplied by a builder in New Brunswick, Newfoundland and Labrador, Nova Scotia, or Prince Edward Island (1%) where the fair market value of
the housing is $450,000 or more
Number of housing units
Total sales
New Brunswick
B3-NB
$
Newfoundland and Labrador
B3-NL
$
Nova Scotia
B3-NS
$
Ontario
B3-ON
$
Prince Edward Island (1%)
B3-PE-1
$
Prince Edward Island (9%)
B3-PE-2
$
Prince Edward Island (10%)
B3-PE-3
$
If you filed Form RC4617, Election and Schedule to a Return for Simplified Reporting of Specified Housing Supplies, for a particular reporting period that is
included in the fiscal year identified in Part B of this return, the information that you report here in Section B3 should only be for sales of grandparented housing
for which the GST or federal part of the HST became payable after that particular reporting period. For more information, see GST/HST Notice 294, Questions
and Answers on Simplified Reporting of Specified Housing Supplies.
See GST/HST Info Sheet GI-118, Builders and GST/HST NETFILE, for:
• the meaning of "grandparented housing" for housing in each of the provinces listed above
• an explanation of when builders are required to begin reporting information for sales or self-supplies of grandparented housing located in New Brunswick or
Newfoundland and Labrador
• an explanation of the three special situations for grandparented housing located in Prince Edward Island
• the old definition of "specified housing supplies", where a builder's requirement to report information was based on whether the purchaser was entitled to
a rebate
B4 – Sale of housing where reseller purchased on grandparented basis
For housing originally purchased on a grandparented basis and later sold or self-supplied under conditions where the HST or an increased rate of HST applies,
complete the following according to the province where the housing is located.
Number of housing units
Total original purchases
New Brunswick
B4-NB
$
Newfoundland and Labrador
B4-NL
$
Nova Scotia
B4-NS
$
Ontario
B4-ON
$
Prince Edward Island (1%)
B4-PE-1
$
Prince Edward Island (9%)
B4-PE-2
$
Prince Edward Island (10%)
B4-PE-3
$
For more information, see GST/HST Info Sheet GI-118, Builders and GST/HST NETFILE.
Part H – Certification
I,
, certify that the information given on this form and in any attached documents is correct and
(print name)
complete, and that I am the person who is required to file this return, or that I am authorized to sign on behalfof the person(s) identified in Part A.
Signature of authorized person
Title
Year
Month
Day
Personal information is collected under the Excise Tax Act and An Act Respecting the Québec Sales Tax to administer tax, rebates, and elections. It may also be used for any
purpose related to the enforcement of the Acts such as audit, compliance and collection activities. It may be shared or verified with other federal, provincial, territorial or foreign
government institutions to the extent authorized by law. Failure to provide this information may result in interest payable, penalties or other actions. Under the Privacy Act, individuals
have the right to: access, or request corrections of, their personal information, or to file a complaint with the Privacy Commissioner of Canada regarding the handling of their
personal information. Refer to Personal Information Bank CRA PPU 241 at canada.ca/cra-info-source.
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Clear Data
General information
This form is a return that is used by persons that are selected listed
If there are investment plans in the QST/HST SLFI Group that are
financial institutions (SLFIs) for QST purposes. This is the case
SLFIs for GST/HST purposes only that are not registrants for QST
whether or not the SLFI is a GST/HST and QST registrant. This form
purposes, in addition to filing Form RC7294 and Form RC7200 on
is also used by persons that are SLFIs for GST/HST purposes, but
a consolidated basis for GST/HST purposes, each of those plans
not for QST purposes, that are GST/HST and QST registrants and
would file a separate Form RC7262 for QST purposes for each
annual filers.
calendar month for which they have any QST to report.
Notes
Where a group of investment plans that are all SLFIs for QST
Do not use this form if you are a person that is an SLFI for
purposes only (QST SLFI Group) is filing on a consolidated basis
GST/HST purposes, but not for QST purposes, and you are not a
for QST purposes, their investment plan manager would file a
QST registrant, or if you are a person that is an SLFI for GST/HST
consolidated Form RC7294 for the group. If the SLFI investment
purposes, but not for QST purposes, and you are a QST registrant
plans in the group are monthly or quarterly filers, their investment
that is a monthly or quarterly filer. Instead, use Form GST494,
plan manager would also file consolidated Form RC7200
Goods and Services Tax/Harmonized Sales Tax (GST/HST)
(or electronic equivalent) for each reporting period for the group.
Final Return for Selected Listed Financial Institutions.
In addition to filing Form RC7294 and Form RC7200 on a
If you are a person that is an SLFI for QST purposes, but not for
consolidated basis for QST purposes, each of the investment plans
GST/HST purposes, and you are required to file electronic returns
in the QST SLFI Group would also file a separate Form GST34-2
for GST/ HST purposes, use this form for QST purposes only.
(or electronic equivalent) for GST/HST purposes for each reporting
period.
Where do you find instructions for completing and filing
this return?
For more information, see GST/HST Notice 288, Consolidated Filing
for Investment Plans that are Selected Listed Financial Institutions.
Guide RC4050 contains instructions to help you complete this return,
as well as information on filing and amending your returns.
Where do you send this return?
When do you file this form?
To file this return, send this completed form to:
You must file Form RC7294 within six months of your fiscal year end.
Prince Edward Island Tax Centre
275 Pope Road
What are your reporting requirements?
Summerside PE C1N 6A2
If you are an annual filer and a GST/HST and QST registrant, you
How do you make your remittance?
must file Form RC7294.
Generally, a person that is an SLFI for GST/HST or QST purposes
If you are a monthly or quarterly filer and a GST/HST and QST
or both that is filing a GST/HST and QST return, such as this return,
registrant, you must file both of the following:
can use a GST/HST or QST amount owed to them in a reporting
Form RC7200, Goods and Services Tax/Harmonized Sales Tax
period to reduce a QST or GST/HST amount that they owe in the
(GST/HST) and Quebec Sales Tax (QST) Return for Selected
same reporting period. For example, if you have a GST/HST amount
Listed Financial Institutions, (or electronic equivalent) for each
owing on line 119 of $100,000 and a QST refund on line 218 of
reporting period
$75,000, you can remit the difference, $25,000 of GST/HST owing.
See Section 4 of Part E.
Form RC7294
However, SLFIs that are filing this return on a consolidated basis for
If you are a monthly filer because you are not a GST/HST and QST
GST/HST or QST purposes or both cannot offset GST/HST and QST
registrant, you must file both of the following:
amounts against each other. In other words, you cannot reduce a
Form RC7262, Goods and Services Tax/Harmonized Sales Tax
GST/HST amount owing from line 119 by the amount of a QST
(GST/HST) and Quebec Sales Tax (QST) Return for Selected
refund from line 218 of this return and you cannot reduce a QST
Listed Financial Institutions (non-personalized), for each reporting
amount owing from line 219 by the amount of a GST/HST refund
period
from line 118 of this return. For example, if a return is filed on a
consolidated basis and there is a GST/HST amount owing on
Form RC7294
line 119 of $100,000 and a QST refund on line 218 of $75,000,
Consolidated filing for investment plans
the $100,000 of GST/HST owing must be remitted and the $75,000
of QST will be refunded.
Where a group of investment plans that are all SLFIs for GST/HST
purposes and two or more are also SLFIs for QST purposes
If your remittance is less than $50,000, you may include it with your
(QST/HST SLFI Group) is filing on a consolidated filing basis for
return, or you can make your remittance at a participating financial
GST/HST purposes, the investment plans that are also SLFIs for
institution in Canada using a remittance voucher. If your remittance is
QST purposes would also file on a consolidated basis for QST
$50,000 or more, you must make your remittance at a participating
purposes and their investment plan manager would file a
financial institution in Canada using a remittance voucher. To get a
consolidated Form RC7294 for the group. If the SLFI investment
remittance voucher, call 1-800-959-5525. Form RC7294 must be
plans in the group are monthly or quarterly filers, their investment
mailed to the Prince Edward Island Tax Centre, even if you make
plan manager would also file consolidated Form RC7200
your remittance at a participating financial institution in Canada.
(or electronic equivalent) for each reporting period for the group.
You can also make your payments online. For more information, go
If there are investment plans in the QST/HST SLFI Group that
to canada.ca/payments.
are SLFIs for GST/HST purposes only that are registrants for QST
What if you need help?
purposes, in addition to filing Form RC7294 and Form RC7200 on
a consolidated basis for GST/HST purposes, each of those plans
If you need more information after reading Guide RC4050, go
would file a separate Form RC7200 (or electronic equivalent) for
to canada.ca/gst-hst-financial-institutions, or call 1-855-666-5166.
QST purposes for each reporting period.
To get our forms and publications, go to canada.ca/gst-hst-pub.
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