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ARTICLE · 19 SEPTEMBER 2017

General Partner Distributions: Subject To GST/HST?

Aird & Berlis LLP
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On September 8, 2017, the Department of Finance ("Finance") released a series of draft legislative changes to the Excise Tax Act (Canada) (the "ETA").

CanadaTax
Neil Bass
Neil Bass
Angelo Gentile
Angelo Gentile
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On September 8, 2017, the Department of Finance ("Finance") released a series of draft legislative changes to the Excise Tax Act (Canada) (the "ETA"). Of particular note is legislation that will have broad ranging impact on limited partnerships that are engaged in investment activities including investment in other partnerships.

Do these rules apply to your limited partnership?

These new rules apply to "investment limited partnerships." This newly defined term includes limited partnerships ("LP"), the primary purpose of which is to invest funds in property consisting primarily of financial instruments (which includes equity securities, debt securities, insurance policies, interests in partnerships, trusts, or any options / guarantees in respect of the foregoing), and that meet one of the following two conditions (i.e., (a) or (b)):

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