Certain large businesses, in addition to filing their regular GST/HST returns will have to face an extra GST/HST (goods and services tax / harmonized sales tax) filing requirement on June 30, 2013.
Employers offering registered pension plans to employees, certain large businesses, and financial institutions may be needed to finish and file complex GST/HST returns. Otherwise, significant penalties may be imposed for non-compliance.
Under these provisions, large retailers or construction businesses may eligible as financial institutions because of their credit card operations or because of large deposits or loans that operate a certain amount of financial revenue. A business qualifies as a financial institution if it has financial revenue that is more than 10% of its total revenue and more than CAD 10 million. A business also selects as a financial institution if it has income of more than CAD 1 million in relation to lending money, or has made an election with a financial institution to deem some produces as financial services.
