4/19/2023 0 Comments Purity definition![]() ![]() These bonds are generally three-party contracts between a surety company, a contractor and an owner or developer of a project. Construction bonds are bid, performance, maintenance or payment bonds issued in respect of a construction contract. It is an agreement by which one party, for a consideration, promises to pay money or its equivalent, or to perform an act valuable to the other party upon destruction, loss or injury of something in which the other party has an insurable interest.ġ7. Generally, an insurance policy is a contract whereby one person undertakes to indemnify another against loss, damage or liability arising from an unknown or contingent event, and applies only to some contingency or act that may occur in the future. "Insurer" means a person who is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an insurance business or under the laws of another jurisdiction to carry on in that other jurisdiction an insurance business.ġ4. certain types of construction bonds (see paragraph 17 for more information).ġ3.a policy or contract relating to accident and sickness insurance whether issued or entered into by an insurer and.vary in amount depending on the value of a specified group of assets or changes in interest rates, and.are payable on a periodic basis at intervals that are longer or shorter than one year, or.an annuity contract or a contract that would be an annuity contract except that the payments under the contract.a policy or contract of insurance, including life, property and casualty policies, but excluding a warranty contract (as explained in paragraph 23), that is issued by an insurer, including.For GST/HST purposes, "insurance policy" means: an option or a contract for the future supply of money or anything described in any of paragraphs (a) to (h).ġ2.a guarantee, an acceptance or an indemnity in respect of anything described in paragraphs (a), (b), (d), (e) or (g) or. ![]() ![]() an option or a contract for the future supply of a commodity, where the option or contract is traded on a recognized commodity exchange.an interest in a partnership, a trust or the estate of a deceased individual, or any right in respect of such an interest.Services for which fees are charged and which relate to financial instrument transactions are exempt where these transactions fall within the definition of financial service found in subsection 123(1).ĭefinition of financial instrument ss 123(1) Supplies of financial services are exempt under Part VII of Schedule V unless specifically listed as zero-rated under Part IX of Schedule VI. Options or contracts traded on recognized commodity exchangesĢ.Interest in a partnership, trust or estate of a deceased individual.If a person is uncertain as to whether the supply is made in a participating province, the person may refer to Technical Information Bulletin B-078, Place of Supply Rules under the HST, available from any Revenue Canada tax services office. The 15% HST applies to supplies made in Nova Scotia, New Brunswick and Newfoundland (the "participating provinces"). Note - HST Reference in this memorandum is made to supplies taxable at 7% or 15% (the rate of the HST). Significant changes are indicated in red text and a shaded background. Note This memorandum replaces GST/HST Memorandum 17.1, Definition of "Financial Instrument", dated January 1995. If you are located in the Province of Quebec, please contact Revenu Québec by calling the toll-free number 1-80 for additional information. If you wish to make a technical enquiry on the GST/HST by telephone, please call the toll-free number 1-80. These centres are listed in GST/HST Memorandum 1.2, Canada Revenue Agency GST/HST Rulings Centres. As it may not completely address your particular operation, you may wish to refer to the Act or appropriate Regulation, or contact a Canada Revenue Agency (CRA) GST/HST Rulings Centre for more information. The information in this memorandum does not replace the law found in the Excise Tax Act and its Regulations. ![]()
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