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,...
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|---|---|---|
| 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.
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| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(b) | 29 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(2) | 7 |
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...
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|---|---|---|
| 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...
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|---|---|---|
| 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 | 107 |
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...
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|---|---|---|
| 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 | 222 |
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...
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(c) | 110 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(4) | 388 |
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...
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(a) | 10 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(2) | 7 |
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...
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(b) | 205 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(4) | 388 |
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).
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(a) | 10 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(b) | 29 |
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...
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(a) | 206 |
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...
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|---|---|---|
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(b) | 205 | |
| Tax Topics - Excise Tax Act - Section 149 - Subsection 149(1) - Paragraph 149(1)(c) | 110 |
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...