CRA has stopped issuing GST/HST refunds to FIs (including deemed FIs or SLFIs) that have not filed their annual return/VDP announcement in Fall 2017

Since May 2017, CRA has been applying non-compliance holds (i.e., freezing any GST/HST refunds on a registrant’s account) for all non-compliant GST/HST registrants including financial institutions that are GST/HST registrants that have outstanding annual information returns such as Form GST111 (the general FI annual return) or RC7291 (the usual selected listed financial institution annual return). CRA also notes that for these (and other) purposes, corporations can be deemed to be financial institutions as a result of a s. 150 election.

After indicating that the public consultation period on the voluntary disclosure program will expire next week, CRA also stated that “it is expected that the CRA will announce formal changes to the program in the fall of 2017.”

Neal Armstrong. Summaries of Excise and GST/HST News - No. 102 July 2017 under ETA s. 229(2) and s. 281.1(2).