A group of 60 Canadian banks has told a Senate committee they were shocked to learn the federal government’s omnibus budget bill includes a clause allowing a retroactive GST audit on credit card issuers going back 30 years.
“Retroactively taxing past transactions, especially in the face of court rulings to the contrary, erodes investor confidence in Canada, period. This is a concerning signal to investors, entrepreneurs, and business owners,” said Darren Hannah, vice president of personal and commercial banking with the Canadian Banker’s Association, which represents 60 banks.
Hannah made the comments during his appearance before the Senate national finance committee on May 17, as first reported by Blacklock’s Reporter….