Election for exempt supplies: Rv3-2/17-14-2011E-PDF

"Section 150 of the Excise Tax Act (the Act) provides an election that permits corporations that are members of a closely related group of which a listed financial institution is a member to elect to treat every taxable supply between them of property by way of lease, licence or similar arrangement or of a service (with certain exceptions) as an exempt supply of a financial service. A corporation making the election is deemed to be a financial institution under section 151. This memorandum examines what is meant by a closely related group and closely related corporation and outlines the effects of making the election, particularly as it relates to a registrant corporation being deemed to be a financial institution. The memorandum also refers to an election under subsection 225.2(4) that is available to selected listed financial institutions that have made an election under section 150"--p. [1].

Permanent link to this Catalogue Record: What is a permanent link?
MARC XML Format   MARC HTML Format

Department/Agency Canada Revenue Agency.
Title Election for exempt supplies
Series Title GST/HST memorandum
Publication Type Series - View Master Record
Language [English]
Other Language Editions [French]
Format Electronic
Electronic Document

Archived Content

Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact the authoring department to request a format other than those available.

We invite you to consult the Frequently Asked Questions page for additional information regarding the Archived Content notice.

Having trouble opening this document?

Note: The URLs contained in this/these document(s) may no longer be functional
Note Issued also in French under title: Choix visant les fournitures exonérées. Caption title. "July 2011." Chapter 17.14 of the GST/HST memoranda series. "This version replaces the one dated January 2001."
Date 2011.
Number of Pages 18 p.
Catalogue Number
  • Rv3-2/17-14-2011E-PDF
Subject Terms Goods and services tax, Harmonized sales tax, Excise taxes