On March 28, 2023, the federal government presented its 2023 budget, which included the following measures that could impact certain financial institutions:
- the Goods and Services Tax/Harmonized Sales Tax (GST/HST) treatment of payment card clearing services
- the tax treatment of credit unions
Also, the Canada Revenue Agency (CRA) recently released a GST/HST Info Sheet on the GST/HST treatment of credit card surcharges.
Source PwC
