Investment limited partnerships (ILPs) must act now if they want to make an important new GST/HST election for ILPs for their 2018 fiscal year.
This election, which allows qualifying ILPs to apply the selected listed financial institution (SLFI) rules starting in 2018 (instead of 2019), may help reduce an ILP’s overall GST/HST costs for 2018, depending on its circumstances. As a result, ILPs that make the election must prepare to meet new GST/HST compliance obligations for 2018. Entities that do not make the election must also consider these obligations since the new GST/HST rules for ILPs will apply effective January 1, 2019. In particular, all affected ILPs will have to start collecting data from their investors in 2018, regardless of whether they ultimately make the election.
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