Get Transitional Year Election Or Revocation Of An Election For A Qualifying Institution

This guide provides step-by-step instructions for completing the Transitional Year Election or Revocation of an Election for a Qualifying Institution form online. Whether you are making an election or revoking a previous election, this process is straightforward and crucial for determining input tax credits.

Follow the steps to complete your form accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the digital editor.
2. Begin with Part A, where you will identify the qualifying institution. Fill in the legal name, business number, and any trading names if applicable. Provide the business address, including city, province, and postal code. If the mailing address is different from the business address, include it here as well.
3. Continue to Part B to determine eligibility. Indicate the prescribed class of financial institution and provide tax credit amounts for the two fiscal years preceding the transitional year. If actual figures are not available, you may use estimated amounts.
4. In the same Part B section, indicate the tax credit rate for the preceding years and select the reporting period for the transitional year election. Ensure that you have been assessed for net tax during this selected period.
5. Proceed to Part C to make your election. Here, you will confirm your election to use the same methods that were applied in the selected reporting period for determining the operative and procurative extent of residual inputs.
6. If you are revoking a previous election, complete Part D, indicating the effective date of revocation.
7. Finalize by completing Part E, where an authorized person must certify that the information provided is true and complete. Sign and date the form accordingly.
8. Once all sections are complete, you may save changes, download or print the form for your records, or share it as needed.

Complete your Transition Year Election or Revocation of an Election online today to ensure accurate input tax credit determination.