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Get Canada GST25 E 2008

This form is available on our Web site at www. cra.gc.ca/forms. GST25 E 08 Vous pouvez obtenir ce formulaire en fran ais www. A particular Canadian partnership and another Canadian partnership are partnership is held by the particular Canadian partnership group of which the particular partnership is a member or Two Canadian partnerships are also closely related to each other if one owns at least 90 of the value and number of the issued and outstanding shares having full voting rights under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the other partnership is a member or holds all or substantially all of the interest in a Canadian partnership that is a member of a qualifying group of which the other partnership is a member. Page 3 Description of the election corporation if one of the following applies at least 90 of the value and number of the issued and outstanding stock of the particular corporation are owned by under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the particular corporation is a member are owned by the Canadian partnership. owned by the particular corporation. member is held by the partnership. When a specified member of a qualifying group jointly elects with another are considered to have been made for no consideration. A corporation that has filed an election Form GST27 Election or Revocation of an Election to Deem Certain Supplies to be Financial Services to deem certain taxable supplies as Persons closely related as defined above to the same person Duration of the election if they are each closely related to a third corporation. The election made jointly by two specified members of the qualifying group ceases to have effect on the earliest of the day one of those members ceases to be a specified member of the the day those members jointly revoke the election. considered closely related to each other for this election if they are each considered to be closely related to the Canadian partnership if each member of that partnership were resident in Canada. Exceptions The following supplies are excluded from this election a supply by way of sale of real property consumption use or supply exclusively in the commercial activities of the recipient and made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act if the recipient of the supply is a Eligibility Parties to this election Every combination of eligible corporations and eligible Canadian partnerships whose names appear on this form and on any attached forms is considered to have made this election. For example for a group with three electing members if we number them 1 2 and 3 the combinations would be a 1 and 2 b 1 and 3 and c 2 and 3. Books and records Interest in a partnership For the purposes of this election a person corporation or partnership or a group of persons holds at any time all or substantially all of the interest in a partnership if at that time the person or every person in the group is a member of the partnership and the person is or the members of the group collectively are all the following entitled to receive at least 90 of the total of all amounts each of which is the share of the partnership s income from all sources that each of its members is entitled to receive for the last fiscal period within the meaning partnership would be entitled to receive if the income of the partnership from each source were one dollar share of partnership income if it were wound up and able to direct the business and the affairs of the partnership or would be able to do so if no secured creditor had any security interest in an interest in or the property of the partnership. You do not have to file this form with the Canada Revenue Agency. Qualifying subsidiary of a particular corporation means another corporation not less than 90 of the value and number of the issued and outstanding shares of the capital stock of which having full voting rights under all circumstances are owned by the particular corporation and includes a corporation that is a qualifying subsidiary of a qualifying subsidiary of the particular corporation where the particular corporation is a credit union every other credit union and every other member of that group. Specified member of a qualifying group means qualifies as a specified member when it is to receive a supply of property described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group. Once the reorganization is complete the temporary member must qualify as a qualifying member to be a specified member and eligible to make this election. that receives a supply of property in contemplation of a distribution made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group that does not carry on any business or have any property other than financial instruments before receiving the supply and that transfers its shares on the distribution. Meaning of closely related corporations and closely related Canadian partnerships Closely related corporations In general two corporations are considered to be closely related if at least 90 of the value and number of the issued and outstanding shares of the capital stock of one of the corporations having full voting rights under all the other corporation a corporation of which the other corporation is a qualifying subsidiary is a qualifying subsidiary or any combination of the corporations or subsidiaries referred to above. A particular Canadian partnership and another Canadian partnership are partnership is held by the particular Canadian partnership group of which the particular partnership is a member or Two Canadian partnerships are also closely related to each other if one owns at least 90 of the value and number of the issued and outstanding shares having full voting rights under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the other partnership is a member or holds all or substantially all of the interest in a Canadian partnership that is a member of a qualifying group of which the other partnership is a member. Page 3 Description of the election corporation if one of the following applies at least 90 of the value and number of the issued and outstanding stock of the particular corporation are owned by under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the particular corporation is a member are owned by the Canadian partnership. owned by the particular corporation. member is held by the partnership. When a specified member of a qualifying group jointly elects with another are considered to have been made for no consideration. A corporation that has filed an election Form GST27 Election or Revocation of an Election to Deem Certain Supplies to be Financial Services to deem certain taxable supplies as Persons closely related as defined above to the same person Duration of the election if they are each closely related to a third corporation. The election made jointly by two specified members of the qualifying group ceases to have effect on the earliest of the day one of those members ceases to be a specified member of the the day those members jointly revoke the election. considered closely related to each other for this election if they are each considered to be closely related to the Canadian partnership if each member of that partnership were resident in Canada. Exceptions The following supplies are excluded from this election a supply by way of sale of real property consumption use or supply exclusively in the commercial activities of the recipient and made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act if the recipient of the supply is a Eligibility Parties to this election Every combination of eligible corporations and eligible Canadian partnerships whose names appear on this form and on any attached forms is considered to have made this election. For example for a group with three electing members if we number them 1 2 and 3 the combinations would be a 1 and 2 b 1 and 3 and c 2 and 3. Resident in Canada or a registrant Canadian partnership that is a member of the qualifying group that is not a party to an election to treat certain taxable supplies as supplies of financial services and instruments was last manufactured produced acquired or imported by in its commercial activities or if the corporation or partnership has no property other than financial instruments all or substantially all of its supplies are taxable. Qualifying subsidiary of a particular corporation means another corporation not less than 90 of the value and number of the issued and outstanding shares of the capital stock of which having full voting rights under all circumstances are owned by the particular corporation and includes a corporation that is a qualifying subsidiary of a qualifying subsidiary of the particular corporation where the particular corporation is a credit union every other credit union and every other member of that group. Specified member of a qualifying group means qualifies as a specified member when it is to receive a supply of property described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group. Once the reorganization is complete the temporary member must qualify as a qualifying member to be a specified member and eligible to make this election. that receives a supply of property in contemplation of a distribution made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group that does not carry on any business or have any property other than financial instruments before receiving the supply and that transfers its shares on the distribution. Meaning of closely related corporations and closely related Canadian partnerships Closely related corporations In general two corporations are considered to be closely related if at least 90 of the value and number of the issued and outstanding shares of the capital stock of one of the corporations having full voting rights under all the other corporation a corporation of which the other corporation is a qualifying subsidiary is a qualifying subsidiary or any combination of the corporations or subsidiaries referred to above. A particular Canadian partnership and another Canadian partnership are partnership is held by the particular Canadian partnership group of which the particular partnership is a member or Two Canadian partnerships are also closely related to each other if one owns at least 90 of the value and number of the issued and outstanding shares having full voting rights under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the other partnership is a member or holds all or substantially all of the interest in a Canadian partnership that is a member of a qualifying group of which the other partnership is a member. A group of corporations each member of which is closely related to each other member of the group or a group of Canadian partnerships or of Canadian partnerships and corporations each member of which is closely related to each other member of the group. To determine if corporations or Canadian partnerships are closely related for the purposes of this election to other corporations or Canadian partnerships see Meaning of closely related corporations and closely related Canadian partnerships later on this page. resident in Canada or a registrant Canadian partnership that is a member of the qualifying group that is not a party to an election to treat certain taxable supplies as supplies of financial services and instruments was last manufactured produced acquired or imported by in its commercial activities or if the corporation or partnership has no property other than financial instruments all or substantially all of its supplies are taxable. Qualifying subsidiary of a particular corporation means another corporation not less than 90 of the value and number of the issued and outstanding shares of the capital stock of which having full voting rights under all circumstances are owned by the particular corporation and includes a corporation that is a qualifying subsidiary of a qualifying subsidiary of the particular corporation where the particular corporation is a credit union every other credit union and every other member of that group. Specified member of a qualifying group means qualifies as a specified member when it is to receive a supply of property described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group. Once the reorganization is complete the temporary member must qualify as a qualifying member to be a specified member and eligible to make this election. that receives a supply of property in contemplation of a distribution made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act from the distributing corporation that is a qualifying member of the same group that does not carry on any business or have any property other than financial instruments before receiving the supply and that transfers its shares on the distribution. Meaning of closely related corporations and closely related Canadian partnerships Closely related corporations In general two corporations are considered to be closely related if at least 90 of the value and number of the issued and outstanding shares of the capital stock of one of the corporations having full voting rights under all the other corporation a corporation of which the other corporation is a qualifying subsidiary is a qualifying subsidiary or any combination of the corporations or subsidiaries referred to above. For a financial institution exclusive in respect of the consumption use or supply of a property or service means 100 of the consumption use or supply. a group of corporations each member of which is closely related to each other member of the group or a group of Canadian partnerships or of Canadian partnerships and corporations each member of which is closely related to each other member of the group. To determine if corporations or Canadian partnerships are closely related for the purposes of this election to other corporations or Canadian partnerships see Meaning of closely related corporations and closely related Canadian partnerships later on this page. resident in Canada or a registrant Canadian partnership that is a member of the qualifying group that is not a party to an election to treat certain taxable supplies as supplies of financial services and instruments was last manufactured produced acquired or imported by in its commercial activities or if the corporation or partnership has no property other than financial instruments all or substantially all of its supplies are taxable. CLOSELY RELATED CORPORATIONS AND CANADIAN PARTNERSHIPS Election or Revocation of the Election to Treat Certain Taxable Supplies as having been made for Nil Consideration Corporations and Canadian partnerships that are specified members of a qualifying group can use this form to jointly elect to treat certain taxable supplies between them as having been made for no consideration. For more information and the exceptions see Description of the election on page 4. Complete Parts A B and C of this form to make this election or Parts A and C to revoke it. For definitions and more information see pages 3 and 4 of this form. Part A Identification Member 1 Name of corporation or Canadian partnership Business Number R T Trading name if different from name Please tick the appropriate box Qualifying member Contact person Temporary member Telephone number Title I certify that the information given on this form and in any attached document is to the best of my print knowledge true correct and complete in every respect and that I am authorized to sign on behalf of the corporation or Canadian partnership identified above. Signature of authorized person Month Year Day Note If more than three corporations or Canadian partnerships elect or revoke the election use a photocopy of this form or additional forms to provide the information requested in Part A. Page 3 Description of the election corporation if one of the following applies at least 90 of the value and number of the issued and outstanding stock of the particular corporation are owned by under all circumstances of the capital stock of a corporation that is a member of a qualifying group of which the particular corporation is a member are owned by the Canadian partnership. owned by the particular corporation. member is held by the partnership. When a specified member of a qualifying group jointly elects with another are considered to have been made for no consideration. A corporation that has filed an election Form GST27 Election or Revocation of an Election to Deem Certain Supplies to be Financial Services to deem certain taxable supplies as Persons closely related as defined above to the same person Duration of the election if they are each closely related to a third corporation. The election made jointly by two specified members of the qualifying group ceases to have effect on the earliest of the day one of those members ceases to be a specified member of the the day those members jointly revoke the election. considered closely related to each other for this election if they are each considered to be closely related to the Canadian partnership if each member of that partnership were resident in Canada. Exceptions The following supplies are excluded from this election a supply by way of sale of real property consumption use or supply exclusively in the commercial activities of the recipient and made in the course of a reorganization described in subparagraph 55 3 b i of the Income Tax Act if the recipient of the supply is a Eligibility Parties to this election Every combination of eligible corporations and eligible Canadian partnerships whose names appear on this form and on any attached forms is considered to have made this election. For example for a group with three electing members if we number them 1 2 and 3 the combinations would be a 1 and 2 b 1 and 3 and c 2 and 3. Books and records Interest in a partnership For the purposes of this election a person corporation or partnership or a group of persons holds at any time all or substantially all of the interest in a partnership if at that time the person or every person in the group is a member of the partnership and the person is or the members of the group collectively are all the following entitled to receive at least 90 of the total of all amounts each of which is the share of the partnership s income from all sources that each of its members is entitled to receive for the last fiscal period within the meaning partnership would be entitled to receive if the income of the partnership from each source were one dollar share of partnership income if it were wound up and able to direct the business and the affairs of the partnership or would be able to do so if no secured creditor had any security interest in an interest in or the property of the partnership. You do not have to file this form with the Canada Revenue Agency. However you must complete it and keep it with the books and records of the specified members making the election while an election is in effect and for six years from the end of the year to which an election relates. .

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