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
Latest Posts in "Canada"
- Navigating GST/HST on Domestic and International Freight Transportation Services in Canada
- Final 2025 GST/HST Credit Payments Released for Eligible Canadians on October 3
- Ensuring Compliance: Québec’s Uniform Fiscal Documentation and Reporting Requirements
- Navigating Canada’s Complex Sales Tax System: GST, HST, PST, and QST Explained
- Québec Launches Electronic Invoicing and Tax Reporting System
