Many financial institutions must determine if the new QST regulations will affect their upcoming annual GST/HST and QST returns.
These new QST regulations relate to QST changes to the tax treatment of supplies of financial services and rules for selected listed financial institutions (SLFIs) that took effect on January 1, 2013. As a result, financial institutions that qualify as SLFIs for QST purposes should ensure they properly apply the new regulations when preparing their upcoming 2016 GST/HST and QST returns. In addition, SLFIs should review the calculations in their previously filed GST/HST and QST returns to as far back as 2013 to confirm that they were filed correctly.
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