Canada: QST remittances by investment funds due 20 November 2015

Canada: QST remittances due 20 November 2015

New legislation, passed 21 October 2015, may require Quebec sales tax (QST) remittances to be made monthly or quarterly by investment fund managers not registered for QST purposes and with investors in funds that are located in Quebec. This year, QST returns must be filed within 31 days of 21 October 2015—but in 2015, by 20 November because the deadline falls on a Saturday.

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Based on the new rules, many managers that have made the GST/HST compliance election known as the “tax adjustment transfer election” (TATE) with their investment plans (funds) now must remit QST amounts to Revenue Quebec based on the same reporting periods used for GST/HST (generally monthly or quarterly). Previously, managers that were not QST-registered had to remit QST amounts based on their funds’ reporting periods—generally annually.


Read an October 2015 report [PDF 71 KB] prepared by the KPMG member firm in Canada: Investment Fund Managers — Don’t Miss New Deadline for Filing QST Returns by November 20

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