News and Insights

CRA GST/HST Pension Entity Rebate and Selected Listed Financial Institution Election Forms

Tax Development Oct 29, 2010

The Canada Revenue Agency has released the pension entity rebate application form along with several election forms based on the proposed draft Selected Listed Financial Institutions Attribution method (GST/HST) Regulations that were issued on June 30, 2010.

The rebate and election forms are as follows:  

an investment plan manager wishes to make a reporting entity election and a tax adjustment transfer election;

an investment plan manager wants to register two or more investment plans that are selected listed financial institutions;  

an investment plan manager wishes to make a tax adjustment transfer election only;

an investment plan manager and an investment plan that is a selected listed financial institution jointly elect to have the investment manager file a single consolidated GST/HST return for the group of investment plans that have made these elections;

a selected listed financial institution that is a large business for purposes of the recapture of input tax credits (ITCs) rules elects to use the total tax recovery rate for purposes of calculating an adjustment to net tax relating to specified property and services to determine the recapture of ITCs for the provincial component of HST for British Columbia and Ontario;

an investment plan is, or expects to be, a qualifying small investment plan and elects to be treated as a selected listed financial institution; and

a pension entity governed by a pension plan applying for a GST/HST rebate pursuant to section 261.01 of the Excise Tax Act . This form will also allow a pension entity and all qualifying employers to jointly elect to transfer some or all of the pension rebate amount to some or all of the qualifying employers of the pension plan.