Canada: Investment limited partnerships now required to file GST/HST returns

Canada: Investment limited partnerships

Many investment limited partnerships (ILPs) were reclassified in 2019 as selected listed financial institutions (SLFIs) and therefore now must file annual GST/HST and QST* final returns for their 2019 fiscal year. These returns are due by 30 June 2020.


Related content

This will be the first year that many ILPs will be required to file these returns, since these entities were reclassified as SLFIs (effective 1 January 2019) under the GST/HST and QST rules.

Some ILPs elected to apply the SLFI rules effective 1 January 2018 (instead of 1 January 2019) and thus file these indirect tax returns last year. Still, these entities need to consider whether they should adjust last year's processes to help alleviate some of the complexity of their calculations for their upcoming GST/HST and QST returns.

To prepare to file their annual GST/HST and QST final returns for SLFIs by 30 June 2020, ILPs will be required, among other tax compliance obligations, to:

  • Calculate their special attribution percentages based on information previously collected from their investors
  • Determine all the GST/HST and QST paid during 2019, including taxes paid to their general managers
  • Cross-check details on their returns against information provided to the tax and regulatory authorities in other filings

Read a May 2020 report prepared by the KPMG member firm in Canada

*GST/HST and QST = goods and services tax / harmonized sales tax and Quebec sales tax


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