The federal Cepartment of Finance has issued this news release to confirm that the technical proposals outlined on December 14, 2009, with respect to the definition of “financial service” under the Excise Tax Act, and tabled in the House of Commons on March 22, 2010, are designed to confirm the government’s policy intent and are not the imposition of new taxes.
The Canada Revenue Agency is currently reviewing its technical guidance on this issue, and has added comments to this effect to GST/HST Notice 250, which was released in February, 2010. Taxpayers and stakeholders are encouraged to express their views and suggestions on this issue to the Canada Revenue Agency.
Finance 2010-024
GST/HST Notice 250