Completing returns

A selected listed financial institution has unique reporting and remitting requirements. The filing methods are different for monthly and quarterly filers than for annual filers.

The following information relates to reporting periods ending on or after January 1, 2013.

Monthly and quarterly filers

If you are:

• an SLFI for GST/HST and QST purposes, and a GST/HST and QST registrant with a monthly or quarterly reporting period, you have to file an interim return for each reporting period in your fiscal year to report your interim net tax for GST/HST and QST purposes. Use Form RC7200, Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Return for Selected Listed Financial Institutions, as your interim return, and make an interim net tax payment or claim an interim net tax refund for that period. You have to file your interim RC7200 return within one month after the end of your reporting period along with your payment, if any;
• an SLFI for GST/HST and QST purposes, and a non-registrant, your reporting period is a calendar month. You have to file an interim return for each reporting period in your fiscal year to report your interim net tax for GST/HST and QST purposes. Use Form RC7262, Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Return for Selected Listed Financial Institutions (non-personalized), as your interim return, and make an interim net tax payment or claim an interim net tax refund for that period. You have to file your interim RC7262 return within one month after the end of your reporting period along with your payment, if any.

To reconcile the interim net tax with the actual net tax, you are also required to file final returns for each of your reporting periods by completing Form RC7294, Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) Final Return for Selected Listed Financial Institutions, and either remit any additional amount owing or claim a refund of any excess amount previously remitted. You have to file your RC7294 return within six months of your fiscal year end.

If you are:

• an SLFI for QST purposes, but not GST/HST purposes, and you are a registrant with a monthly or quarterly reporting period, you have to file an interim return for QST purposes and a regular return for GST/HST purposes for each reporting period in your fiscal year to report your net tax. Use Form RC7200 for this purpose. You have to file your RC7200 return within one month after the end of your reporting period along with your payment, if any;
• an SLFI for QST purposes, but not GST/HST purposes, and you are a non-registrant, your reporting period is a calendar month. You have to file an interim return for QST purposes for each reporting period in your fiscal year. Use Form RC7262 for this purpose. For GST/HST purposes, you only have to file a return for each reporting period for which net tax is payable by you. You would also use Form RC7262 for this purpose. You have to file your RC7262 return within one month after the end of your reporting period along with your payment, if any.

To reconcile the interim net tax with the actual net tax for QST purposes, you are also required to file final returns for each of your reporting periods by completing Form RC7294 and either remit any additional amount owing or claim a refund of any excess amount previously remitted. You have to file your RC7294 return within six months of your fiscal year end.

Annual filers

If you are an SLFI for GST/HST and/or QST purposes and an annual filer, you have to complete and file Form RC7294 within six months of your fiscal year-end.

Annual information return

A financial institution that is a reporting institution has to complete and file Form RC7291, GST/HST and QST Annual Information Return for Selected Listed Financial Institutions.

Although you may file your GST/HST and QST returns more frequently, you only file Form RC7291 once per fiscal year, within six months of the end of your fiscal year. For instructions on how to complete Form RC7291, see Guide RC4419, Financial Institution GST/HST Annual Information Return.

Send your completed Form RC7291 to the Summerside Tax Centre.

Forms and publications

• GST/HST and QST forms and publications for selected listed financial institutions
• Form RC7291, GST/HST and QST Annual Information Return for Selected Listed Financial Institutions.
• Guide RC4419, Financial Institution GST/HST Annual Information Returns

Date modified:

2014-11-20