The Canada Revenue Agency has introduced a new version of Form GST494. The form is based on the Excise Tax Act (ETA), the proposed amendments to the ETA announced on Jan. 28, 2011, and the proposed Draft Regulations Amending Various GST/HST Regulations announced on Jan. 28, 2011, which includes the proposed draft Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.
This form must be used by filers responsible for reporting in respect of a selected listed financial institution, including trusts governed by a registered pension plan or other employee benefit arrangement, such as a health and welfare trust.
Greg Hurst of Greg Hurst & Associates Ltd. explains that such plans will be required to file a completed Form GST494-11—along with any required remittance of additional GST/HST payable—no later than June 30, 2011, in respect of the fiscal year ended Dec. 31, 2010.
Access the form and related guide at http://www.cra-arc.gc.ca/E/pub/gp/rc4050/.