News and Insights


Tax Development Mar 28, 2011

The Canada Revenue Agency has finally released the revised version of form GST494, incorporating the proposed amendments to the Excise Tax Act, announced on January 28, 2011 and the proposed Draft Regulations Amending Various GST/HST Regulations, announced on January 28, 2011, which includes the proposed draft Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.  Selected listed financial institutions (SLFIs) must file this return within six months of their fiscal year end, regardless of whether or not the SLFI is registered for GST/HST.

The form also reflects that the provinces of British Columbia and Ontario are participating provinces, effective July 1, 2010.  Part H, Schedule B must be completed for registrants subject to the recapture of input tax credits or for builders of newly constructed or substantially renovated housing in British Columbia, Nova Scotia or Ontario.