Form RC7220 Election for Gst / Hst and Qst Reporting Period for a Selected Listed Financial Institution - Canada

Form RC7220 is used by selected listed financial institutions in Canada to elect their Goods and Services Tax / Harmonized Sales Tax (GST/HST) and Quebec Sales Tax (QST) reporting periods. This form allows these institutions to specify their preferred reporting periods for these taxes.

The form RC7220 Election for GST/HST and QST Reporting Period for a Selected Listed Financial Institution in Canada is filed by the selected listed financial institution themselves.

FAQ

Q: What is RC7220?
A: RC7220 is a form for selecting the GST/HST and QST reporting period for a selected listed financial institution in Canada.

Q: Who needs to file form RC7220?
A: Listed financial institutions in Canada need to file form RC7220 to select their GST/HST and QST reporting period.

Q: What is the purpose of form RC7220?
A: Form RC7220 is used to choose the reporting period for GST/HST and QST for listed financial institutions in Canada.

Q: What are the consequences of not filing form RC7220?
A: Failure to file form RC7220 may lead to penalties or interest charges.

Q: Are there any deadlines for filing form RC7220?
A: Yes, the form must be filed within 90 days of becoming a listed financial institution or within 90 days of the start of the fiscal year, whichever is later.

Q: What if I need help with form RC7220?
A: You can contact the Canada Revenue Agency for assistance with filling out form RC7220.