Form E447 Wholesaler's Bond - Excise Taxes - Canada

In Canada, the Form E447 Wholesaler's Bond for Excise Taxes is filed by wholesalers who sell products that are subject to excise taxes.

FAQ

Q: What is Form E447?
A: Form E447 is a document used in Canada for wholesalers to obtain a bond for excise taxes.

Q: Who needs to use Form E447?
A: Wholesalers in Canada who are required to pay excise taxes on certain products.

Q: What is the purpose of the bond?
A: The bond is required to ensure that wholesalers fulfill their obligations to pay excise taxes on time.

Q: What are excise taxes?
A: Excise taxes are taxes imposed on the sale or production of certain goods, such as alcohol and tobacco.

Q: How can wholesalers obtain Form E447?
A: Wholesalers can obtain Form E447 from the Canada Revenue Agency (CRA) or through their tax professional.

Q: What should wholesalers do with the completed form?
A: Wholesalers should submit the completed Form E447 to the CRA along with any required supporting documents.

Q: Is the bond amount fixed?
A: The bond amount may vary based on factors such as the type of product being sold and the volume of sales.

Q: What happens if a wholesaler fails to pay excise taxes?
A: If a wholesaler fails to pay excise taxes, the CRA may make a claim against the bond to recover the unpaid taxes.

Q: Can wholesalers cancel the bond?
A: Wholesalers can request to cancel the bond once they no longer require it, subject to approval from the CRA.

Q: What happens if a wholesaler's bond is cancelled?
A: If a wholesaler's bond is cancelled, they will no longer have coverage for excise tax obligations and may need to obtain a new bond if required.