News and Insights

CRA Revised Guide RC4050, “GST/HST Information for Selected Listed Financial Institutions”

Tax Development May 18, 2011

The CRA has revised this guide for Selected Listed Financial Institutions (SLFIs), which contains specific information on the reporting requirements for SLFIs. The guide contains specific line by line instructions to help complete form GST494, GST/HST Final Return for Selected Financial Institutions, which was also recently revised to incorporate Ontario and British Columbia as participating provinces, effective July 1, 2010. 

In addition, the guide now reflects the proposed changes to the rules relating to the methods that financial institutions follow to calculate the provincial component of the HST as announced in the Backgrounders issued by the Department of Finance on May 19 and June 30, 2010 and January 28, 2011.   

Generally, a financial institution that is a GST/HST registrant and that has total annual income in excess of $1 million is required to file form GST 111, Financial Institution GST/HST Annual Information Return for fiscal years beginning after 2007.  As announced in the most recent backgrounder released on January 28, 2011, it is proposed that segregated funds of an insurer and investment plans that are GST/HST registered SLFIs, other than a trust governed by a registered retirement savings plan, a registered income fund or a registered education savings plan, will be exempt from the requirement to file form GST111.      

CRA RC4050

Department of Finance News Release 2011-009