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GOODS AND SERVICES TAX (GST) - Exempt supplies - Financial services

Tuesday, August 07, 2018 @ 9:23 AM  

Appeal by Canadian Imperial Bank of Commerce (CIBC) from assessments which denied rebates. As part of its retail banking business, CIBC issued Visa credit cards to its customers and utilized a credit card payment system operated and managed by Visa Canada Corporation and its affiliates. CIBC paid fees to Visa. CIBC paid the GST on the fees and then sought a rebate on the basis that the provision of services was an exempt supply for the purposes of the Excise Tax Act (ETA). The Minister of...