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"
- Proposed Elimination of Luxury Tax on Aircraft and Vessels Effective November 5, 2025
- How to View Your GST/HST Access Code Online in My Business Account Portal
- CRA Now Requires GST/HST on Mutual Fund Trailer Fees Effective July 1, 2026
- North Perth Backs Call to Remove HST/GST on New Primary Homes to Boost Affordability
- Upcoming GST/HST and QST Deadlines for Employers and Pension Entities: Key Compliance Dates
