The Canada Revenue Agency has recently issued this notice regarding the issuing for discussion purposes of Draft GST/HST Technical Information Bulletin on the ITC Allocation Methods for Financial Institutions for Purposes of Section 141.02 of the Excise Tax Act. The draft bulletin reflects proposed amendments to the Excise Tax Act announced on January 26, 2007 that provide new rules regarding input tax credit allocation methods that are to be used by financial institutions.
CRA Notice 236
“Draft GST/HST Technical Information Bulletin on the ITC Allocation Methods for Financial Institutions for Purposes of Section 141.02 of the Excise Tax Act”