Budget 2023 proposes to amend the Excise Tax Act to subject “payment card network” services to GST/HST, overruling the CIBC Visa Decision. Visa’s payment clearance services will no longer qualify as “financial services,” potentially retroactively affecting rebate applications. The Canada Revenue Agency may assess taxable supplies of payment card clearance services beyond the normal statutory assessment period. The proposed exclusion from the definition of “financial service” could have broader implications, affecting intermediaries that arrange for such services.
Source Mondaq
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