Précis: The taxpayer took the position that it was not a “loan corporation” for GST/HST purposes because it did not accept deposits from the public. CRA rejected that interpretation and the Tax Court agreed. The taxpayer appealed unsuccessfully to the Federal Court of Appeal. Costs of $2,200, all inclusive, were awarded to the Crown.
Farm Credit Canada v. R. – FCA: Tax Court decision affirmed – taxpayer a “loan corporation” for GST/HST purposesREAD MORE »