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Investment plans — Reminder to request investors’ GST details

Investment plans — Request investors’ GST details

Affected investment plans must request this information by October 15, 2020

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Distributed investment plans, including investment limited partnerships, must request specific details in writing from many of their investors by October 15, 2020. Complying with these GST/HST and QST information sharing rules ensures that distributed investment plans have the proper information to update their systems and calculate certain amounts, which must be included in their GST/HST and QST returns. Plans that do not collect the proper data within specific deadlines may see their tax costs increase, while investors may face penalties if they do not share the data within specific timelines as required under the GST/HST and QST information sharing rules.

For more details on these requirements for distributed investment plans and investors, including an overview of the GST/HST and QST information sharing rules, see a recent TaxNewsNow article, "Investment plans — Act now to collect GST details".

We can help

KPMG can help managers of distributed investment plans determine the information that they are required to request from investors on the plan's behalf. We can also help investors determine their GST/HST and QST obligations and the specific data that they must provide to distributed investment plans.

For more information, contact your KPMG adviser or one of the following Indirect Tax professionals:

Walter Sisti
National Leader – Indirect Tax Services
T: 416-777-3920
E: wsisti@kpmg.ca

Simon Proulx
Toronto
T: 647-777-5318
E: sproulx@kpmg.ca

Annette Beshwaty
Montreal
T: 514-840-2349
E: abeshwaty@kpmg.ca

Christian Thibault
Toronto
T: 416-777-3927
E: cthibault@kpmg.ca

Information is current to October 6, 2020. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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