Financial institutions

What's new

If you are a financial institution, a GST/HST registrant, and your total annual revenue is more than $1 million, you have to complete the new Form GST111, Schedule 1 - Financial Institution GST/HST Annual Information Schedule. The guide RC4419, GST/HST Annual Information Schedule for Financial Institutions will be available by the end of 2007. It will provide definitions and line-by-line instructions on how to complete the schedule.

Listed financial institutions include chartered banks, investment dealers, trust companies, insurance companies, credit unions, investment plans, tax discounters, or a person whose principal business is the lending of money.

We listed all forms and publications related to financial institutions. However, if you cannot find the information needed, contact your tax services office.

In Quebec, Revenu Québec administers the GST/HST. If your business is located in Quebec, visit the Revenu Québec Web site.

Forms and publications

Pamphlets/Booklets

• Pamphlet RC4405, GST/HST Rulings - Experts in GST/HST Legislation

Guides

• Guide RC4050, GST/HST Information for Selected Listed Financial Institutions

GST/HST Memoranda series

• Chapter 17 Special sectors: Financial institutions
  • 17-1 Definition of Financial Instrument
  • 17-1-1 Products and Services of Investment Dealers
  • 17-2 Products and Services of a Deposit-Taking Financial Institution
  • 17-2-3 Products and Services of Life and Health Insurance Companies
  • 17-6 Definition of Listed Financial Institution
  • 17-8 Credit Unions
  • 17-9 Insurance Agents and Brokers
  • 17-10 Tax Discounters
  • 17-14 Election for Exempt Supplies
  • 17-16 GST/HST Treatment of Insurance Claims

GST/HST Technical Information Bulletins

• B-032R Registered Pension Plans
• B-052 GST Treatment of Products and Services of Life and Health Insurance Companies
• B-057 List of Products and Services of Trust Companies
• B-083R Financial Services Under the HST
• B-095 Import Rules for Financial Institutions under Section 217.1 and Dealings Between Permanent Establishments under Section 220
• B-097 Determining Whether a Financial Institution is a Qualifying Institution for Purposes of Section 141.02
• B-098 Application of Section 141.02 to Financial Institutions That Are Qualifying Institutions
• B-099 Application of Section 141.02 to Financial Institutions That Are Not Qualifying Institutions

GST/HST Info Sheet

• GI-006 ABM Services
• GI-035 Annual Information Schedule for Financial Institutions

GST/HST Policy Statements

• P-013 Accounts Receivable for Consumption in the Course of Commercial Activities
• P-021 Application of Subsection 149(3)
• P-044 Effect of Revocation of Election on Capital Personal Property Under $50,000
• P-056R2 Insurance Adjustment Services (Formerly Licensing of Insurance Adjusters)
• P-102 Seizures and Repossessions
• P-108 Raising of Capital
• P-119 Trailer Commission Servicing Fees
• P-126 Intra-Company Cost Allocations by Foreign-based Insurance Companies
• P-131R Revised GST/HST Policy P-131 - Remittance of Tax Collected by a Person Other Than the Supplier in Limited Circumstances
• P-136R Administrative Services Only with Stop-Loss
• P-156R Calculation of the Notional Input Tax Credit that may be Claimed by a Creditor Under Subsection 183(7)
• P-189 Meaning of the term Custodial Service
• P-210R Settlement of a Claim Under a Performance Bond Issued in Respect of a Construction Contract
• P-239 Meaning of the term 'arranging for' as provided in the definition of ' financial service'

Forms

• GST27 - Election or Revocation of an Election to Deem Certain Supplies to be Financial Services
• GST111 - Schedule 1- Financial Institution GST/HST Annual Information Schedule
• GST494 - Goods and Services Tax/Harmonized Sales Tax Final Return for Selected Listed Financial Institutions
• GST497 - Election Under the Special Attribution Method for Selected Listed Financial Institutions and Notice of Revocation
• GST521 - GST/HST Multi-Employer Pension Plan Trust Rebate Application