Tax Court of Canada Rules in Favor of Prospera Credit Union in Financial Services Case

• Case heard in Tax Court of Canada: Prospera Credit Union v. The King
• Appeal allowed with costs to be determined by June 15, 2023
• Case involved services provided by Westminster Savings Credit Union to Credential Asset Management Inc. and Credential Securities Inc.
• Question was whether services provided were preparatory in nature and fell within exception under definition of “financial service”
• Respondent conceded issue of GST collection and remittance for services provided to Desjardins Financial Group

Source: decision.tcc-cci.gc.ca

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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