Reminder to Qualifying Financial Institutions to Renew Their Authorization to Use Particular Methods
According to proposed changes to the Excise Tax Act, a qualifying financial institution can request authorization to use particular methods to determine the operative extent and the procurative extent of each property or service for a given fiscal period beginning after March 2008. To renew an authorization to use particular methods issued in the previous fiscal period, the qualifying institution must complete the form entitled Application, Renewal or Revocation of the Authorization for a Qualifying Institution to Use Particular Methods (FP-116-V).
Once we receive the form from the qualifying institution, we may require additional information to complete our analysis of the request for renewal. Such information may include a detailed description of the particular methods used or an example from the fiscal period prior to the last one closed.
For more information, see the following documents:
- Determining Whether a Financial Institution is a Qualifying Institution for Purposes of Section 141.02 (B-097)
- Application of Section 141.02 to Financial Institutions That Are Qualifying Institutions (B-098)
- Draft GST/HST technical information bulletin, Input Tax Credit Allocation Methods for Financial Institutions for Purposes of Section 141.02 of the Excise Tax Act (for discussion purposes only) (Notice 236)