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ARTICLE · 10 JUNE 2013

Final Rules For "Selected Listed Financial Institutions" Regarding GST/HST

Stikeman Elliott LLP
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Three years ago, on May 19, 2010, the Minister of Finance released proposed changes to the application of the harmonized sales tax to financial institutions.

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Jean-Guillaume Shooner
Jean-Guillaume Shooner
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Three years ago, on May 19, 2010, the Minister of Finance released proposed changes to the application of the harmonized sales tax (HST) to financial institutions. At the time, the relevant government authorities had determined that changes were "necessary to the existing [selected listed financial institutions 1] SLFI rules to ensure that the rules achieve the intended result in the context of the expanded and modernized HST framework" following the adoption of the HST regime by British Columbia and Ontario. After the subsequent publication of draft rules and regulations in June 2010 and January 2011, the Federal Government on May 8th of this year finally released a voluminous document containing the final version of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations (the Regulations). The adoption of the Regulations allows SLFIs to validate what has up to now been the temporary application of certain rules. In addition, since

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