Form GST506 Election and Revocation of an Election Between Agent and Principal - Canada

Form GST506 "Election and Revocation of an Election Between Agent and Principal" in Canada is used to declare the election or revocation of the election between a principal and an agent for the purposes of the Goods and Services Tax/Harmonized Sales Tax (GST/HST). It pertains to the appointment of an agent to act on behalf of the principal in matters related to GST/HST obligations.

The principal files the Form GST506 Election and Revocation of an Election Between Agent and Principal in Canada.

FAQ

Q: What is Form GST506?A: Form GST506 is a form used in Canada to make an election or revoke an election between an agent and principal.

Q: Who can use Form GST506?A: Both agents and principals in Canada can use Form GST506 to make an election or revoke an election.

Q: What is the purpose of the election or revocation?A: The election or revocation is used to determine who is responsible for reporting and remitting Goods and Services Tax (GST) in certain situations.

Q: How do I fill out Form GST506?A: You should provide all the required information, such as the names and business numbers of both the agent and principal, and indicate whether you are making an election or revocation.

Q: Is there a deadline for submitting Form GST506?A: There is no specific deadline mentioned for submitting Form GST506, but it is recommended to submit it as soon as possible when making an election or revocation.

Q: What should I do after submitting Form GST506?A: After submitting Form GST506, you should keep a copy for your records and follow any further instructions provided by the CRA.

Q: Can I make changes to an election or revocation on Form GST506?A: Yes, you can make changes to an election or revocation on Form GST506 by completing a new form and indicating that it is an amendment.