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Marginal note:Adaptation of subsection 225.2(2) of Act — stratified plans

• 48 (1) In applying subsection 225.2(2) of the Act for the determination of the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a stratified investment plan, the formula in that subsection and the descriptions for that formula are adapted as follows:

  [A × (B/C)] – D + E

  where

  A 

  is the total of all amounts, each of which is the amount determined for a series of the financial institution (other than a provincial series of the financial institution for the fiscal year) and is equal to

  • (a) if an election under section 49 or 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations is in effect in respect of the series throughout the particular reporting period, the total of all amounts, each of which is the positive or negative amount determined for a particular day in the particular reporting period, by the formula

    (A₁ – A₂) × A₃

    where

    A₃ 

    is the financial institution’s percentage for the series and for the participating province, determined for financial institutions of that class in accordance with those Regulations,

    • (i) as of the first business day of the calendar quarter that includes the particular day, or any other day of that quarter that the Minister may allow on application by the financial institution, if the election under section 49 or 64 of those Regulations indicates that the financial institution’s percentages are to be determined on a quarterly basis,

• (2) In applying subsection 225.2(2) of the Act for the determination of the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a non-stratified investment plan and throughout which an election under section 49 or 61 is in effect, the formula in that subsection and the descriptions for that formula are adapted as follows:

  [A × (B/C)] – D + E

  where

  A 

  is the total of all positive or negative amounts, each of which is determined for a particular day in the particular reporting period by the formula

  (A₁ – A₂) × A₃

  where

  A₃ 

  is the financial institution’s percentage for the participating province, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations,

  • (a) as of the first business day of the calendar quarter that includes the particular day, or any other day of that quarter that the Minister may allow on application by the financial institution, if the election under section 49 or 61 of those Regulations indicates that the financial institution’s percentages are to be determined on a quarterly basis,

• [...]

• (5) If an investment plan is a non-stratified investment plan and an election under section 49 or 61 is in effect throughout a fiscal year of the investment plan or if an investment plan is a stratified investment plan and an election under section 49 or 64 is in effect in respect of every series of the investment plan throughout a fiscal year of the investment plan, subsection 237(1) of the Act is adapted as follows for each reporting period of the investment plan in the fiscal year:

  • 237 (1) If the reporting period of a registrant is a fiscal year or a period determined under subsection 248(3), the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to the amount that would be the net tax of the registrant for the fiscal quarter if the fiscal quarter were a reporting period of the registrant.

[...]

62 If units of a series of an investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding and if no election is in effect under section 49, 63 or 64 in respect of the series and the particular fiscal year, the following rules apply:

• [...]

• (c) for each fiscal quarter of the investment plan that precedes the fiscal quarter of the investment plan that includes the reconciliation day, subsection 237(1) of the Act is adapted as follows:

  • 237 (1) Where the reporting period of a registrant is a fiscal year, the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to 1/4 of the amount that would be the net tax for the reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations, were read as “in the case of a series of the financial institution in respect of which section 62 of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations applies for the fiscal year, is an estimate of the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution, and, in the case of any other series of the financial institution, is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with those Regulations”.

[...]

59 If units of a non-stratified investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under section 49, 60 or 61 in respect of the investment plan and the particular fiscal year, the following rules apply:

• [...]

• (c) for each fiscal quarter of the investment plan that precedes the fiscal quarter of the investment plan that includes the reconciliation day, subsection 237(1) of the Act is adapted as follows:

  • 237 (1) Where the reporting period of a registrant is a fiscal year, the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to 1/4 of the amount that would be the net tax for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is an estimate of the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution”.

[...]

46 For the purpose of the description of G in subsection 225.2(2) of the Act, the following are prescribed amounts for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution and for a participating province:

• [...]

• (c) if the participating province is Ontario, Nova Scotia or British Columbia, the positive or negative amount determined by the formula

  [(G₁₃ – G₁₄) × G₁₅ × (G₁₆/G₁₇)] – G₁₈

  where

  G₁₄ 

  is the total of

  • [...]

  • (iv) if the particular reporting period begins on July 1, 2010, section 67 applies to the financial institution and the financial institution becomes a registrant on July 1, 2010, the amount determined by the formula

    (A – B) × (C/D)

    where

    C 

    is

    • [...]

    • (B) if an election under section 247 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days before July 2010 in the fiscal quarter of the financial institution that includes the particular reporting period, and

    D 

    is

    • [...]

    • (B) if an election under section 247 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days in the fiscal quarter of the financial institution that includes the particular reporting period, and

[...]

Marginal note:Determination of percentage

• [...]

• (2) For the purpose of subsection (1), the amount of loans for a particular period is the amount determined by the formula

  A/B

  where

  A 

  is the total of the amounts outstanding on the loans made by the selected listed financial institution at the close of business on the last day of each calendar quarter that ends in the particular period; and

• (3) For the purpose of subsection (1), the amount of deposits for a particular period is the amount determined by the formula

  A/B

  where

  A 

  is the total of the amounts on deposit with the selected listed financial institution at the close of business on the last day of each calendar quarter that ends in the particular period; and

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