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An estimated $300 million of GST/HST rebates is available for pension plans for 2010 and each subsequent year.
Is your company ready to apply for its share? |
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The average trusteed registered pension plan in Canada will be eligible for a GST/HST rebate of $25,000* for fiscal years ending on or after September 23, 2010 |
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Contact Info:
Telephone: 604-910-3846
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Here is what you need to do to get your pension plan rebate: |
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Tools and Resources: |
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1. |
Determine whether your plan is eligible for the pension plan rebate
(Launch our 2 minute audio/visual media file presentation by clicking the icon to the right)
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| 2. |
Determine pension plan deemed supply GST/HST amounts
(Launch our 45-second media
file presentation by clicking the icon to the right, or click the link
to learn more about our 90-minute "Deemed Supply" webinar program) |
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Determine whether “selected listed financial institution” (SLFI) rules apply
(Launch our 60-second media file presentation by clicking the icon to the right, or click the link
to learn more about our 90-minute "SLFI" webinar program) |
SLFI Webinar |
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4. |
Estimate your pension plan rebate amount
(Download our Excel Pension Rebate Calculator calculator by clicking on the icon to the right)
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Determine how the pension plan rebate is to be shared between the plan and the employer(s)
(Launch our 45-second media file presentation by clicking the icon to the right) |
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6. |
File required GST/HST returns and rebate application with the Canada Revenue Agency
(Launch our 60-second media file presentation by clicking the icon to the right) |
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*Estimate based on the following statistics:
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# of registered pension plans (RPPs) in Canada |
19,200 |
Source: Statistics Canada |
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# of trusteed RPPs |
11,800 |
Source: Statistics Canada |
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Total assets of trusteed RPPs (June 30, 2010) |
$936.5 billion |
Source: Statistics Canada |
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Average quarterly expenses paid by trusteed RPPs (1Q & 2Q 2010) |
$750 million ($3 billion annualized) |
Source: Statistics Canada |
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Estimated annual value of employer resources utilized in pension activities |
$3 billion |
Assumed equal to value of expenses paid by pension plans |
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Estimated average annual investment management fees charged to trusteed RPPs |
0.30% per annum |
Assumed |
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Estimated GST/HST rates averaged across provinces |
10% |
Assumed | |
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About GH&A
Greg Hurst & Associates Ltd. is currently the only consulting firm in Canada with the specialized pension knowledge and expertise to help employers and plan sponsors with new GST/HST requirements affecting pension plans and other employee benefit arrangements.
GH&A provides the following specialty GST/HST services:
- We help employers to comply with the new deemed supply rules, and thus avoid penalty and interest charges on unpaid taxes
- We help manager of pension and other employee benefits plans carry out SLFI GST/HST special attribution method (SAM) calculations and filings, if required
- We help pension plans claim their rebate entitlements, which may be shared with the employer
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