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GPs and ILPs — Stay Up-to-Date with New GST Obligations

GPs and ILPs — Stay Up-to-Date with New GST Obligations

General partners (GPs) and investment limited partnerships (ILPs) must act now and ensure that they meet all their new GST/HST obligations.

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General partners (GPs) and investment limited partnerships (ILPs) must act now and ensure that they meet all their new GST/HST obligations. Specifically, ILPs only have a limited amount of time left to make certain determinations, including whether to make specific elections, whether to request new registrations, and to identify systems that must be updated to meet their new obligations. Once proposed changes related to these obligations are enacted, which is expected soon, GPs that have not collected and remitted GST/HST payable on certain distributions and payments since September 8, 2017 may face penalties in addition to interest for failing to meet their GST/HST obligations. In addition to facing new GST/HST obligations as of January 1, 2019, ILPs will also only have 60 days after the changes are enacted to decide whether to file a particular GST/HST election for their 2018 fiscal year that may help some entities limit their unrecoverable tax costs.

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