In addition, other provisions specifically exclude financial institutions, listed financial institutions, or selected listed financial institutions from the application of the particular provision.
#Insurance agency principal definition registration#
For information on when a listed financial institution is required to be registered for GST/HST purposes under the Act, and when it may voluntarily register, refer to GST/HST Notice 265, GST/HST Registration for Listed Financial Institutions (Including Selected Listed Financial Institutions).ģ. For example, under paragraph 240(3)(c), a listed financial institution resident in Canada which is not engaged in a commercial activity in Canada is permitted to register for GST/HST purposes.
Some provisions apply specifically to “financial institutions”, while others only apply to “listed financial institutions” or “selected listed financial institutions”. Determining whether a person is a financial institution is necessary because financial institutions are subject to particular treatment under various provisions of the Act. For more information on de minimis financial institutions, refer to GST/HST Memorandum 17.7, De Minimis Financial Institutions.Ģ. The latter are referred to as de minimis financial institutions. Subsection 149(1) identifies two categories of financial institutions for GST/HST purposes: listed financial institutions as described in paragraph 149(1)(a) and persons who are determined to be financial institutions based on the de minimis threshold tests set out in paragraphs 149(1)(b) and (c). A “financial institution” is defined in subsection 123(1) to mean a person who is a financial institution under section 149. The GST applies to taxable supplies made in the rest of Canada at the rate of 5%. If you are uncertain as to whether a supply is made in a participating province, you may refer to GST/HST Technical Information Bulletin B-103, Harmonized Sales Tax – Place of Supply Rules for Determining Whether a Supply is Made in a Province.ġ. The HST applies to taxable supplies made in the participating provinces at the following rates: 13% in Ontario, New Brunswick and Newfoundland and Labrador, 14% in Prince Edward Island and 15% in Nova Scotia. Reference in this publication is made to the GST or the HST. If you wish to make a technical enquiry related to SLFIs by telephone, please call 1‑855‑666‑5166. You may also visit the Revenu Québec website at to obtain general information.Įxception: Since January 1, 2013, the CRA has been administering the GST/HST and the Quebec sales tax (QST) for listed financial institutions that are selected listed financial institutions (SLFIs) for GST/HST and/or QST purposes whether or not they are located in Quebec.
If you are located in Quebec and wish to request a ruling related to the GST/HST, please contact Revenu Québec at 1‑800‑567‑4692.
#Insurance agency principal definition how to#
GST/HST Memorandum 1.4, Excise and GST/HST Rulings and Interpretations Service, explains how to obtain a ruling and lists the GST/HST rulings centres. A ruling should be requested for certainty in respect of any particular GST/HST matter. As it may not completely address your particular operation, you may wish to refer to the Act or appropriate regulation, or contact any Canada Revenue Agency (CRA) GST/HST rulings centre for additional information. Disclaimer The information in this memorandum does not replace the law found in the Excise Tax Act (the Act) and its regulations.
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