New Financial Services / "Arranging For" Technical Information Bulletin Has Been Released
On February 9, 2011, the Canada Revenue Agency released the revised version of Technical Information Bulletin TIB-105R (February 2011) "Changes to the Definition of Financial Services". This TIB-105R sets out the legislative changes relating to the definition of "financial services" in the Excise Tax Act (Canada) that were made to respond two two recent (2009) Tax Court of Canada decisions, which addressed the scope of the definition of "financial service". The legislative amendments were set out in Bill C-9, the Jobs and Economic Growth Act, which received Royal Assent on July 12, 2010.
The TIB provides information on the CRA's current interpretation of the term “arranging for” in the definition of “financial service”.
Cyndee Todgham Cherniak is counsel to and in affiliation with the International Trade Law and the Tax Law (Commodity Tax
You say that C-9 was intended to address two recent Tax Court cases. Which cases are those? The Canadian Medical Protective Association v. R. appeal decision? And what else?
Cyndee's Answer: The GM case