Form RC7214 Attribution Point Elections or Revocation of the Election for Selected Listed Financial Institutions for Gst / Hst and Qst Purposes or Only for Qst Purposes - Canada

Form RC7214 Attribution Point Elections or Revocation of the Election for Selected Listed Financial Institutions for GST/HST and QST Purposes, or Only for QST Purposes, in Canada is used for making elections or revocations related to the attribution of taxable supplies made by selected listed financial institutions for GST/HST and QST purposes. It allows these institutions to choose when to consider certain supplies as being made for GST/HST and QST purposes.

The form RC7214 is filed by selected listed financial institutions for GST/HST and QST purposes in Canada.

FAQ

Q: What is Form RC7214?A: Form RC7214 is used for attribution point elections or revocation of the election for selected listed financial institutions for GST/HST and QST purposes or only for QST purposes in Canada.

Q: What is an attribution point election?A: An attribution point election is a choice made by a selected listed financial institution to assign the GST/HST or QST paid or payable on certain expenses to specific activities or supplies.

Q: What is a selected listed financial institution?A: A selected listed financial institution is a financial institution that is regulated by certain federal or provincial authorities.

Q: What are GST/HST and QST?A: GST/HST stands for Goods and Services Tax/Harmonized Sales Tax, which is a tax on most goods and services in Canada. QST stands for Quebec Sales Tax, which is a provincial tax imposed on most goods and services in Quebec.

Q: What is the purpose of Form RC7214?A: The purpose of Form RC7214 is to allow selected listed financial institutions to make attribution point elections or revoke existing elections for GST/HST and QST purposes.

Q: Who should use Form RC7214?A: Form RC7214 should be used by selected listed financial institutions in Canada.

Q: How do I submit Form RC7214?A: Form RC7214 can be submitted by mail to the CRA.

Q: Are there any deadlines for submitting Form RC7214?A: The deadline for submitting Form RC7214 depends on the specific circumstances and should be in accordance with the CRA's guidelines.