Canada: Reminder, investment plans must request details from investors for GST/HST compliance

Investment plans must request details from investors for GST/HST compliance by 15 October 2021

Reminder, investment plans must request details from investors for GST/HST compliance

Distributed investment plans, including investment limited partnerships, must request specific details in writing from many of their investors by 15 October 2021.

The GST/HST and QST* information sharing rules require that distributed investment plans have the proper information to update their systems and calculate certain amounts that 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.

Read a September 2021 report prepared by the KPMG member firm in Canada

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

 

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