Regulations Prescribing Services for the Purposes of Paragraphs (m) and (t) of the Definition “Financial Service” in Subsection 123(1) of the Excise Tax Act
P.C. 1990-2735 1990-12-18
His Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to subsection 277(1)Footnote * of the Excise Tax Act, is pleased hereby to make the annexed Regulations prescribing services for the purposes of paragraphs (m) and (t) of the definition “financial service” in subsection 123(1) of the Excise Tax Act.
Return to footnote *S.C. 1990, c. 45, s. 12
1 These Regulations may be cited as the Financial Services (GST/HST) Regulations.
- SOR/2001-61, s. 1
3 Any service in relation to the clearing and settlement of cheques and other payment items under the national payments system of the Canadian Payments Association that is supplied by the Association or any of its members is prescribed for the purposes of paragraph (m) of the definition financial service in subsection 123(1) of the Act.
3.1 (1) In this section, the expressions registered retirement income fund and registered retirement savings plan have the meanings assigned to those expressions by subsection 248(1) of the Income Tax Act.
(2) The following services are prescribed for the purpose of subparagraph (q)(ii) of the definition financial service in subsection 123(1) of the Act when supplied by a supplier who provides management or administrative services to a person referred to in paragraph (q) of that definition:
(a) the issuance of a financial instrument by, or the transfer of ownership of a financial instrument from, the supplier to the person;
(b) the operation or maintenance of a savings, chequing, deposit, loan, charge or other account that the person has with the supplier; and
(c) if the person is a trust governed by a self-directed registered retirement income fund or a self-directed registered retirement savings plan, the arranging for the issuance, renewal, variation or transfer of ownership of a financial instrument for the person.
- SOR/2001-61, s. 2
4 (1) In this section,
instrument means money, an account, a credit card voucher, a charge card voucher or a financial instrument; (effet)
- person at risk
person at risk, in respect of an instrument in relation to which a service referred to in subsection (2) is provided, means a person who is financially at risk by virtue of the acquisition, ownership or issuance by that person of the instrument or by virtue of a guarantee, an acceptance or an indemnity in respect of the instrument, but does not include a person who becomes so at risk in the course of, and only by virtue of, authorizing a transaction, or supplying a clearing or settlement service, in respect of the instrument. (personne à risque)
(2) Subject to subsection (3), the following services, other than a service described in section 3, are prescribed for the purposes of paragraph (t) of the definition financial service in subsection 123(1) of the Act:
(a) the transfer, collection or processing of information, and
(b) any administrative service, including an administrative service in relation to the payment or receipt of dividends, interest, principal, claims, benefits or other amounts, other than solely the making of the payment or the taking of the receipt.
(3) A service referred to in subsection (2) is not a prescribed service for the purposes of paragraph (t) of the definition financial service in subsection 123(1) of the Act where the service is supplied with respect to an instrument by
(a) a person at risk,
(b) a person that is closely related to a person at risk, where the recipient of the service is not the person at risk or another person closely related to the person at risk, or
(c) an agent, salesperson or broker who arranges for the issuance, renewal or variation, or the transfer of ownership, of the instrument for a person at risk or a person closely related to the person at risk.
- SOR/93-242, s. 2(F)
- SOR/2001-61, s. 3
- Date modified: