GST/HST and QST - Financial institutions, including selected listed financial institutions

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GST/HST and QST - Financial institutions, including selected listed financial institutions

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Find out about the different types of financial institutions
Find out how the GST/HST and the QST is administered for financial institutions
Determine which returns to complete and when to file
How to correct a previously filed return
How to remit (pay) the GST/HST (including instalment payments)

Find out about the different types of financial institutions

Financial institutions (FIs), listed financial institutions (LFIs), and selected listed financial institutions (SLFIs) provide a wide range of services. In addition to the supply of financial services, which are generally exempt from the goods and services tax/harmonized sales tax (GST/HST) and the Quebec sales tax (QST), a significant number of FIs also supply other services, both in Canada and internationally, that are taxable. You can find detailed information (including definitions) relating to GST/HST and FIs in the GST/HST Memoranda Series, Chapter 17.

Find out how the GST/HST and the QST is administered for financial institutions

In Quebec, Revenu Québec administers the GST/HST. However, CRA administers the amended QST, on behalf of Revenu Québec, for SLFIs that do business in Quebec and FIs that do business in Quebec for QST purposes.

The governments of Quebec and Canada entered into an agreement to change the QST. The QST remains a provincial tax separate from the GST/HST and is calculated on the sale price for goods and services, without the GST.

Determine which returns to complete and when to file

Unlike most GST/HST registrants, FIs, LFIs, and SLFIs has unique filing and reporting requirements. The returns to be filed and the deadlines are different for quarterly and monthly filers than they are for annual filers. The following sections determines which forms to use and the filing deadlines.

FIs and LFIs with GST/HST reporting requirements

FIs and LFIs with GST/HST reporting requirements

Reporting requirements - Available returns
Filing period You must file the following returns Filing deadline
Monthly or quarterly
  1. GST34‑2 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants (personalized, pre-printed format)) or
    GST62 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return (non-personalized))
  2. GST111 (Financial Institution GST/HST Annual Information Return)
  1. One month after the end of each reporting period
  2. Six months after the end of your fiscal year

Annual
  1. GST111 (Financial Institution GST/HST Annual Information Return)
  1. Six months after the end of your fiscal year

For instructions on how to complete Form GST34-2 (or GST62), see Complete a GST/HST Return.

For instructions on how to complete Form GST111, see Guide RC4419, Financial Institution GST/HST Annual Information Return.

For information on online filing requirements and which online method you can use, see Methods to file GST/HST returns.

SLFIs with GST/HST reporting requirements

SLFIs with GST/HST reporting requirements

Reporting requirements - Available returns
Filing period You must file the following returns Filing deadline
Monthly or quarterly
  1. GST34‑2 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants (personalized, pre-printed format)) or
    GST62 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return (non-personalized))
  2. RC7262 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Québec Sales Tax (QST) Return for Selected Listed Financial Institutions (non-personalized)) - If you have any QST to report
  3. GST494 (Goods and Services Tax/Harmonized Sales Tax Final Return for Selected Listed Financial Institutions)
  4. GST111 (Financial Institution GST/HST Annual Information Return)
  1. One month after the end of each reporting period
  2. One month after the end of each calendar month for which you have any QST to report
  3. Six months after the end of your fiscal year
  4. Six months after the end of your fiscal year

Annual
  1. RC7262 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Québec Sales Tax (QST) Return for Selected Listed Financial Institutions (non-personalized)) - If you have any QST to report
  2. GST494 (Goods and Services Tax/Harmonized Sales Tax Final Return for Selected Listed Financial Institutions)
  3. GST111 (Financial Institution GST/HST Annual Information Return)
  1. For each calendar month for which you have any QST to report
  2. Six months after the end of your fiscal year
  3. Six months after the end of your fiscal year

For instructions on how to complete Form GST34-2 (or GST62), see Complete a GST/HST Return.

For instructions on how to complete Form GST494, see Guide RC4050, GST/HST Information for Selected Listed Financial Institutions.

For information on online filing requirements and which online method you can use, see Methods to file GST/HST returns.

Note

When you determine your net tax for a reporting period (by completing Parts D and E of the GST494 return), you have to use the SAM formula to make an adjustment to the net tax for each of your reporting periods. For more information, see Special attribution method.

For instructions on how to complete Form GST111, see Guide RC4419, Financial Institution GST/HST Annual Information Return.

SLFIs with GST/HST/QST reporting requirements

SLFIs with GST/HST/QST reporting requirements

Reporting requirements - Available returns
Filing period You must file the following returns Filing deadline
Monthly or quarterly
  1. RC7200 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Return for Selected Listed Financial Institutions (personalized, pre-printed format)) or
    RC7262 )Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Return for Selected Listed Financial Institutions (non-personalized))
  2. RC7294 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Final Return for Selected Listed Financial Institutions)
  3. RC7291 (GST/HST and QST Annual Information Return for Selected Listed Financial Institutions)
  1. One month after the end of each reporting period
  2. Six months after the end of your fiscal year
  3. Six months after the end of your fiscal year

Annual
  1. RC7294 (Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Final Return for Selected Listed Financial Institutions)
  2. RC7291 (GST/HST and QST Annual Information Return for Selected Listed Financial Institutions)
  1. Six months after the end of your fiscal year
  2. Six months after the end of your fiscal year

For instructions on how to complete and file Form RC7294, see Guide RC4050, GST/HST Information for Selected Listed Financial Institutions.

Note

When you determine your net tax for a reporting period (by completing Parts D and E of the RC7294 return), you have to use the SAM formula to make an adjustment to the net tax for each of your reporting periods. For more information, see Special attribution method.

For instructions on how to complete Form RC7291, see Guide RC7219, GST/HST and QST Annual Information Return for Selected Listed Financial Institutions.

How to correct a previously filed return

If you need to make changes to a GST34-2, GST62, RC7200, or RC7262 return you have already filed, do not file another return. For more information, see Correct a GST/HST return.

Making changes to original paper GST111, GST494, RC7291, and RC7294 returns

If you need to make changes to your original paper return, you must send us a new paper return and write the word “AMENDED” at the top of the form. The changes to your return should contain all the correct information that was reported on the original return as well as the changed information or amounts.

The return must be sent to Prince Edward Island Tax Centre.

How to remit (pay) the GST/HST (including instalment payments)

You can pay electronically, at your bank, or by mail. However, payments of $50,000 or more must be paid electronically or at your FI.

If you are an annual filer you may have to make quarterly instalment payments each year. These quarterly instalments are due within one month after the end of each of your fiscal quarters.

For more information, see Remit (pay) the GST/HST (including instalment payments).

Special rules

There are special rules if you became an SLFI during the year or if you are an SLFI with a permanent establishment in a province that became a participating province during the year, and you are an annual filer. For more information, see Guide RC4050, GST/HST Information for Selected Listed Financial Institutions.

Related services and information

My Business Account
GST/HST NETFILE
GST/HST TELEFILE
Represent a Client
Liaison Officer Initiative (LOI)
Complaints and disputes

Related program

Business audits
Voluntary Disclosures Program
Collections at the CRA
Criminal Investigations Program
Informant Leads Program
Offshore Tax Informant Program

Forms and publications

GST/HST and QST forms and publications for selected listed financial institutions

Date modified:
2016-05-16

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