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ARTICLE · 11 JANUARY 2021

Noteworthy 2020 GST/HST Developments For The Financial Services Industry

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Despite a year that included court closures and a CRA shutdown, there were a number of noteworthy and interesting decisions from the Tax Court of Canada.

CanadaFinance and Banking
Bobby Solhi
Bobby Solhi
Braek Urquhart
Braek Urquhart
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Despite a year that included court closures and a CRA shutdown, there were a number of noteworthy and interesting decisions from the Tax Court of Canada (the TCC) and Federal Court of Appeal (FCA) with respect to Goods and Services Tax/Harmonized Sales Tax (GST/HST) that affect various stakeholders in the financial services industry. Here are four of the key judgments.

Payment from a GST/HST debtor to a Secured Creditor deemed to be held in trust for the CRA in priority to Secured Creditor: Toronto-Dominion Bank v. Canada, (TD Bank)1.

In TD Bank, TD granted a mortgage and secured home equity line of credit (HELOC) to a customer that, unbeknownst to TD, was also a GST/HST debtor in relation to operating as a sole proprietor of a landscaping business.

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