There are a number of issues with the 20-year-old GST and new legislation further complicates matters. In November 2011, The University of Calgary School of Public Policy held their 2nd Symposium on Tax and Economic Growth entitled "The GST at 20: The Future of Consumption Taxes in Canada". With professor Ken Mackenzie of the University of Calgary School of Public Policy, PwC's Mike Firth, leader of the Indirect Tax Services team co-presented a paper at the symposium "The GST and Financial Services: Pausing for Perspective." The four attached thought leadership papers written by Mr. Firth are referenced in his symposium paper.
In Print: A Confluence of Uncertainties: The GST and Financial Services
This publication explains the difficulties in determining what intermediary services are exempt from GST.
2010 CICA Commodity Tax Symposium: GST Exemption of Financial Intermediation or “arranging for”
This paper examines GST legislation for the exemption of financial intermediation and support services that results in a new regime that will be time consuming and costly for both taxpayers and government.