# GST/HST Memorandum 17-1 — Definition of "Financial Instrument" > Reproduced from the Canada Revenue Agency. Authoritative copy: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/17-1/definition-financial-instrument.html > Local copy taken 2026-08-28. Do not take a figure from this page — current rates are at https://rules.backofficestars.ca/rates/ ## Before citing - SCOPE CONFIRMED — THIS MEMORANDUM DEFINES 'FINANCIAL INSTRUMENT', NOT 'FINANCIAL SERVICE'. The title, paragraph 3 and every substantive section address the subsection 123(1) definition of financial instrument and its components (debt security, equity security, paragraph (b.1) rights, insurance policy, partnership/trust/estate interests, precious metals, exchange-traded commodity options and contracts, virtual payment instruments, prescribed instruments, guarantees/acceptances/indemnities, and options and contracts). The definition of financial service is only mentioned, never set out. The BOS Part 4 scoping is correct. - PARAGRAPHS (l) AND (n) TO (t) OF THE FINANCIAL SERVICE DEFINITION ARE NOT REPRODUCED ANYWHERE IN THIS MEMORANDUM. Neither the inclusionary paragraph (l) ('arranging for') nor any of the exclusionary paragraphs (n) to (t) is quoted, paraphrased or listed. The only reference to any lettered paragraph of the financial service definition is to paragraph (d), at paragraphs 40 and 41, in the narrow context of exchange-traded commodity options and futures. Every lettered paragraph reference elsewhere in the document — (a), (b), (b.1), (c), (d), (e), (f), (f.1), (g), (h), (i) — belongs to the definition of FINANCIAL INSTRUMENT, not financial service. Do not read those letters across to the financial service definition. - DO NOT USE FOR THE ADVISOR HST QUESTION. Whether an advisor's fee is an exempt financial service turns on the definition of financial service in subsection 123(1) — in particular paragraphs (l) and (n) to (t) — and on the case law and CRA policy interpreting them. None of that is in this memorandum. For the financial service definition use GST/HST Technical Information Bulletin B-105 and the related 17-series memoranda, subject to their own BOS caveats. - NO RATE BOX AND NO RATE FIGURES. Unlike older CRA publications, this memorandum prints no HST rate table. Its 'GST/HST rates' box says only that the rates 'are those that were in effect at the time of publishing' and links to the CRA's GST/HST calculator. There is therefore NO stale Nova Scotia 15% figure and NO 7% GST figure anywhere in the document. Nothing to annotate on rates. - NO 'REVENUE CANADA' REFERENCES FOUND. The document uses 'Canada Revenue Agency' and 'CRA' throughout. 'Revenu Québec' appears and is a different body. - NO PROPOSED / NOT-YET-LAW LANGUAGE. Both recent additions are stated as enacted, not proposed: paragraph (f.1), virtual payment instrument, 'is deemed to have come into force on May 18, 2019' (paragraph 45); paragraph (b.1), rights in respect of a corporation without share capital, 'is deemed to have come into force on August 10, 2022' (paragraph 12). Both are retroactive commencement dates, not proposals. The memorandum does carry the standard caution that it 'may not have been updated to reflect subsequent legislative changes.' - NO ARCHIVED OR CANCELLED BANNER. Neither the full-text page nor the publication record page at .../publications/17-1.html carries an archived or cancelled banner. The record page reads 'Last update: 2026-07-28' with page details of 2026-07-28. Note the reverse relationship: this memorandum itself replaces the earlier 17-1 dated April 1999. - STALE PAGE METADATA ON BOTH CRA PAGES. The full-text page's HTML metadata gives dcterms.issued and dcterms.modified as 2017-06-22; the publication record page's metadata gives both as 1999-04-01. Neither matches the document, which is dated July 2026 with page details of 2026-07-28. This is a Canada.ca metadata error, not a defect in the text. Use the July 2026 date from the document itself. - CURRENCY OF THE 'NOTHING PRESCRIBED' STATEMENTS. Paragraph 43 states there is currently no prescribed property for paragraph (c) of the virtual payment instrument definition, and paragraph 46 states there are currently no prescribed instruments for paragraph (g) of the financial instrument definition. Both were true as at July 2026 and must be re-verified against the regulations before being relied on. - CROSS-REFERENCE NOTE. Paragraph 34 states that the first sale of newly refined precious metal by the refiner or its owner is zero-rated under section 3 of Part IX of Schedule VI, and that subsequent supplies are exempt. Paragraph 37 zero-rates precious metals supplied by a financial institution to a non-resident under section 1 of Part IX of Schedule VI. These are tax-status conclusions that depend on the financial SERVICE rules; treat them as pointers, not as BOS-citable positions. > ## ⛔ SCOPED SOURCE — VALID ONLY FOR THE DEFINITION OF "FINANCIAL INSTRUMENT" > > **GST/HST Memorandum 17-1 is scoped on the BOS "do not cite" list (Part 4 of the BOS CRA rules index).** It is mirrored here so the scoping can be verified. The memorandum defines **"financial instrument"** under subsection 123(1) and nothing else — it never sets out the definition of **"financial service"**, and it does **not** reproduce paragraph (l) or any of paragraphs (n) to (t) of that definition anywhere. **It must not be cited for the advisor HST question, or for any question that turns on whether something is a "financial service".** Its only permitted use is the definition of financial instrument itself. --- # Definition of Financial Instrument GST/HST memorandum 17-1 July 2026 This version replaces the one dated April 1999. This memorandum has been updated to include the definition of virtual payment instrument and certain rights in respect of a corporation without share capital. This memorandum explains the components of the definition of financial instrument for GST/HST purposes under the provisions of the *Excise Tax Act.* Except as otherwise noted, all statutory references in this publication are to the provisions of the *Excise Tax Act* (ETA). The information in this publication does not replace the law found in the ETA and its regulations. Although correct at the time of issue, this publication may not have been updated to reflect subsequent legislative changes. If this information does not completely address your particular situation, you may wish to refer to the ETA or relevant regulation, or call GST/HST Rulings at 1‑800‑959‑8287 for additional information. If you require certainty with respect to any particular GST/HST matter, you may request a ruling. [GST/HST Memorandum 1-4, Requesting a GST/HST Ruling or Interpretation](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/1-4.html), explains how to obtain a ruling or an interpretation. If you are located in Quebec and wish to request a ruling related to the GST/HST, please call Revenu Québec at 1‑800‑567‑4692. You may also visit the Revenu Québec website at [revenuquebec.ca](https://www.revenuquebec.ca/en/) to obtain general information. For listed financial institutions that are selected listed financial institutions (SLFIs) for GST/HST or Quebec sales tax (QST) purposes or both, whether or not they are located in Quebec, the CRA administers the GST/HST and the QST. If you wish to make a technical GST/HST or QST enquiry related to SLFIs, please call 1‑855‑666‑5166. **GST/HST rates** Reference in this publication is made to supplies that are subject to the GST or the HST. The GST/HST rates are those that were in effect at the time of publishing. For the list of all applicable GST/HST rates (current and historic), go to [GST/HST calculator (and rates)](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/charge-collect-which-rate/calculator.html). > **[MIRROR NOTE — NO RATE FIGURES IN THIS DOCUMENT]** The rate box above prints no rate figures at all; it defers to the CRA's live rate page. There is accordingly no stale Nova Scotia 15% figure and no 7% GST figure anywhere in this memorandum. For the record, as at the fetch date the participating-province rates are 13% Ontario; **14% Nova Scotia** (reduced from 15% effective **1 April 2025**); 15% New Brunswick, Newfoundland and Labrador, and Prince Edward Island; 5% GST in the rest of Canada. This note is not part of the CRA source text. If you are uncertain as to whether a supply is made in a participating province, refer to [GST/HST Memorandum 3-3-2, Place of Supply in a Province – Overview](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/3-3-2.html). ## Table of contents - General - Definition of financial instrument * Debt security + Late payment charges + Exclusions from the definition of debt security * Equity security * Rights in respect of a corporation without share capital * Insurance policies + Construction bonds + Exclusions from the definition of insurance policy * Interest in a partnership, trust or estate of a deceased individual * Precious metals + Refiners + Non-precious metals + Supplies to non-residents + Imports * Options or contracts traded on recognized commodity exchanges * Virtual payment instruments * Prescribed instruments * Guarantees, acceptances, or indemnities * Options and contracts ## General 1. The definition of financial instrument in subsection 123(1) is primarily relevant for the definition of financial service in subsection 123(1), as a financial service generally involves a transaction relating to a financial instrument or money. The definition of financial instrument is also relevant for the definition of investment limited partnership found in subsection 123(1), the meaning of financial institution in section 149, and for various other provisions, including the election in section 156 for groups of closely related persons. 2. Supplies of financial services are exempt under Part VII of Schedule V unless specifically listed as zero-rated under Part IX of Schedule VI. Certain services for which fees are charged and which relate to financial instrument transactions are financial services where the transactions also fall within the definition of financial service. > **[MIRROR NOTE — SCOPE BOUNDARY]** Paragraphs 1 and 2 above are the only places the memorandum touches the definition of financial service, and they do no more than point at it. The definition of financial service is never set out, and paragraph (l) and paragraphs (n) to (t) of it appear nowhere in this document. Anything turning on whether a supply is a financial service must be sourced elsewhere. This note is not part of the CRA source text. ## Definition of financial instrument 3. **Financial instrument** is defined in subsection 123(1) and "means: - (a) a debt security, - (b) an equity security, - (b.1) a right (other than a right as a creditor), whether absolute or contingent, conferred by a corporation that does not have capital divided into shares to receive, either immediately or in the future, an amount that can reasonably be regarded as all or any part of the capital, revenue or income of the corporation, - (c) an insurance policy, - (d) an interest in a partnership, a trust or the estate of a deceased individual, or any right in respect of such an interest, - (e) a precious metal, - (f) an option or a contract for the future supply of a commodity, where the option or contract is traded on a recognized commodity exchange, - (f.1) a virtual payment instrument, - (g) a prescribed instrument, - (h) a guarantee, an acceptance or an indemnity in respect of anything described in any of paragraphs (a) to (b.1), (d), (e) and (g), or - (i) an option or a contract for the future supply of money or anything described in any of paragraphs (a) to (h)". > **[MIRROR NOTE — WHICH DEFINITION THESE LETTERS BELONG TO]** The lettered paragraphs (a) to (i) above, and every later reference in this memorandum to paragraph (a), (b), (b.1), (d), (e), (f.1), (g) or (h), belong to the definition of **financial instrument**. They are not the lettered paragraphs of the definition of **financial service**. Do not carry them across. This note is not part of the CRA source text. 4. The components of the definition of financial instrument are explained below. ### Debt security 5. **Debt security** is defined in subsection 123(1) and "means a right to be paid money and includes a deposit of money, but does not include a lease, licence or similar arrangement for the use of, or the right to use, property other than a financial instrument". 6. Financial obligations representing a right to be paid money are by definition a debt security for GST/HST purposes. A debt security generally includes a deposit of money, debentures, notes, convertible notes, mortgages, treasury bills, or bonds. It also includes book debts and accounts receivable. #### Late payment charges 7. A late payment charge occurs where a supplier of property or services charges the recipient (customer) an additional amount if payment for the supply is not made within the time required on the invoice. The late payment charge is consideration for a financial service. #### Exclusions from the definition of debt security 8. The payment of money relating to leases, licences or similar arrangements, or the right to use property other than a financial instrument, is specifically excluded from the definition of debt security. Therefore, such a payment is not in respect of a financial instrument. For example, the leasing of commercial property is treated as a supply of that property, and not a debt security, for GST/HST purposes in accordance with subsection 136(1). Similarly, an automobile lease payment, although partially consisting of a financing component, is not consideration for an exempt supply of a financial instrument. 9. A debt security does not include a contingent right. Where a contingent right is involved, a right to be paid money is a possibility but not a certainty. The payment is conditional upon the occurrence or non-occurrence of some future event that may never happen. ### Equity security 10. **Equity security** is defined in subsection 123(1) and "means a share of the capital stock of a corporation or any interest in or right to such a share". 11. A share of capital stock in a corporation representing ownership in the corporation or an interest in or right, claim or title to such a share is a financial instrument for GST/HST purposes. ### Rights in respect of a corporation without share capital 12. Paragraph (b.1) was added to the definition of financial instrument in subsection 123(1) and is deemed to have come into force on August 10, 2022. Paragraph (b.1) describes any right, whether absolute or contingent, to receive, either immediately or in the future, an amount that can reasonably be regarded as all or any part of the capital, of the revenue, or of the income, of a corporation that does not have capital divided into shares. However, paragraph (b.1) does not include a right to receive an amount as a creditor. 13. An example of a right described in paragraph (b.1) is a contingent right, analogous to those of corporate shareholders, to receive a portion of a corporation without share capital's income for the year, or a share of the corporation's capital on its dissolution. ### Insurance policies 14. **Insurance policy** is defined in subsection 123(1) and generally refers to: - (a) a policy or contract of insurance, including life, property and casualty policies, but excluding a warranty contract (as described in paragraph 25 of this memorandum), that is issued by an insurer, including all of the following: * (i) a reinsurance policy * (ii) an annuity contract or a contract that would be an annuity contract except that the payments under the contract are either of the following: + (A) payable on a periodic basis at intervals that are longer or shorter than one year + (B) vary in amount depending on the value of a specified group of assets or changes in interest rates * (iii) a contract all or part of the insurer's reserves for which vary in amount depending on the value of a specified group of assets (for example, a segregated fund contract) - (b) a policy or contract in the nature of accident and sickness insurance, whether the policy is issued or the contract is entered into by an insurer - (c) certain types of construction bonds (as described in paragraphs 19 to 24 of this memorandum) 15. **Insurer** is defined in subsection 123(1) and "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". 16. 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. 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. For further information on insurance policies and insurance claims, refer to [GST/HST Memorandum 17-16, GST/HST Treatment of Insurance Claims](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/17-16.html). 17. A policy or contract in the nature of accident and sickness insurance pertains to the coverage of eligible health-related expenses such as medical, hospital, nursing, and dental expenses. The policy or contract may also provide coverage for loss of earnings and accidental death or dismemberment. A policy or contract in the nature of accident or sickness insurance is included in the definition of insurance policy, whether or not the policy is issued, or the contract is entered into, by an insurer. 18. Contracts or policies issued by certain organizations that are not insurers, but provide supplementary health insurance in Canada are also generally included in the definition of an insurance policy. #### Construction bonds 19. Construction bonds are bid, performance, maintenance, or payment bonds issued in respect of a construction contract. These bonds are generally three-party contracts between a surety company, a contractor, and an owner or developer of a project. The bonds, as a form of financial guarantee, are used in the construction industry to guarantee performance of a construction contract or the payment of suppliers. 20. A bid bond guarantees that the contractor, if selected, will enter into the contract for the bid amount and will provide the required contract security. 21. A performance bond guarantees completion of an obligation under the construction contract. 22. A maintenance bond guarantees against defects in the contractor's workmanship or materials for a period of time following completion of the construction contract. 23. A payment bond guarantees that the subcontractors, labourers, and suppliers on the bonded construction contract will be paid. 24. The issuers of construction bonds (usually surety companies) are normally required to be licensed under the same legislation as insurers. Even though these unique bonds are not normally considered to be contracts of insurance, they do strongly resemble insurance policies. Therefore, for GST/HST purposes, they are treated as insurance and included in the definition of insurance policy. #### Exclusions from the definition of insurance policy 25. The definition of insurance policy excludes a warranty in respect of the quality, fitness, or performance of tangible property where the warranty is supplied to a person who acquires the property otherwise than for resale (for example, for personal use) whether or not it is provided by an insurer. 26. Insurance services provided by non-licensed persons are also excluded from the definition of insurance policy except in the case of either of the following: - (a) accident and sickness insurance (as described in paragraphs 17 and 18 of this memorandum) - (b) in some instances, construction bonds (as described in paragraphs 19 to 24 of this memorandum) ### Interest in a partnership, trust or estate of a deceased individual 27. A partnership is created where two or more persons enter into a relationship to carry on business for profit. A trust is a fiduciary relationship imposed by contract or by law with respect to property or money held by one person for the benefit of one or more persons. The estate of a deceased individual is treated for GST/HST purposes as though the estate were the individual and the individual had not died. A partnership and a trust are treated as persons under the ETA. 28. Any interest or any right in respect of an interest in a partnership, a trust, or the estate of a deceased individual is a financial instrument. This interest or right represents a claim, title or legal share of an investment in a partnership, a trust or the estate of a deceased individual and not in the underlying assets of the partnership, trust, or estate of the deceased individual. ### Precious metals 29. **Precious metal** is defined in subsection 123(1) and "means a bar, ingot, coin or wafer that is composed of gold, silver or platinum and that is refined to a purity level of at least - (a) 99.5% in the case of gold and platinum, and - (b) 99.9% in the case of silver". 30. A precious metal in the form of a bar, ingot, or wafer at the required purity level must generally be recognized and accepted for trading on Canadian financial markets. Ordinarily, these bear markings indicating their purity level. They also have an identification mark of the issuing financial institution or refinery. With respect to coins, only those metals at the required purity levels that have been issued by a government authority and that may be used as currency will qualify. 31. Any supply of a precious metal (meeting the definition of precious metal above) is a supply of a financial service and is generally exempt. Metals of this quality are normally investment-related and are usually bought and sold on international exchanges that establish worldwide precious metal prices. 32. Every sale or purchase of gold, platinum, or silver, that does not meet the definition of precious metal above is not considered a supply or purchase of a financial instrument, but rather a supply or purchase of property. Generally, the sale of gold, platinum, or silver in bar, ingot, coin, or wafer form with a purity level of less than 99.5% for gold and platinum, and less than 99.9% for silver is a taxable supply and subject to the GST/HST. The sale of gold, platinum, or silver at the defined purity level, but not in the form of a bar, ingot, coin, or wafer (for example, in granular form) is also generally a taxable supply and subject to the GST/HST. #### Refiners 33. A refiner of precious metals is considered to be any person who in the regular course of business converts or refines gold, platinum, or silver regardless of the degree of purity. 34. A supply of precious metals (as described in paragraphs 29 and 30 of this memorandum) made by the refiner thereof or by the person on whose behalf the precious metals were refined (generally the owner) is a zero-rated financial service under section 3 of Part IX of Schedule VI. Accordingly, the first sale of newly refined precious metal by the refiner or its owner is zero-rated. Subsequent supplies of the precious metal are exempt. 35. Where a refining or manufacturing fee is charged by a refiner of precious metals to the owner of the precious metals, the fee is generally subject to the GST/HST. However, where it is standard practice for a refiner to charge a separate premium fee when selling its own precious metal that is over and above the intrinsic precious metal value of the product, the fee is considered part of the selling price and subject to the GST/HST based on the tax status of the sale of the precious metal. #### Non-precious metals 36. Carat gold, sterling silver, or platinum in jewellery or chattel form are examples of metals that do not meet the purity and form requirements and are not precious metals for GST/HST purposes. Supplies of these goods in Canada are generally taxable and subject to the GST/HST, unless otherwise zero-rated under Schedule VI or exempted under Schedule V. #### Supplies to non-residents 37. Precious metals supplied by a financial institution to a non-resident person are zero-rated under section 1 of Part IX of Schedule VI. #### Imports 38. Precious metals imported under any circumstances are prescribed by the *Non-Taxable Imported Goods (GST) Regulations*, and under section 8 of Schedule VII. They are not subject to the GST/HST when imported into Canada. ### Options or contracts traded on recognized commodity exchanges 39. A commodity option or commodity future contract is a financial instrument for GST/HST purposes when traded on a recognized commodity exchange. 40. An option for the future supply of a commodity includes a right, but not an obligation, to buy or sell a commodity at a specified price within a stipulated future time period. The option buyer pays a premium to the dealer for this right, in addition to the usual commission. The supply of a commodity option when sold on a recognized commodity exchange is a financial service provided under paragraph (d) of the definition of financial service in subsection 123(1). However, the tax status of the underlying commodity, if the option is exercised, is either subject to the GST/HST or exempt depending on the nature of the supply. 41. A futures contract is an agreement to buy or sell a specific amount of a commodity at a particular price on a stipulated future date. Contrary to a commodity option, a futures contract obligates the buyer to purchase the underlying commodity and the seller to sell it, unless the contract is sold to another person before the exercise date. The supply of a futures contract when sold on a recognized commodity exchange is also a financial service provided under paragraph (d) of the definition of financial service in subsection 123(1). The tax status of the underlying commodity when the exercise date becomes due is either taxable or exempt depending on the nature of the supply. > **[MIRROR NOTE — THE ONLY FINANCIAL SERVICE PARAGRAPH CITED]** Paragraphs 40 and 41 are the only two places in this memorandum that cite a lettered paragraph of the definition of **financial service** — in both cases paragraph (d), and only for exchange-traded commodity options and futures. Paragraph (l) and paragraphs (n) to (t) of that definition are cited nowhere in this document. This note is not part of the CRA source text. ### Virtual payment instruments 42. **Virtual payment instrument** is defined in subsection 123(1) and "means property that is a digital representation of value, that functions as a medium of exchange and that only exists at a digital address of a publicly distributed ledger, other than property that - (a) confers a right, whether immediate or future and whether absolute or contingent, to be exchanged or redeemed for money or specific property or services or to be converted into money or specific property or services, - (b) is primarily for use within, or as part of, a gaming platform, an affinity or rewards program or a similar platform or program, or - (c) is prescribed property". 43. Currently, there is no prescribed property for purposes of paragraph (c) of the definition of virtual payment instrument. 44. Some types of cryptoassets are not virtual payment instruments. For example, non-fungible tokens (NFTs) are not virtual payment instruments as NFTs do not function as a medium of exchange. Security tokens and utility tokens are other types of cryptoassets. These types of cryptoassets do not ordinarily meet the definition of a virtual payment instrument based on the exclusions in paragraphs (a) and (b) of that definition. A virtual payment instrument such as Bitcoin, Ether, and Litecoin is a cryptoasset. For more information on cryptoassets and related mining activities, refer to [GST/HST Notice 324, Mining Activities in respect of Cryptoassets](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice324.html). 45. A virtual payment instrument was added to the definition of financial instrument in subsection 123(1), as paragraph (f.1), and is deemed to have come into force on May 18, 2019. ### Prescribed instruments 46. Paragraph (g) of the definition of financial instrument provides for additional categories of financial instruments. Currently, there are no prescribed instruments for purposes of paragraph (g) of the definition of financial instrument. ### Guarantees, acceptances, or indemnities 47. A guarantee includes an undertaking by a person to pay money or perform obligations with respect to a financial instrument provided under paragraphs (a), (b), (b.1), (d), (e), and (g) of the definition of financial instrument, should the person primarily liable for the payment of a debt or obligation fail to execute that person's responsibility. For example, a guarantee bond is considered to be a financial instrument. A guarantee bond is a guarantee wherein the principal and interest may be guaranteed by a party other than the issuer. This situation may arise in parent-subsidiary relationships where bonds issued by a subsidiary are guaranteed by the parent. 48. An acceptance in respect of paragraphs (a), (b), (b.1), (d), (e), and (g) of the definition of financial instrument includes a formal indication by a person of its acceptance or guarantee that a financial instrument will be paid (for example, Banker's Acceptance). An acceptance agreement is created, for example, when the drawee of a financial instrument writes accepted and a designated date of payment on the instrument and the drawee is responsible for payment at maturity. 49. An indemnity in respect of paragraphs (a), (b), (b.1), (d), (e), and (g) of the definition of financial instrument refers to a collateral contract or agreement by which one person agrees to indemnify another against an anticipated loss. It is an undertaking to be liable to pay money or perform an obligation in respect of the financial instrument (for example, indemnity bond). 50. Guarantees, acceptances, or indemnities pertaining to financial instruments described in paragraph (a), (b), (b.1), (d), (e), or (g) of the definition of financial instrument are also defined [in paragraph (h)] to be financial instruments for GST/HST purposes. Therefore, financial services relating to these guarantees, acceptances or indemnities are generally exempt. ### Options and contracts 51. An option for the future supply of money or a financial instrument described in paragraphs (a) to (h) of the definition of financial instrument refers to a right, but not an obligation, to buy or sell money or a financial instrument at a specified price within a stipulated future time period. 52. A contract for the future supply of money or a financial instrument described in paragraphs (a) to (h) of the definition of financial instrument refers to an agreement to buy or sell the above at a stipulated future date. For example, a future contract to purchase or sell US dollars at a specified price on a stipulated future date is a financial instrument. ## Further information All **GST/HST technical publications** are available at [GST/HST technical information](https://www.canada.ca/en/revenue-agency/services/tax/technical-information/technical-information-gst-hst.html). To make a **GST/HST enquiry** by **telephone**: - for **GST/HST general enquiries**, call **Business Enquiries** at **1-800-959-5525** - for **GST/HST technical enquiries**, call **GST/HST Rulings** at **1-800-959-8287** If you are located in **Quebec**, call **Revenu Québec** at **1-800-567-4692** or visit their website at [revenuquebec.ca](https://www.revenuquebec.ca/en/). If you are a **selected listed financial institution** (whether or not you are located in Quebec) and require information on the **GST/HST** or the **QST**, go to [GST/HST and QST information for financial institutions, including selected listed financial institutions](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/charge-collect-which-rate/financial-institutions.html) or: - for **general GST/HST** or **QST enquiries**, call **Business Enquiries** at **1-800-959-5525** - for **technical GST/HST** or **QST enquiries**, call **GST/HST Rulings SLFI** at **1-855-666-5166** ## Page details 2026-07-28 --- *End of GST/HST Memorandum 17-1 as published at the source URL. The document closes with the "Further information" section and the Canada.ca page-details date of 2026-07-28. Mirrored 2026-08-28 for verification of the BOS Part 4 scoping. Do not cite outside the definition of financial instrument.*