Tax memo: Possible relief for pension plans filing GST 494 SLFI returns
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Action required by June 30, 2011
Officials at the federal Department of Finance have just indicated informally that relieving measures for pension plans will be incorporated into the Special Attribution Method (SAM) calculation on the GST 494 return, due on June 30, 2011.
Under the existing draft regulations, pension plans effectively bear Ontario and British Columbia HST on certain supplies received before the July 1, 2010 HST implementation date in these provinces.
The proposed relief, in effect, allows the pension plan to adjust the tax payable on these deemed supplies to exclude supplies made before July 1, 2010.
There has been no formal written confirmation of the proposed amendment. If, as expected, it is incorporated into the regulations, the amendment will reduce the net amount payable (or increase the net refund) for pension plans that are selected listed financial institutions (SLFIs) filing the GST 494 return for 2010.
