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GST/HST Annual Information Return for Financial Institutions

Financial institutions that are registered for the GST/HST and whose annual income is greater than $1 million must complete a GST/HST annual information return (form FPZ-111-V) once per fiscal year and file it within the six months following the end of the fiscal year.

Any financial institution that fails to enter amounts in form FPZ-111-V or enters amounts incorrectly is guilty of an offence and is liable to penalties. The same applies to any financial institution that fails to provide a reasonable estimate of an amount that can be estimated.

While penalties can reach up to $1,000 per offence, a financial institution that has taken the necessary measures to enter the correct amounts in form FPZ-111-V will not incur any penalties.

For more information, refer to guide RC4419, Financial Institution GST/HST Annual Information Return.

Note
Under a recently-announced legislative amendment, any selected listed financial institution that is either a segregated fund of an insurer or an investment plan is not required to file form FPZ-111-V for a fiscal year ending on or after July 1, 2010. However, a trust governed by a registered retirement savings plan, a registered retirement income fund or a registered education savings plan must continue to file the form.

QST

Currently, financial institutions do not have to complete an annual information return for the QST. As of January 1, 2013, however, they will have the same obligations under the QST system as under the GST/HST system.

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