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GST/HST and QST information for financial institutions, including selected listed financial institutions

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Different types of financial institutions
How the GST/HST and the QST are administered for financial institutions 
Which returns to fill out and when to file
Correcting a previously filed return
Remitting (paying) the GST/HST (including instalment payments)

Different types of financial institutions

Financial institutions (FIs), including de minimis financial institutions, 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 GST/HST and the Quebec sales tax (QST), many FIs also supply other services, both in Canada and internationally, that are taxable. You can find detailed information (including definitions) relating to the GST/HST and FIs in the GST/HST Memoranda Series, Chapter 17.

How the GST/HST and the QST are administered for financial institutions 

In Quebec, Revenu Québec administers the GST/HST. However, the Canada Revenue Agency administers the amended QST, on behalf of Revenu Québec, for persons who are SLFIs for GST/HST or QST purposes or both.

In an agreement between the governments of Quebec and Canada, Quebec agreed to make the QST more consistent with the GST/HST. The QST is still a provincial tax that is separate from the GST/HST and is calculated on the sale price for goods and services, without the GST.

Which returns to fill out and when to file

Unlike most GST/HST registrants, FIs, LFIs, and SLFIs have some 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. Each form provides specific information on who should use the particular form. The following sections provide general information on which forms to file and each of their filing deadlines depending on your particular situation.

FIs and LFIs with GST/HST reporting requirements
Available returns for FIs and LFIs with GST/HST reporting requirements
Filing period Returns to be filed Filing deadlines
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. 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. Six months after the end of your fiscal year (or three months after the end of your fiscal year if you are either a registrant FI that is not an LFI, or a corporation that is an LFI only because you have a section 150 election in effect)
  2. Six months after the end of your fiscal year

For instructions on how to fill out Form GST34-2 or Form GST62, see Instructions for completing a GST/HST Return.

For instructions on how to fill out 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 Complete and file a return – File the return.

SLFIs with GST/HST reporting requirements
Available returns for SLFIs with GST/HST reporting requirements
Filing period Returns to be filed Filing deadlines
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, GST/HST 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, GST/HST 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 fill out Form GST34-2 or Form GST62, see Instructions for completing a GST/HST Return.

For instructions on how to fill out 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 Complete and file a return – File the return.

Note

When you determine your net tax for a reporting period (by filling out parts D and E of the GST494 return), you have to use the special attribution method formula to adjust the net tax for each of your reporting periods. For more information, see The special attribution method.

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

SLFIs with GST/HST/QST reporting requirements
Available returns for SLFIs with GST/HST/QST reporting requirements
Filing period Returns to be filed Filing deadlines
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, GST/HST and 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, GST/HST and 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 fill out 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 filling out parts D and E of the RC7294 return), you have to use the special attribution method formula to adjust the net tax for each of your reporting periods. For more information, see The special attribution method.

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

 

Correcting a previously filed return

If you need to change a GST34-2, GST62, RC7200, or RC7262 return you already submitted, do not file another return. For more information, see Change a 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 a new paper return and write the word “AMENDED” at the top. The amended return must contain all the correct information that you reported on the original return as well as the changed information or amounts.

You must send the GST111 and RC7291 returns to the same tax centre to which you file your GST/HST returns, while the GST494 and RC7294 returns must be sent to the Prince Edward Island Tax Centre.

Remitting (paying) the GST/HST (including instalment payments)

You can pay the GST/HST electronically, at your bank, or by mail. For payments of $50,000 or more, you must pay electronically or at your financial institution.

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 tax you collected – When to remit (pay).

Special rules

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

Forms and publications

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

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