Thank you, Mr. Chair.
This is a question for Fintechs. In 2023 the Canadian revenue authority changed the definition of financial services to exclude credit card surcharge revenue, making these payments eligible for GST/HST. Obviously, they weren't eligible prior to this. This was done by creating a special exception in the Excise Tax Act.
Because of this change, all credit card surcharges paid on or after March 29, 2023, are now subject to GST/HST. Is that correct?