What is Form GST44?
Form GST44 is designed for business owners who want to avoid paying Goods and Services Tax (GST) or Harmonized Sales Tax (HST) when acquiring a business or part of a business. This form allows buyers, who are GST/HST registrants, to elect not to pay these taxes if both the buyer and seller agree. By filing this form, the buyer ensures they are exempt from these taxes during the transaction, making it an essential step in the buying or selling process.
What is Form GST44 used for?
Form GST44 is important for businesses involved in transactions. It serves the following purposes:
- Exemption from GST/HST: To avoid paying GST/HST on the purchase or sale of a business.
- Joint Election: Both the supplier and recipient must jointly complete the form.
- Filing Requirements: The recipient must file the form with their GST/HST return for the reporting period in which the acquisition was made.
How to fill out Form GST44?
- 1
Fill Out Form: Complete all required fields in the GST44 form.
- 2
Joint Completion: If needed, ensure both supplier and recipient fill out their respective sections.
- 3
File with GST/HST Return: Attach the form to the GST/HST return for the relevant reporting period.
- 4
Submit to CRA: Ensure to file the form with the CRA by the specified deadline.
Who is required to fill out Form GST44?
The groups responsible for completing Form GST44 are the supplier and the recipient of the business or part of the business. Both parties must jointly fill out the form to make an election regarding GST/HST application.
After completion, the recipient, if a registrant, files the form with the CRA by the deadline associated with their first reporting period for GST/HST.
When is Form GST44 not required?
Form GST44 is not needed if the recipient is a selected listed financial institution for QST purposes; they should use Form RC7244 instead. Additionally, if the sale doesn't meet exemptions in Section 167 of the Excise Tax Act, such as acquiring less than 90% of the business's assets, Form GST44 isn't required.
When is Form GST44 due?
The deadline for Form GST44 is when the purchaser files their GST/HST return for the reporting period in which the acquisition occurred. This deadline varies based on the business's reporting schedule, which can be monthly, quarterly, or annually. Ensure you check your specific reporting period to determine the exact due date.
How to get a blank Form GST44?
To get a blank Form GST44, simply visit our website. The blank version of the form is pre-loaded in our editor, allowing you to fill it out quickly. Remember, PDF Guru helps with filling and downloading forms, but not with filing them.
How to sign Form GST44?
To sign Form GST44, you need to provide a handwritten signature, as official guidelines do not allow for electronic or digital signatures. After filling out the form using PDF Guru, you can easily download it for your records. Remember to check for the latest updates to ensure compliance. While PDF Guru helps you prepare and download the form, submission must be done through the appropriate channels.
Where to file Form GST44?
To submit Form GST44, you have two options: electronic filing or mailing it in. For electronic submissions, send it directly to your tax centre, which is listed on the CRA website.
If you prefer to file by mail, address it to your local tax filing centre. Remember to include the form with your GST/HST return for the reporting period when the acquisition occurred.
