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ARTICLE · 23 JUNE 2011

GST/HST Returns: Are You Ready For June 30?

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The June 30, 2011 deadline for the filing of the first round of GST/HST 494 returns is quickly approaching. Highlighted below are some of the things pension plan trustees, pension plan sponsors and administrators should keep in mind to assist them with their new HST compliance obligations.

CanadaTax
Beverly Gilbert, C.A.
Beverly Gilbert, C.A.
Camille Kam
Camille Kam
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The June 30, 2011 deadline for the filing of the first round of GST/HST 494 returns is quickly approaching. Highlighted below are some of the things pension plan trustees, pension plan sponsors and administrators should keep in mind to assist them with their new HST compliance obligations.

  • Pension entities with members in an HST province and any other province will be considered "selected listed financial institutions" (SLFIs) for GST/HST purposes and will be subject to heightened compliance requirements under the draft SLFI regulations.
  • Pension entities that qualify as SLFIs are required to use the calendar year as their fiscal year. As such, the fiscal year end for many pension entities for GST/HST purposes will be December 31.

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