SLFI Returns Due June 30 — Claim Missed ITCs | KPMG | CA

SLFI Returns Due June 30 — Claim Missed ITCs

SLFI Returns Due June 30 — Claim Missed ITCs

Many selected listed financial institutions (SLFIs) only have until June 30, 2017 to claim missed eligible credits related to their 2014 fiscal year.

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SLFIs that have a December 31 year-end and that are annual filers must file their 2016 GST/HST and/or QST final returns by June 30, 2017. These entities should ensure to include in their 2016 returns all their input tax credits (ITCs), including missed ITCs for 2014 and 2015, as well as their 2016 deductions and SAM adjustment.

In addition, June 30, 2017 is also the last day that certain SLFIs can change their ITC allocation method for 2016. This deadline applies to SLFIs with annual reporting periods that have a December 31 year-end and that are not qualifying financial institutions. Qualifying financial institutions (i.e., certain banks, insurers and security dealers) with a December 31 year-end that want to renew or apply for authorization to use particular allocation methods for their 2018 fiscal year must file an application no later than 180 days before the first day of the qualifying financial institutions’ fiscal year.

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