Form GST506 Election and Revocation of an Election Between Agent and Principal - Canada

Form GST506 is a Canadian Revenue Agency form also known as the "Form Gst506 "election And Revocation Of An Election Between Agent And Principal" - Canada" . The latest edition of the form was released in January 1, 2018 and is available for digital filing.

Download a PDF version of the Form GST506 down below or find it on Canadian Revenue Agency Forms website.

FAQ

Q: What is Form GST506?
A: Form GST506 is a form used in Canada to make an election or revoke an election between an agent and a principal for Goods and Services Tax (GST) purposes.

Q: What is an election between agent and principal?
A: An election between agent and principal is a legal agreement between two parties where the agent is authorized to act on behalf of the principal for GST purposes.

Q: What is the purpose of making an election?
A: Making an election allows the agent to report and remit GST on behalf of the principal, simplifying the GST process for the principal.

Q: What is the purpose of revoking an election?
A: Revoking an election cancels the authorization for the agent to act on behalf of the principal for GST purposes, allowing the principal to resume reporting and remitting GST themselves.

Q: When should I use Form GST506?
A: You should use Form GST506 when you want to make an election or revoke an election between an agent and a principal for GST purposes in Canada.

Q: Are there any fees associated with filing Form GST506?
A: There are no fees associated with filing Form GST506.

Q: Do I need to submit any supporting documents with Form GST506?
A: You do not need to submit any supporting documents with Form GST506, unless specifically requested by the CRA.

Q: What are the consequences of making an election or revoking an election?
A: The consequences of making an election or revoking an election may include changes in reporting and remittance responsibilities, as well as potential audits or reviews by the CRA.