- The CRA has extended enforcement of GST/HST on services related to mutual fund trailing commissions to January 1, 2028.
- This extension applies to mutual fund dealers who have not claimed related input tax credits (ITCs).
- If dealers have claimed ITCs on related business inputs, they must collect and remit GST/HST starting immediately when the supplies are made.
- The updated transition rules are in GST/HST Notice 344.
- The CRA now treats these services as taxable rather than exempt financial services.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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