The Canada Revenue Agency (“CRA”) has issued GST/HST Notice 288, “Consolidated Filing for Investment Plans that Are Selected Listed Financial Institutions”, which discusses the option to file consolidated GST/HST and/or QST returns that is available to groups of investment plans that are selected listed financial institutions (“SLFIs”).
The Notice covers the eligibility requirements for filing consolidated returns based on whether the SLFI is registered for HST, QST and HST, or QST. In addition, topics such as registration and reporting requirements are covered for each scenario. Typically, at least one election must be filed and the group of investment plans must file for group registration before returns can be filed on a consolidated basis. The Notice also makes reference to the applicable election forms and guides, which are available on the CRA’s website.
An important constraint to note is that where SLFIs report on a consolidated basis, they are no longer able to offset an amount of GST/HST or QST recoverable in a particular reporting period to reduce an amount of GST/HST or QST owed in that same period.