In a recent Federal Court of Appeal (“FCA”) decision, CIBC World Markets Inc v The Queen, 2019 FCA 147, the Canadian investment banking subsidiary (“Investment Dealer”) of a large Canadian bank (“Bank”) won its appeal of an adverse 2018 Tax Court of Canada ruling with respect to its claim for input tax credits (“ITCs”). The ITCs in question related to GST/HST paid on expenses attributable to certain exported supplies made by the Investment Dealer in connection with the Bank’s activities outside Canada.
Source: Stikeman
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