close
Share with your friends

Canada: Employers and pension plans; GST/HST and QST requirements

Canada: Employers and pension plans; GST/HST and QST

The deadline for many employers to meet extensive obligations under the goods and services tax / harmonized sales tax (GST/HST) and Quebec sales tax (QST) pension plan rules is 31 December 2019.

1000

Related content

Employers that offer registered pension plans to their employees and that have monthly GST/HST and QST reporting periods with a 31 December year-end are required to remit amounts of GST/HST (and, if applicable, QST) related to these pension plans by 31 January 2020.

It is important for affected employers to closely follow the complex rules related to these upcoming tax obligations to avoid costly tax errors. Specifically, employers that do not correctly report the GST/HST and QST owing in their December return (due 31 January 2020) or that make other possible miscalculations could limit their pension entities’ rebates. In addition, affected employers need to consider accounting for supplies related to the master trusts in their pension plan structure and also whether there may be opportunities to claim additional input tax credits or rebates.


Read an October 2019 report prepared by the KPMG member firm in Canada

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal