Canada: GST/HST and employer-sponsored pension plans, 31 December deadline

Canada: GST/HST and employer-sponsored pension plans

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 2020.

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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 the pension plans by 31 January 2021.

These complex rules related to these upcoming tax obligations may also extend to master trusts in pension plan structures. Specifically, amounts of GST/HST and QST owing under these rules that are not remitted on time cannot be claimed as pension entity rebates.

Affected employers may also find opportunities to claim additional input tax credits or rebates.
 

Read a November 2020 report [PDF 273 KB] prepared by the KPMG member firm in Canada

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