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Finance committee The amendment was intended to protect the tax base that existed before those court cases broadened the exemption.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee Yes.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee I'm going to answer that question. I'll give you a little background for the answer. The general rule under the GST is that if it's applied in the course of commercial activity, it is taxable unless it's specifically exempt or zero-rated. Financial services are part of the services that are treated as exempt.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee The goal here is not to increase revenue to the government; it's to protect the tax base that existed before those court cases.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee Consulting in itself is not usually a financial service, because you can consult on all sorts of things. You talk about tax advice. That is not a financial service. For it to be a financial service it needs to be linked to the issuance of a financial instrument.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee An example would be an insurance policy, or the issuance of a bond or any instrument that is there to provide financing of some sort.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee My understanding is that's taxable.
April 22nd, 2010Committee meeting
Pierre Mercille
Finance committee Well, it's not a tax increase, because it protects from a tax decrease.
April 22nd, 2010Committee meeting
Pierre Mercille