Canada: SLFI returns due 30 June | KPMG | GLOBAL

Canada: SLFI returns due 30 June; claim missed credits, deductions

Canada: SLFI returns due 30 June

“Selected listed financial institutions” (SLFIs) that have a 31 December year-end only have until 30 June 2016 to claim missed input tax credits (ITCs) and special attribution method (SAM) deductions.


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SLFIs that have a 31 December year-end and that are annual filers must make these claims in their 2015 GST/HST and/or QST* final returns due 30 June 2016. Other approaches to recover missed SAM deductions may also no longer be available after this date.


*GST / HST and QST = goods and services tax / harmonized sales tax and Quebec sales tax

In addition, 30 June 2016 is also the last day that SLFIs that are not qualifying financial institutions (QFI) can change their ITC allocation method for 2015. SLFIs with a 31 December year-end that are QFIs (i.e., certain banks, insurers and security dealers) and that want to request changes to their allocation method for a particular fiscal year must generally file an application no later than 180 days before the first day of that fiscal year.


Read a March 2016 report [PDF 59 KB] prepared by the KPMG member firm in Canada: SLFI Final Returns Due June 30 - Last Chance for Missed ITCs and SAM Deductions

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