Form RC7220-1 Notice of Revocation of an Election for Gst / Hst and Qst Reporting Period by a Selected Listed Financial Institution - Canada

The Form RC7220-1 Notice of Revocation of an Election for GST/HST and QST Reporting Period by a Selected Listed Financial Institution in Canada is used to notify the Canada Revenue Agency (CRA) of the revocation of an election made by a selected listed financial institution regarding the Goods and Services Tax (GST) and Harmonized Sales Tax (HST) reporting period. This form is specifically for selected listed financial institutions in Canada that have elected to have their reporting period coincide with their fiscal year.

The selected listed financial institution files the Form RC7220-1 Notice of Revocation of an Election for GST/HST and QST Reporting Period in Canada.

Form RC7220-1 Notice of Revocation of an Election for Gst/Hst and Qst Reporting Period by a Selected Listed Financial Institution - Canada - Frequently Asked Questions (FAQ)

Q: What is form RC7220-1?
A: Form RC7220-1 is a notice of revocation of an election for GST/HST and QST reporting period by a selected listed financial institution in Canada.

Q: Who is required to file form RC7220-1?
A: Selected listed financial institutions in Canada are required to file form RC7220-1.

Q: What is the purpose of form RC7220-1?
A: The purpose of form RC7220-1 is to notify the Canada Revenue Agency (CRA) of the revocation of an election for GST/HST and QST reporting period by a selected listed financial institution.

Q: Is there a deadline for filing form RC7220-1?
A: Yes, there is a deadline for filing form RC7220-1. The specific deadline will be provided by the Canada Revenue Agency (CRA) upon request.

Q: Are there any penalties for not filing form RC7220-1?
A: Yes, there may be penalties for not filing form RC7220-1 or for filing it late. It is important to comply with the filing requirements set by the Canada Revenue Agency (CRA).