News and Insights

CRA GST Memorandum 700-5-1, “ITC Allocation for Financial Institutions”

Tax Development Nov 10, 2009

A paragraph has been added to the top of this memoranda to advise taxpayers that pursuant to the proposed amendments to the Excise Tax Act contained in the draft legislation and the Draft Input Tax Credit Allocation Methods (GST/HST) Regulations announced on January 26, 2007, the information contained in this memoranda does not apply to financial institutions for fiscal years beginning after March 2007.