Form RC7298 Election or Revocation of an Election to Use the Prescribed Percentage for a Selected Listed Financial Institution - Canada

Form RC7298, Election or Revocation of an Election to Use the Prescribed Percentage for a Selected Listed Financial Institution, is used in Canada for electing or revoking an election to use the prescribed percentage method as a financial institution. This form is used to determine the amount of goods and services tax/harmonized sales tax (GST/HST) that a selected listed financial institution is required to remit to the Canada Revenue Agency (CRA).

The Form RC7298 is filed by the selected listed financial institution in Canada.

FAQ

Q: What is Form RC7298 used for?A: Form RC7298 is used to elect or revoke an election to use the prescribed percentage for a selected listed financial institution in Canada.

Q: What is the prescribed percentage?A: The prescribed percentage is the percentage of income that a financial institution must include in its income for tax purposes.

Q: What is a selected listed financial institution?A: A selected listed financial institution refers to a designated bank, a trust company, or a credit union that meets certain criteria.

Q: Who should file Form RC7298?A: Financial institutions that meet the criteria and wish to elect or revoke their election to use the prescribed percentage should file Form RC7298.