Canada: New QST rules, financial institutions in Quebec | KPMG | GLOBAL

Canada: New QST rules, financial institutions in Quebec

Canada: New QST rules, financial institutions in Quebec

New Quebec sales tax (QST) regulations concern changes to the tax treatment of supplies of financial services and rules for “selected listed financial institutions” (SLFIs) that took effect on 1 January 2013.

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Financial institutions that qualify as SLFIs may—for QST purposes—need to determine that they properly apply the new regulations when preparing their upcoming 2016 goods and services tax / harmonized sales tax (GST / HST) and QST returns. 

In addition, SLFIs may need to 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.

 

Read a May 2017 report [PDF 68 KB] prepared by the KPMG member firm in Canada: Quebec’s New QST Regulations – Review SLFI Returns

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