News & Insights

Financial Institution Memoranda Released

Tax Development Sep 05, 2021

The Canada Revenue Agency (CRA) recently released three new GST/HST Memoranda to replace several Technical Information Bulletins related to financial institutions. These memoranda discuss how to determine whether a financial institution is a qualifying institution and how financial institutions must allocate their inputs for the purposes of claiming input tax credits.

The CRA invites comments regarding the structure and content of the following new memoranda until October 29, 2021:

  • GST/HST Memorandum 17.11, Determining Whether a Financial Institution is a Qualifying Institution for Purposes of Section 141.02;
  • GST/HST Memorandum 17.12, Input Tax Credit Allocation Methods for Financial Institutions for Purposes of Section 141.02; and
  • GST/HST Memorandum 17.13, Application of Section 141.02 to Financial Institutions That Are Qualifying Institutions.