This communication is to advise Lloyd’s brokers of amendments and additional reporting requirements regarding Canadian Federal Excise Tax (FET) compliance. These two updates are summarised below.
Broker contact information
Lloyd’s brokers are to be aware that effective 1 December 2025, there will be additional information reported by Lloyd’s Tax Department on the annual Canadian FET return.
Based on instructions received from the Canadian Revenue Agency (CRA), Lloyd’s will now be reporting broker contact information to the CRA in our annual Canadian FET return, submitted by the 15th of March each year.
This is a data field already captured in the C-FET01 forms which are completed by brokers and submitted to Velonetic. As such, this particular change does not introduce any new obligation on brokers; however, through the completion of this form, brokers will now be consenting to having their information submitted to the CRA by Lloyd’s Tax Department.
Brokers are encouraged to consider the most appropriate contact to provide and whether this should be the details of a specific individual or a suitable group mailbox. The contact details may be used by the CRA or the insured in the event of a query.
Any non-completion (including partial non-completion) of the C-FET01 form will be rejected by Velonetic and queried with the broker.
Update to the C-FET01 form and additional information requirement
Furthermore, effective 1 December 2025, the C-FET01 forms will be updated to contain an additional field for the Canadian Business Number of the Canadian insured entity. This is also based on instructions from the CRA with a view to ensuring that no non-Canadian insureds are being incorrectly reported for Canadian FET.
The Canadian Business Number should always be in the form of a 9-digit number. Where a longer Business Number is obtained from Corporations Canada (through the federal corporations database), the first 9 digits of this number only should be presented on the C-FET01 form.
All C-FET01 forms completed by brokers from 1 December 2025 are required to be completed using the new C-FET01 template. This means that the Canadian Business Number of the insured entity is needed on submissions to Velonetic from this date. Again, any non-completion (including partial non-completion) of the C-FET01 form will be rejected by Velonetic and queried with the broker.
The new C-FET01 form template can be found on Crystal+.
If you have any questions or require any further information about either of these two changes, please contact the Lloyd’s Tax Department.
taxdept@lloyds.com