Canada: Deadline for missed input tax credits of financial institutions

Canada: Deadline for missed input tax credits

The deadline for many “selected listed financial institutions” (SLFIs) to claim missed eligible credits related to their 2014 fiscal year is 30 June 2017.

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SLFIs that have a 31 December year-end and that are annual filers must file their 2016 goods and services tax / harmonized sales tax (GST/HST) and/or Quebec sales tax (QST) final returns by 30 June 2017. Read TaxNewsFlash-Americas

Input tax credits

SLFIs must 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 (SAM rules calculate an adjustment that must be included in the net tax of a SLFI for the particular reporting period).

The last day that certain SLFIs can change their ITC allocation method for 2016 is also 30 June 2016. This deadline applies to SLFIs with annual reporting periods that have a 31 December year-end and that are not qualifying financial institutions. 

Qualifying financial institutions (i.e., certain banks, insurers and security dealers) with a 31 December 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 institution’s fiscal year.

 

Read a May 2017 report [PDF 74 KB] prepared by the KPMG member firm in Canada: SLFI Returns Due June 30 — Claim Missed ITCs

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