Section 149

Subsection 149(1) - Financial Institutions

Paragraph 149(1)(a)

Administrative Policy

Memorandum 17-6 "Definition of ‘Listed Financial Institution'" July 2014

Dealer/broker examples

8. Subparagraph 149(1)(a)(iii)…generally includes a person whose principal business is that of an investment dealer,...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 149 - Subsection 149(3) 92

Guide for Providers of Financial Services under "Listed Financial Institutions"

General synopsis of definition of listed financial institution.

Subparagraph 149(1)(a)(iii)

Cases

2441-0946 Québec Inc. (c.b.a., Insta-chèques) v. Agence du revenu du Québec, 2017 QCCA 1491

The appellant derived 80% of its revenue from cashing cheques, i.e., it would receive endorsed cheques from clients, and charge them a fee for...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Words and Phrases
dealer
Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Debt Security cheques were debt securities in context of cheque-cashing business 162

Administrative Policy

23 March 2017 CBA Commodity Taxes Roundtable, Q.1

Leasing companies and third-party administrators (e.g., insurance companies) might have their mix of exempt and taxable activities fluctuate...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Words and Phrases
principal business
Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(a) - Subparagraph 149(1)(a)(viii) multi-factor determination to whether Holdco has a principal business of money-lending 97

Subparagraph 149(1)(a)(viii)

Administrative Policy

23 March 2017 CBA Commodity Taxes Roundtable, Q.1

A holding company holds debt and shares of a subsidiary with respective values of $200,000 and $100,000 and generating respective incomes of...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(a) - Subparagraph 149(1)(a)(iii) principal business determination generally need not be made on an annual basis 181

Paragraph 149(1)(b)

Administrative Policy

Memorandum (New Series) 17.7 De Minimis Financial Institutions (aka 17-7) February 2013

Inclusion of gross amounts

12. ... The amounts of interest, dividends, and separate fees or charges for financial services are to be determined on...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

GST M 700-4 "De Minimis Financial Institutions"

Guide for Providers of Financial Services under "Listed Financial Institutions"

Whether income from interest and dividends is income from a business or property is a question of fact which depends on all the relevant facts and...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Paragraph 149(1)(c)

Administrative Policy

Memorandum (New Series) 17.7 De Minimis Financial Institutions (aka 17-7) February 2013

Secondary bond purchases generate good interest

35. However, if a person purchases bonds on the secondary market (that is, from a person other...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Articles

Brent F. Murray, "De Minimis Financial Institutions", Canadian GST Monitor, No. 280, January 2012, p. 1:interest earned on bonds purchased from a previous holder is not included.

Subsection 149(2) - Amalgamations

Administrative Policy

Guide for Providers of Financial Services under "Listed Financial Institutions"

General synopsis of ss.149(2) and (3).

Subsection 149(3) - Acquisition of Business

Administrative Policy

Memorandum 17-6 "Definition of ‘Listed Financial Institution'" July 2014

FI v. listed FI

30. …[W]here a person acquires a business as a going concern from a person who, immediately before that time was a financial...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Subsection 149(4) - Exclusion of Interest and Dividend

Administrative Policy

Memorandum (New Series) 17.7 De Minimis Financial Institutions (aka 17-7) February 2013

Meaning of separate charge

13. A separate fee or charge for a financial service refers to an amount separate from the financial service. …[I]f...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Subsection 149(5)

Paragraph 149(5)(f.1)

Administrative Policy

GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018

Implications of ILP being an investment plan (p. 6)

It is proposed that new paragraph 149(5)(f.1) would add an ILP to the definition of investment...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.