Jobs and Economic Growth Act (S.C. 2010, c. 12)

Marginal note:1990, c. 45, s. 12(1)

• 55. (1) Paragraph (l) of the definition “financial service” in subsection 123(1) of the Excise Tax Act is replaced by the following:

  • (l) the agreeing to provide, or the arranging for, a service that is

    • (i) referred to in any of paragraphs (a) to (i), and

    • (ii) not referred to in any of paragraphs (n) to (t), or

• (2) The definition “financial service” in subsection 123(1) of the Act is amended by adding the following after paragraph (q):

  • (q.1) an asset management service,

• (3) The definition “financial service” in subsection 123(1) of the Act is amended by adding the following after paragraph (r.2):

  • (r.3) a service (other than a prescribed service) of managing credit that is in respect of credit cards, charge cards, credit accounts, charge accounts, loan accounts or accounts in respect of any advance and is provided to a person granting, or potentially granting, credit in respect of those cards or accounts, including a service provided to the person of

    • (i) checking, evaluating or authorizing credit,

    • (ii) making decisions on behalf of the person in relation to a grant, or an application for a grant, of credit,

    • (iii) creating or maintaining records for the person in relation to a grant, or an application for a grant, of credit or in relation to the cards or accounts, or

    • (iv) monitoring another person’s payment record or dealing with payments made, or to be made, by the other person,

  • (r.4) a service (other than a prescribed service) that is preparatory to the provision or the potential provision of a service referred to in any of paragraphs (a) to (i) and (l), or that is provided in conjunction with a service referred to in any of those paragraphs, and that is

    • (i) a service of collecting, collating or providing information, or

    • (ii) a market research, product design, document preparation, document processing, customer assistance, promotional or advertising service or a similar service,

  • (r.5) property (other than a financial instrument or prescribed property) that is delivered or made available to a person in conjunction with the rendering by the person of a service referred to in any of paragraphs (a) to (i) and (l),

• (4) Subsection 123(1) of the Act is amended by adding the following in alphabetical order:

  “asset management service”

  « service de gestion des actifs »

  “asset management service” means a service (other than a prescribed service) rendered by a particular person in respect of the assets or liabilities of another person that is a service of

  • (a) managing or administering the assets or liabilities, irrespective of the level of discretionary authority the particular person has to manage some or all of the assets or liabilities,

  • (b) providing research, analysis, advice or reports in respect of the assets or liabilities,

  • (c) determining which assets or liabilities are to be acquired or disposed of, or

  • (d) acting to realize performance targets or other objectives in respect of the assets or liabilities;

  “management or administrative service”

  « service de gestion ou d’administration »

  “management or administrative service” includes an asset management service;

• (5) Subsections (1) to (4) are deemed to have come into force on December 17, 1990, except that, for the purposes of Part IX of the Act, other than Division IV of that Part, those subsections do not apply in respect of a service rendered under an agreement, evidenced in writing, for a supply if

  • (a) all of the consideration for the supply became due or was paid on or before December 14, 2009;

  • (b) the supplier did not, on or before December 14, 2009, charge, collect or remit any amount as or on account of tax under Part IX of the Act in respect of the supply; and

  • (c) the supplier did not, on or before December 14, 2009, charge, collect or remit any amount as or on account of tax under Part IX of the Act in respect of any other supply that is made under the agreement and that includes the provision of a service referred to in any of paragraphs (q), (q.1) and (r.3) to (r.5) of the definition “financial service” in subsection 123(1) of the Act, as amended by subsections (1) to (4).

• (6) Despite section 298 of the Act, the Minister of National Revenue may assess, reassess or make an additional assessment of any amount payable or remittable by a person in respect of a supply of a service referred to in any of paragraphs (q), (q.1) and (r.3) to (r.5) of the definition “financial service” in subsection 123(1) of the Act, as amended by subsections (2) to (4), at any time on or before the later of the day that is one year after the day on which this Act is assented to and the last day of the period otherwise allowed under that section for making the assessment, reassessment or additional assessment.