Virtual Payment Instrument

The financial instrument definition in subsection 123(1) was amended with effect from May 18, 2019, to include virtual payment instruments. The impact is that supplies of virtual payment instruments made on or after May 18, 2019, would be financial services under the ETA. Supplies of these types of cryptoassets made before May 18, 2019, are supplies of intangible personal property and are subject to the GST/HST.

Utility tokens and non-fungible tokens are cryptoassets but not virtual payment instruments (under “What is a cryptoasset?)

The cryptoasset definition in proposed subsection 188.2(1) includes virtual payment instruments as well as property that may be excluded from the virtual payment instrument definition such as, utility tokens or non-fungible tokens.

Locations of other summaries		Wordcount
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Cryptoasset		56
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Mining Activity		118
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(4)		119
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(2)		374
Tax Topics - Excise Tax Act - Section 188.2 - Subsection 188.2(5)		304
Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Recipient		204
Tax Topics - Excise Tax Act - Section 141.01 - Subsection 141.01(4)		269
Tax Topics - Excise Tax Act - Section 200 - Subsection 200(2)		428

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Administrative Policy

GST/HST Notice No. 324, Proposed Amendment Addressing Mining Activities in respect of Cryptoassets, February 2023

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