Participating employers with a 31 December year end must remit the Goods and Services Tax/Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) on deemed supplies made to registered pension entities and master pension entities with their December GST/HST and QST returns. Failure to do so could result in the pension entities being ineligible to claim their 33% GST/HST and QST rebates. To simplify compliance and eliminate the potential for double tax, consideration should also be given to making an election between the employer, the pension entities and the master pension entities to deem actual supplies to have been made for nil consideration.
Source PwC
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