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ARTICLE · 14 NOVEMBER 2017

Draft GST/HST Legislation Impacting Limited Partnerships And General Partners

Miller Thomson
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On September 8, 2017, the Department of Finance (Canada) ("Finance") introduced draft legislation deeming general partners of "investment limited partnerships" (a newly coined term) to be making ...

CanadaTax
Ron Choudhury
Ron Choudhury
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On September 8, 2017, the Department of Finance (Canada) ("Finance") introduced draft legislation deeming general partners of "investment limited partnerships" (a newly coined term) to be making a taxable supply when providing management or administrative services (a broadly defined term). This proposal, if enacted, will result in the payment (or deemed payment) of GST/HST from investment limited partnerships to general partners. The proposals will also extend the application of certain rules applicable to selected listed financial institutions to investment limited partnerships.

The proposals for presented for public consultation. The draft legislation is yet to be finalized or enacted in final form. Some changes may be expected based on the public response to the proposals.

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