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Employers and pension plans—December 31 GST obligations

Employers and pension plans—December 31 GST obligations

Many employers must meet extensive obligations under the GST/HST and QST pension plan rules by December 31, 2020

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Many employers must meet extensive obligations under the GST/HST and QST pension plan rules by December 31, 2020. Employers that offer registered pension plans to their employees, and that have monthly GST/HST and QST reporting periods with a December 31 year-end, are required to remit amounts of GST/HST (and, if applicable, QST) related to the pension plan rules by January 31, 2021. It is important for employers to closely follow the complex rules related to these upcoming tax obligations, which also extend to master trusts in pension plan structures, to avoid costly tax errors. Specifically, amounts of GST/HST and QST owing under these rules that are not remitted on time cannot be claimed as pension entities' rebates. Affected employers should also consider whether there may be opportunities to claim additional input tax credits (ITCs) or rebates.

Download this edition of the TaxNewsFlash to learn more.

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