Election or Revocation of an Election for a Financial Institution to Use the Prescribed Percentage
FP-2118-V

This form must be used by any financial institution that, in a particular fiscal year, is not a qualifying institution and is electing to use the prescribed percentage applicable to the prescribed class to which it belongs in order to calculate its input tax credits related to residual inputs for that fiscal year. Once the election has been made, the financial institution must also use the prescribed percentage applicable to the prescribed class to which it belongs to calculate its input tax refunds related to residual inputs. This form must also be used in order to revoke a previous election.

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