With the February 11, 2010 release of GST/HST Notice No 250, it’s clear that a range of intermediation services became subject to the GST and HST effective December 14, 2009, the date of a brief announcement by the Department of Finance. Many of the examples given by the Canada Revenue Agency of taxable supplies are a complete surprise to the financial sector, which is now scrabbling to deal with what has effectively been a retroactive application. All mutual fund commissions, certain finance commissions, and a yet-to-be defined range of equity brokerage fees are impacted. Mike Firth surveys the ghastly mess in this article.
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