News and Insights

CRA GST/HST Notice No. 255, “Elections for Certain Selected Listed Financial Institutions under the HST”

Tax Development Jul 15, 2010

This notice describes the elections that are proposed to be available to certain selected listed financial institutions (SLFIs) under new rules introduced as part of the changes to the HST that would require these elections to be filed with the Minister of National Revenue.  The proposed changes would generally apply in respect of any reporting period of an SLFI that ends after June 2010.

The new rules will be enacted as part of the Provincial Choice Tax Framework Act, which received Royal Assent on December 15, 2009 and Regulations that may be issued pursuant to the Act.  The proposed changes are described in the Backgrounders entitled, “Financial Institution Rules for the Harmonized Sales Tax (HST)” issued by the Department of Finance on May 19, 2010 and “Harmonized Sales Tax Rules for Financial Institutions, Interment Rights and Streamlined Accounting Methods” and draft Regulations entitled, “Draft Regulations Amending Various GST/HST Regulations, No. 2” issued by the Department of Finance on June 30, 2010.

CRA Notice 255
May 19 Backgrounder
June 30 Backgrounder
Draft GST/HST Regulations No. 2