Date Closed

August 21, 2024

Lead Office

Toronto

On August 21st, the Federal Court of Appeal (“FCA”) allowed the appeal in President’s Choice Bank v His Majesty The King, 2024 FCA 135. The FCA overturned a decision of the Tax Court of Canada and concluded that President’s Choice Bank met all the requirements to claim notional input tax credits under s. 181(5) of the Excise Tax Act with respect to payments it made to reimburse Loblaws for discounts that Loblaws provided customers when they redeemed loyalty points at Loblaws stores.

PC Bank was represented at the FCA by Anu Koshal, Simon Douville, Almut MacDonald, and Chia-yi Chua.