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This version of the form is not currently in use and is provided for reference only. Download this version of
Form RC7244
for the current year.
Form RC7244 Gst / Hst and Qst Elections Concerning the Acquisition of a Business or Part of a Business by a Recipient That Is a Selected Listed Financial Institution - Canada
Form RC7244 GST/HST and QST Elections Concerning the Acquisition of a Business or Part of a Business by a Recipient That Is a Selected Listed Financial Institution is a form used in Canada for making elections regarding the goods and services tax/harmonized sales tax (GST/HST) and Quebec sales tax (QST) when a selected listed financial institution acquires a business or part of a business.
The recipient that is a Selected Listed Financial Institution files the Form RC7244 GST/HST and QST Elections concerning the acquisition of a business or part of a business in Canada.
FAQ
Q: What is Form RC7244?
A: Form RC7244 is used to make GST/HST and QST elections concerning the acquisition of a business or part of a business by a recipient that is a selected listed financial institution in Canada.
Q: What is GST/HST?
A: GST/HST stands for Goods and Services Tax/Harmonized Sales Tax. It is a tax that is applied to most goods and services in Canada.
Q: What is QST?
A: QST stands for Quebec Sales Tax. It is a provincial tax that is applied to most goods and services in Quebec.
Q: What is a selected listed financial institution?
A: A selected listed financial institution refers to specific financial institutions that meet certain criteria set by the Canada Revenue Agency.
Q: What is the purpose of the elections on Form RC7244?
A: The purpose of the elections on Form RC7244 is to allow the recipient, who is a selected listed financial institution, to make GST/HST and QST elections related to the acquisition of a business or part of a business.
Q: Is Form RC7244 applicable only to businesses in Canada?
A: Yes, Form RC7244 is applicable only to businesses in Canada.
Q: Do I need to submit Form RC7244?
A: If you are a recipient that is a selected listed financial institution and you have acquired a business or part of a business, you may need to submit Form RC7244 to make the required GST/HST and QST elections.
Q: Who should I contact for more information about Form RC7244?
A: For more information about Form RC7244, you should contact the Canada Revenue Agency (CRA) or consult a tax professional.
Download Form RC7244 Gst / Hst and Qst Elections Concerning the Acquisition of a Business or Part of a Business by a Recipient That Is a Selected Listed Financial Institution - Canada
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