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ILPs — Act Fast to Meet GST/HST Election Deadline

ILPs — Act Fast to Meet GST/HST Election Deadline

Investment limited partnerships (ILPs) that intend to make an important GST/HST election for 2018 must act quickly before the filing deadline.

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Now that the government has enacted GST/HST changes that essentially extend the GST/HST selected listed financial institution (SLFI) rules to apply to ILPs, these ILPs only have until February 11, 2019 to determine whether it may be advantageous to elect to have these SLFI rules apply retroactively to January 1, 2018. For some entities, this election may help limit certain unrecoverable tax costs.

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