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Marginal note:Definitions

• 42 (1) The following definitions apply in this Part.

  eligible roadway

  eligible roadway  has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (voie admissible)

  farming

  farming  has the meaning assigned by subsection 248(1) of the Income Tax Act. (agriculture)

  large business

  large business , at any time, means a person that is, at that time, a prescribed person for the purposes of the definition large business  in subsection 236.01(1) of the Act. (grande entreprise)

  motor vehicle

  motor vehicle  has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (véhicule automobile)

  qualifying heating oil

  qualifying heating oil  has the same meaning as in section 1 of the Deduction for Provincial Rebate (GST/HST) Regulations. (huile de chauffage admissible)

  recapture rate

  recapture rate  applicable at a time in respect of a province means

  • (a) if the province is Ontario,

    • [...]

    • (v) in the case of a time that is on or after July 1, 2018, 0%;

  • (b) if the province is British Columbia,

    • [...]

    • (ii) in the case of a time that is on or after April 1, 2013, 0%; and

  • (c) if the province is Prince Edward Island,

    • [...]

    • (v) in the case of a time that is on or after April 1, 2021, 0%. (taux de récupération)

  specified energy

  specified energy  has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (forme d’énergie déterminée)

  specified extent

  specified extent  of property or a service in respect of a specified class of specified property or service, for a province that is Ontario, British Columbia or Prince Edward Island and for a reporting period of a person, means the percentage that is equal to

  • [...]

  • (c) in any other case, 0%. (mesure déterminée)

  specified property or service

  specified property or service  means property or a service (other than excluded property or service) that is

  • [...]

  • (f) a service described in paragraph (a) of the definition telecommunication service in subsection 123(1) of the Act;

  • (g) access to a telecommunications circuit, line, frequency, channel or partial channel, or to other similar means of transmitting a telecommunication (but not including a satellite channel), for use in providing a service described in paragraph (a) of the definition telecommunication service in subsection 123(1) of the Act; or

  • (h) food, beverages or entertainment acquired by a person in respect of which subsection 67.1(1) of the Income Tax Act applies or would apply if the person were a taxpayer under that Act. (bien ou service déterminé)

  specified year

  specified year  has the same meaning as in section 217 of the Act. (année déterminée)

  total A amounts

  total A amounts  for a reporting period of a selected listed financial institution means

  • (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period, the total of all amounts, each of which is the total for A₁ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a day in the reporting period;

  • (b) if the financial institution is a stratified investment plan, the total of

    • (i) all amounts, each of which is the total for A₁ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for a day in the reporting period, and

    • (ii) all amounts, each of which is the total for A₄ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for the reporting period; and

  • (c) in any other case, the total for A in subsection 225.2(2) of the Act for the reporting period. (valeur A)

  total B amounts

  total B amounts  for a reporting period of a selected listed financial institution means

  • (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period, the total of all amounts, each of which is the total for A₂ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a day in the reporting period;

  • (b) if the financial institution is a stratified investment plan, the total of

    • (i) all amounts, each of which is the total for A₂ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for a day in the reporting period, and

    • (ii) all amounts, each of which is the total for A₅ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for the reporting period; and

  • (c) in any other case, the total for B in subsection 225.2(2) of the Act for the reporting period. (valeur B)

  total F amounts

  total F amounts  for a reporting period of a selected listed financial institution means

  • (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period or if the financial institution is a stratified investment plan, the total for D in subsection 225.2(2) of the Act, as adapted by these Regulations, for the reporting period; and

  • (b) in any other case, the total for F in subsection 225.2(2) of the Act for the reporting period. (valeur F)

• Marginal note:Specified classes

  (2) For the purposes of this section and paragraph 46(d), the following are specified classes of specified property or service:

  [...]

• Marginal note:Farming property or service

  (3) For the purposes of this section and paragraph 46(d), specified property or service of a person is farming property or service of the person for a particular reporting period of the person if the chief source of income for the taxation year of the person preceding the particular reporting period was farming and if the specified property or service is primarily consumed or used in the person’s farming activities.

• (4) For the purposes of paragraph 46(d), the tax recovery rate of a financial institution for a specified class of specified property or service for a reporting period of the financial institution is

  • [...]

  • (b) for any other specified class,

    • (i) if an election under section 43 is in effect throughout the reporting period, the percentage determined by the formula

      A/B

      where

      A 

      is the total of all amounts, each of which is an input tax credit of the financial institution for the reporting period in respect of an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

      B 

      is the total of all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that became payable by the financial institution during the reporting period without having been paid before the reporting period or was paid by the financial institution during the reporting period without having become payable, and

    • (ii) in any other case, the percentage determined by the formula

      C/D

      where

      C 

      is the total of all amounts, each of which is an input tax credit of the financial institution for the reporting period in respect of a specified property or service of the specified class and in respect of an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

      D 

      is the total of all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act in respect of a supply of a specified property or service of the specified class that became payable by the financial institution during the reporting period without having been paid before the reporting period or was paid by the financial institution during the reporting period without having become payable.

[...]

Marginal note:Specific adjustments

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:

• (a) the positive or negative amount determined by the formula

  G₁ – [(G₂ – G₃) × G₄ × (G₅/G₆)]

  where

  G₁ 

  is the total of

  • (i) all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under subsection 165(2) of the Act and that was adjusted, refunded or credited under section 232 of the Act in the particular reporting period, to the extent that the amount was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (ii) if, under section 252.4 or 252.41 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution to the extent that the amount is in respect of tax under subsection 165(2) or section 212.1 of the Act and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (iii) all amounts each of which is an amount that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under any Act of Parliament (other than the Act), to the extent that the amount is in respect of tax under subsection 165(2) or section 212.1 of the Act and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (iv) all amounts each of which is determined, for each rebate in respect of which section 181.1 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

    [A/(100 + A + B)] × C

    where

    A 

    is

    • (A) if tax under subsection 165(2) of the Act was payable in respect of the supply to the financial institution of the property or service in respect of which the rebate is paid, the tax rate for the participating province in which the supply was made, and

    B 

    is the rate set out in subsection 165(1) of the Act, and

  • (v) all amounts each of which is an amount — in respect of a supply of property or a service made by the financial institution at any time during the particular reporting period to another person that is a selected listed financial institution at that time and to which an election made under subsection 225.2(4) of the Act by the other person applies — equal to tax payable by the financial institution under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act that is included in the cost to the financial institution of supplying the property or service to the other person, and

  • (vi) all amounts each of which is

    • (A) the provincial component amount, within the meaning of section 232.01 of the Act, of a tax adjustment note issued under subsection 232.01(3) of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of all or part of the specified resource was included under paragraph (ii) or (iii) of the description of G₁₂ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, or

    • (B) the provincial component amount, within the meaning of section 232.02 of the Act, of a tax adjustment note issued under subsection 232.02(2) of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included under paragraph (iv) or (v) of the description of G₁₂ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution,

  G₂ 

  is the total of

  • (i) all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under subsection 165(1) of the Act and that was adjusted, refunded or credited under section 232 of the Act in the particular reporting period, to the extent that the amount was in the total A amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (ii) if, under section 252.4 or 252.41 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution, to the extent that the amount is in respect of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act and was included in the total A amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (iii) all amounts each of which is an amount (other than an amount included under subparagraph (i)) that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under any Act of Parliament, to the extent that the amount is in respect of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act and was included in the total A amounts or in the total for subparagraph (iv) of the description of G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution,

  • (iii.1) all amounts each of which is an amount that, during the particular reporting period, was rebated to the financial institution under subsection 261.01(2) of the Act, to the extent that the amount is in respect of tax that is deemed to have been paid by the financial institution under subsection 172.2(3) of the Act,

  • (iv) all amounts each of which is determined, for each rebate to which section 181.1 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

    [A/(100 + A + B)] × C

    where

    A 

    is the rate set out in subsection 165(1) of the Act,

    B 

    is

    • (A) if tax under subsection 165(2) of the Act was payable in respect of the supply to the financial institution of the property or service in respect of which the rebate is paid, the tax rate for the participating province in which the supply was made, and

  • (v) all amounts, each of which is

    • (A) the federal component amount, within the meaning of section 232.01 of the Act, of a tax adjustment note issued under subsection 232.01(3) of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of all or part of the specified resource was included under subparagraph (iv) of the description of G₇ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, or

    • (B) the federal component amount, within the meaning of section 232.02 of the Act, of a tax adjustment note issued under subsection 232.02(2) of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included under subparagraph (iv) of the description of G₇ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, and

  • (vi) all amounts, each of which is an amount of tax that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution, if the tax is included in the cost to the financial institution of making a supply that is made at any time during the particular reporting period to another person that is a selected listed financial institution at that time and an election made under subsection 225.2(4) of the Act by the other person applies to the supply,

  G₃ 

  is the total of

  • (i) all input tax credits of the financial institution claimed in the return under Division V of Part IX of the Act filed by the financial institution for any reporting period, including the particular reporting period, of the financial institution in respect of an amount included under any of subparagraphs (i) to (iii) of the description of G₂ for the particular reporting period,

  • (ii) all amounts each of which is an amount of tax that the financial institution is deemed under paragraph 181.1(f) of the Act to have collected during the particular reporting period, and

  • (iii) all amounts, each of which is

    • (A) an amount the financial institution was required by paragraph 232.01(5)(b) of the Act to include in its determination of net tax for the particular reporting period in respect of input tax credits of the financial institution included in the total B amounts for the particular reporting period or an earlier reporting period of the financial institution,

    • (B) an amount the financial institution was required by paragraph 232.02(4)(b) of the Act to include in its determination of net tax for the particular reporting period in respect of input tax credits of the financial institution included in the total B amounts for the particular reporting period or an earlier reporting period of the financial institution,

    • (C) if a tax adjustment note is issued to the financial institution under subsection 232.01(3) of the Act in respect of all or part of a specified resource, if a supply of the specified resource or part is deemed for the purposes of section 232.01 of the Act to have been received by the financial institution under subparagraph 172.1(5)(d)(i) or (5.1)(d)(i) of the Act and if tax in respect of the supply is deemed for the purposes of section 232.01 of the Act to have been paid on a particular day under subparagraph 172.1(5)(d)(ii) or (5.1)(d)(ii) or paragraph 172.1(8.01)(b) of the Act by the financial institution, an amount that the financial institution would be required by paragraph 232.01(5)(c) of the Act to pay during the particular reporting period to the Receiver General as a result of the issuance of the tax adjustment note if the financial institution were a selected listed financial institution on the particular day, or

    • (D) if a tax adjustment note is issued to the financial institution under subsection 232.02(2) of the Act in respect of employer resources, if particular supplies (as referred to in subsection 232.02(4) of the Act) of those employer resources are deemed for the purposes of section 232.02 of the Act to have been received by the financial institution under subparagraph 172.1(6)(d)(i) or (6.1)(d)(i) of the Act and if tax in respect of each of the particular supplies is deemed for the purposes of section 232.02 of the Act to have been paid under subparagraph 172.1(6)(d)(ii) or (6.1)(d)(ii) or paragraph 172.1(8.01)(b) of the Act by the financial institution, an amount that the financial institution would be required by paragraph 232.02(4)(c) of the Act to pay during the particular reporting period to the Receiver General as a result of the issuance of the tax adjustment note if the financial institution were a selected listed financial institution on the first day on which an amount of tax is deemed for the purposes of section 232.02 of the Act to have been paid in respect of the particular supplies,

  G₆ 

  is the rate set out in subsection 165(1) of the Act;

• (b) the positive or negative amount determined by the formula

  [(G₇ – G₈) × G₉ × (G₁₀/G₁₁)] – G₁₂

  where

  G₇ 

  is the total of

  • (i) all amounts each of which is an amount of tax deemed to have been collected during the particular reporting period by the financial institution under paragraph 129(6)(b) or subsection 129.1(4) of the Act,

  • (ii) all amounts each of which is an amount of tax deemed to have been paid by the financial institution under paragraph 180(d) of the Act during the particular reporting period to the extent that the amount is in respect of tax paid by another person under subsection 165(1) or section 212 of the Act and has not been included in the total A amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (iii) all amounts each of which is an amount that is required to be added under subsection 235(1) or 236(1) of the Act in determining the net tax of the financial institution for the particular reporting period, and

  • (iv) all amounts each of which is an amount of tax that the financial institution was deemed to have paid during the particular reporting period under any of subsections 172.1(5) to (7.1) of the Act,

  G₈ 

  is the total of

  • (i) all input tax credits of the financial institution that the financial institution is entitled to claim in the return under Division V of Part IX of the Act filed by the financial institution for the particular reporting period in respect of an amount included under subparagraph (ii) of the description of G₇ for the particular reporting period, to the extent that the amount has not been included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, and

  • (ii) all amounts each of which would be, in the absence of an election made under section 150 of the Act by the financial institution and another person, an input tax credit of the financial institution for the particular reporting period in respect of a supply made at any time by the financial institution to the other person if the other person is a selected listed financial institution at that time, if tax under subsection 165(1) of the Act would have been payable in respect of the supply in the absence of that election and if the other person has not made an election under subsection 225.2(4) of the Act that applies to the supply,

  G₁₁ 

  is the rate set out in subsection 165(1) of the Act, and

  G₁₂ 

  is the total of

  • (i) all amounts, each of which is an amount of tax deemed to have been paid by the financial institution under paragraph 180(d) of the Act during the particular reporting period to the extent that the amount is in respect of tax paid by another person under subsection 165(2) or section 212.1 of the Act and has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution,

  • (ii) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(5)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(5)(d) of the Act,

  • (iii) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(5.1)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(5.1)(d) of the Act,

  • (iv) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(6)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(6)(d) of the Act,

  • (v) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(6.1)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(6.1)(d) of the Act,

  • (vi) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(7)(c) of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under paragraph 172.1(7)(d) of the Act, and

  • (vii) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(7.1)(c) of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under paragraph 172.1(7.1)(d) of the Act;

• (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

  G₁₃ 

  is the total of

  • (i) all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution before the beginning of the reporting period of the financial institution that includes July 1, 2010 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act, to the extent that the amount was included in the total B amounts for the particular reporting period, and

  • (ii) if the particular reporting period begins before July 1, 2010 and ends on or after that day and if section 67 does not apply to the financial institution, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of property that is in whole or in part delivered or made available after the particular reporting period or in respect of a service that is rendered in whole or in part after the particular reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends after the particular reporting period:

    (A – B) × (C/D) × E

    where

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act, the percentage determined by dividing the number of days in the specified year that are after June 30, 2010 by the number of days in the specified year, and

  G₁₄ 

  is the total of

  • (i) all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available before the reporting period of the financial institution that includes July 1, 2010, in respect of a supply of real property the ownership or possession of which is transferred before that reporting period or in respect of a supply of a service that is rendered in whole or in part before that reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends before July 1, 2010:

    (A – B) × (C/D) × E

    where

    C 

    is

    • (A) if section 67 applies to the financial institution and the particular reporting period begins before July 1, 2010 and ends on or after that day,

      [...]

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act or real property, 100%, and

  • (ii) if the particular reporting period begins after June 2010, all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available during another reporting period of the financial institution that begins before July 1, 2010 and ends on or after that day, in respect of a supply of real property the ownership or possession of which is transferred during the other reporting period or in respect of a service that is rendered in whole or in part during the other reporting period — or in respect of tax that became payable under section 218.01 of the Act by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that begins before July 1, 2010 and ends on or after that day:

    (A – B) × (C/D) × E

    where

    C 

    is

    • (A) in the case of tax under section 218.01, the number of days in the specified year before July 2010, and

    D 

    is

    • (A) in the case of tax under section 218.01, the total number of days in the specified year, and

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act or real property, 100%, and

  • (iii) if the particular reporting period begins before July 1, 2010 and ends on or after that day, the amount determined by the formula

    (A – B) × (C/D)

    where

    A 

    is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:

    • [...]

    • (B) if section 67 applies to the financial institution, the total for subparagraphs (ii) and (iii) of G₃ in paragraph (a), and

    • (C) if section 67 does not apply to the financial institution,

      [...]

    B 

    is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:

    • [...]

    • (B) if section 67 applies to the financial institution,

      [...]

    • (C) if section 67 does not apply to the financial institution,

      [...]

  • (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

    • (A) if an election under section 246 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 month of the financial institution that includes the particular reporting period,

    • (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

    • (A) if an election under section 246 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 month of the financial institution that includes the particular reporting period,

    • (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

  G₁₇ 

  is the rate set out in subsection 165(1) of the Act, and

  G₁₈ 

  is the total of all amounts, each of which is a particular amount of tax that was paid or became payable by the financial institution under any of subsection 165(2) and section 212.1 of the Act in respect of a supply or importation of property or a service in respect of which tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act became payable by the financial institution, or was paid by the financial institution without having become payable, in the particular reporting period of the financial institution that ends after June 2010 — to the extent that the particular amount of tax has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution — provided that the particular amount of tax

  [...]

• (d) if the participating province is Ontario, British Columbia or Prince Edward Island, the positive or negative amount determined by the formula

  [G₁₉ × G₂₀ × (G₂₁/G₂₂) × G₂₃] – G₂₄

  where

  G₁₉ 

  is

  • (i) if the financial institution is a large business at any time in the particular reporting period, the total of all amounts, each of which is determined for a specified class of specified property or service by the formula

    A × B × C

    where

    A 

    is the total of

    • (A) all amounts each of which is an amount of tax (other than an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act or an amount of tax included in subparagraph (vi) of the description of G₂ in paragraph (a)) that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution during the particular reporting period in respect of a supply or importation of property or a service multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,

    • (B) all amounts each of which is an amount of tax under subsection 165(1) of the Act in respect of a supply (other than a supply to which clause (C) applies) of property or a service made by a person to the financial institution that would, in the absence of an election under section 150 of the Act, have become payable by the financial institution during the particular reporting period multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,

    • (C) all amounts each of which is an amount — in respect of a supply of property or a service that is made during the particular reporting period by another person to the financial institution and to which an election made under subsection 225.2(4) of the Act by the financial institution applies — equal to tax calculated at the rate set out in subsection 165(1) of the Act on the cost to the other person of supplying the property or service to the financial institution excluding any remuneration to employees of the other person, the cost of financial services and tax under Part IX of the Act multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,

    • (D) all amounts each of which is an amount of tax (other than an amount of tax that is a prescribed amount of tax for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act) that would have been payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution during the particular reporting period in respect of a supply or importation of property or a service multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period if,

      • (I) in the case where the property or a service is acquired or imported by the financial institution for consumption, use or supply exclusively in the course of commercial activities and, as a result of the consumption, use or supply exclusively in the course of commercial activities, no tax under section 212 or 218 of the Act is payable in respect of the acquisition or importation under that section, tax under section 212 or 218 of the Act had been payable in respect of the acquisition or importation,

      • (II) in the case of a supply of property or a service deemed under subsection 143(1) of the Act to have been made outside Canada, the supply had not been deemed to have been made outside Canada,

      • (III) in the case of a supply of property or a service that is deemed under Part IX of the Act to have been made for nil consideration, the supply had not been deemed to have been made for nil consideration, and

      • (IV) in the case of a supply of property or a service that is deemed under paragraph 273(1)(c) of the Act not to be a supply, the supply had not been deemed not to be a supply, and

    • (E) if the specified class is qualifying motor vehicles and the financial institution is engaged in the business of supplying motor vehicles by way of sale, all amounts each of which is determined — for a selected motor vehicle described in subparagraph (g)(i) of the definition excluded property or service in subsection 42(1) that was acquired or imported by the financial institution and is used by the financial institution, at any time in the particular reporting period, otherwise than exclusively for the purpose referred to in that subparagraph — by the formula

      D × E × 2%

      where

      D 

      is the amount of tax (other than an amount of tax that is a prescribed amount of tax for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act) that became payable at any time under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution in respect of a supply or importation of the selected motor vehicle, and

    C 

    is

    • [...]

    • (B) in the case where the specified class is qualifying fuel and the participating province is British Columbia, 0%,

    • (B.1) in the case where the specified class is qualifying heating oil and the participating province is Prince Edward Island, 0%,

    • (C) in the case where the specified class is qualifying energy or qualifying heating oil and the participating province is Ontario or British Columbia, the percentage determined by the formula

      F/G

      where

      F 

      is the total of all amounts, each of which is the specified salary and wages of an employee of the financial institution that is paid by the financial institution in the second last taxation year of the financial institution preceding the particular reporting period for anything done by the employee in the course of, or in relation to, the office or employment of the employee in the province to the extent that it can reasonably be considered that the specified salary and wages is not attributable to the direct engagement by the employee in activities that are eligible scientific research and experimental development activities for the purposes of

      • (I) if the participating province is Ontario, the Taxation Act, 2007, S.O. 2007, c. 11, Sch. A, and

      • (II) if the participating province is British Columbia, the Income Tax Act, R.S.B.C. 1996, c. 215, and

  G₂₁ 

  is

  • [...]

  • (iii) if the particular reporting period includes October 1, 2016 and the participating province is Prince Edward Island, the percentage determined by the formula

    9% + (1% × A/B)

    where

    A 

    is

    • (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula

      C x D

      where

      C 

      is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

      • (I) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

      • (II) under section 218.01 of the Act for a particular specified year of the financial institution, and

    B 

    is

    • (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

  G₂₂ 

  is the rate set out in subsection 165(1) of the Act, and

  G₂₄ 

  is the total of all amounts, each of which is determined — for a selected motor vehicle that the financial institution, in the particular reporting period, either supplies by way of sale to a person that is not related to the financial institution or removes from Canada and registers in another country (other than, if the participating province is British Columbia, a selected motor vehicle that is supplied by way of sale or registered in another country on or after April 1, 2013) and in respect of the last acquisition or importation of which, in another reporting period of the financial institution, the financial institution included an amount under the description of G₁₉ in determining its net tax for the other reporting period — by the formula

  A × B × (C/D) × E × (F/G)

  where

  D 

  is the rate set out in subsection 165(1) of the Act,

• (e) if the particular reporting period begins before July 1, 2010 and ends on or after that day and if the participating province is Nova Scotia, New Brunswick or Newfoundland and Labrador, the negative amount determined by the formula

  –1 × [(G₂₅ × G₂₆ × 8/5) + G₂₇]

  where

  G₂₅ 

  is the total of all amounts, each of which is an amount of tax under any of subsections 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or service for consumption or use exclusively in Ontario or British Columbia that became payable by the financial institution, or that was paid by the financial institution without having become payable, during a reporting period of the financial institution that precedes the particular reporting period, to the extent that the amount is included in the total A amounts for a reporting period preceding the particular reporting period and is not included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, provided that tax is payable in respect of the supply or importation under any of subsection 165(2) and section 212.1 of the Act as a consequence of the application of Part 3 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9 of the New Harmonized Value-added Tax System Regulations, No. 2,

  G₂₇ 

  is

  • (i) if section 67 applies to the financial institution, the total of all amounts, each of which

    • (A) is determined for a claim period (as defined in subsection 261.01(1) of the Act) of the financial institution that ends before July 2010 and that is included in the fiscal year of the financial institution that includes the particular reporting period, during which the financial institution was a pension entity and a selected listed financial institution and in respect of which the pension entity has made an application for a rebate under subsection 261.01(2) of the Act, and

    • (B) is equal to the amount of the rebate that would be payable under subsection 261.01(2) of the Act for the claim period if

      • [...]

      • (II) the amount of the rebate were determined as though the pension rebate amount, as defined in subsection 261.01(1) of the Act, of the financial institution for the claim period were equal to 33% of the total of all amounts, each of which is an amount of tax under subsection 165(2) in respect of a supply of property or a service made in the participating province, or under section 212.1 in respect of an importation of goods for use in the participating province, that became payable by the financial institution during the claim period, or was paid by the financial institution during the claim period without having become payable, provided that

        • [...]

        • 2 the amount of tax is not deemed to have been paid by the financial institution under Part IX of the Act (other than section 191 of the Act), and

        • 3 the amount of tax is not a recoverable amount (as defined in subsection 261.01(1) of the Act) in respect of the claim period, and

• (f) if the particular reporting period includes April 1, 2013 and the participating province is British Columbia, the amount determined by the formula

  (G₂₈ – G₂₉) × G₃₀ × (7%/G₃₁) × (G₃₂/G₃₃)

  where

  G₃₁ 

  is the rate set out in subsection 165(1) of the Act,

  G₃₂ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula

    A x B

    where

    A 

    is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

    • (A) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

    • (B) under section 218.01 of the Act for a particular specified year of the financial institution, and

  G₃₃ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

• (g) if the participating province is Prince Edward Island, the positive or negative amount determined by the formula

  [(G₃₄ – G₃₅) × G₃₆ × (G₃₇/G₃₈)] – G₃₉

  where

  G₃₄ 

  is the total of

  • (i) all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution before the beginning of the reporting period of the financial institution that includes April 1, 2013 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act, to the extent that the amount was included in the total B amounts for the particular reporting period,

  • (ii) if the particular reporting period begins after March 2013, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution during another reporting period of the financial institution that includes April 1, 2013 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act:

    A × B × (C/D)

    where

    C 

    is

    • (A) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is determined by the formula

      E × F

      where

      E 

      is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable,

      • (I) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

      • (II) under section 218.01 of the Act for any specified year of the financial institution, and

    D 

    is

    • (A) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

  • (iii) if the particular reporting period begins before April 1, 2013 and ends on or after that day, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of property that is in whole or in part delivered or made available after the particular reporting period or in respect of a service that is rendered in whole or in part after the particular reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends after the particular reporting period:

    (A – B) × (C/D) × E

    where

    C 

    is

    • (A) if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is determined by the formula

      F × G

      where

      F 

      is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

      • (I) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

      • (II) under section 218.01 of the Act for any specified year of the financial institution, and

    D 

    is

    • (A) if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act, the percentage determined by dividing the number of days in the specified year that are after March 2013 by the number of days in the specified year, and

  G₃₅ 

  is the total of

  • (i) all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available before the reporting period of the financial institution that includes April 1, 2013, in respect of a supply of real property the ownership or possession of which is transferred before that reporting period or in respect of a supply of a service that is rendered in whole or in part before that reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends before April 2013:

    (A – B) × (C/D) × E

    where

    C 

    is

    • (A) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is determined by the formula

      F × G

      where

      F 

      is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

      • (I) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

      • (II) under section 218.01 of the Act for any specified year of the financial institution, and

    D 

    is

    • (A) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act or real property, 100%, and

  • (ii) if the particular reporting period begins after March 2013, all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available during another reporting period of the financial institution that begins before April 1, 2013 and ends on or after that day, in respect of a supply of real property the ownership or possession of which is transferred during the other reporting period or in respect of a service that is rendered in whole or in part during the other reporting period — or in respect of tax that became payable under section 218.01 of the Act by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that begins before April 1, 2013 and ends on or after that day:

    (A – B) × (C/D) × E

    where

    C 

    is

    • (A) in the case of tax under section 218.01 of the Act, the number of days in the specified year before April 2013, and

    • (B) in any other case,

      • (I) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is determined by the formula

        F × G

        where

        F 

        is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable

        • 1 under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

        • 2 under section 218.01 of the Act for a particular specified year of the financial institution, and

    D 

    is

    • (A) in the case of tax under section 218.01 of the Act, the total number of days in the specified year, and

    • (B) in any other case,

      • (I) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

    E 

    is

    • (A) in the case of tax under section 218.01 of the Act or real property, 100%, and

  • (iii) if the particular reporting period begins before April 1, 2013 and ends on or after that day, the amount determined by the formula

    (A – B) × (C/D)

    where

    C 

    is

    • (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula

      E × F

      where

      E 

      is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

      • (I) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

      • (II) under section 218.01 of the Act for any specified year of the financial institution, and

    D 

    is

    • (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

  G₃₈ 

  is the rate set out in subsection 165(1) of the Act, and

  G₃₉ 

  is the total of all amounts, each of which is a particular amount of tax that was paid or became payable by the financial institution under any of subsection 165(2) and section 212.1 of the Act in respect of a supply or importation of property or a service in respect of which tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act became payable by the financial institution, or was paid by the financial institution without having become payable, in the particular reporting period of the financial institution that ends after March 2013 — to the extent that the particular amount of tax has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution — provided that the particular amount of tax is payable as a consequence of the application of Part 3.1 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9.1 of the New Harmonized Value-added Tax System Regulations, No. 2;

• (h) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the participating province is Ontario, Nova Scotia, New Brunswick, British Columbia or Newfoundland and Labrador, the negative amount determined by the formula

  –1 × G₄₀ × G₄₁ × (G₄₂/G₄₃)

  where

  G₄₀ 

  is the total of all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or service for consumption or use exclusively in Prince Edward Island that became payable by the financial institution, or that was paid by the financial institution without having become payable, during a reporting period of the financial institution that precedes the particular reporting period, to the extent that the amount is included in the total A amounts for a reporting period that precedes the particular reporting period and is not included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, provided that tax is payable in respect of the supply or importation under any of subsection 165(2) and section 212.1 of the Act as a consequence of the application of Part 3.1 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9.1 of the New Harmonized Value-added Tax System Regulations, No. 2,

  G₄₃ 

  is the rate set out in subsection 165(1) of the Act;

• (i) if the particular reporting period includes July 1, 2016 and the participating province is New Brunswick or Newfoundland and Labrador, the positive or negative amount determined by the formula

  –1 × (G₄₄ – G₄₅) × G₄₆ × (2%/G₄₇) × (G₄₈/G₄₉)

  where

  G₄₇ 

  is the rate set out in subsection 165(1) of the Act,

  G₄₈ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula

    A x B

    where

    A 

    is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

    • (A) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

    • (B) under section 218.01 of the Act for a particular specified year of the financial institution, and

  G₄₉ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

• (j) if the particular reporting period includes October 1, 2016 and the participating province is Prince Edward Island, the positive or negative amount determined by the formula

  –1 × (G₅₀ – G₅₁) × G₅₂ × (1%/G₅₃) × (G₅₄/G₅₅)

  where

  G₅₃ 

  is the rate set out in subsection 165(1) of the Act,

  G₅₄ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula

    A x B

    where

    A 

    is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable

    • (A) under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service, or

    • (B) under section 218.01 of the Act for a particular specified year of the financial institution, and

  G₅₅ 

  is

  • (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and

[...]

Marginal note:New non-stratified investment plan — reconciliation method

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:

• (a) for the purposes of this section,

  [...]

• (b) for each reporting period of the investment plan that precedes the reporting period of the investment plan that includes the reconciliation day, paragraph 228(2.1)(a) of the Act is adapted as follows:

  [...]

• (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:

  [...]

• (d) if the reconciliation day is not included in the particular fiscal year,

  • (i) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the preceding taxation year is equal to whichever of the following is applicable:

    • (A) the estimate of that percentage that was used for the purposes of paragraph 228(2.1)(a) of the Act, as adapted by paragraph (b), in determining the interim net tax for the reporting periods of the investment plan that are included in the particular fiscal year, or

    • (B) the estimate of that percentage that was used for the purposes of subsection 237(1) of the Act, as adapted by paragraph (c), in determining the instalments for the fiscal quarters of the investment plan ending in the particular fiscal year,

  • (ii) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends is equal to

    • (A) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the participating province and for the preceding taxation year, or

    • (B) if no election under section 50 is in effect throughout the particular fiscal year, the percentage that would be the investment plan’s particular percentage for the participating province and for the preceding taxation year if the particular percentage were determined in accordance with the rules set out in

      [...]

  • (iii) for the purposes of the description of G in subsection 225.2(2) of the Act, for the reporting period of the investment plan that includes the reconciliation day, the positive or negative amount determined by the following formula is a prescribed amount:

    A – B

    where

    A 

    is the total of all amounts, each of which is an amount that would be the net tax for a reporting period of the investment plan that is included in the particular fiscal year if

    • (A) when no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the preceding taxation year were determined in accordance with the rules set out in section 60.1, and

    • (B) when an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends were determined in accordance with the rules set out in section 60.1, and

[...]

Marginal note:Reporting entity election

• 53 (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to have the manager file the returns of the investment plan under Division V of Part IX of the Act.

• Marginal note:Effect of election

  (2) Despite section 238 of the Act, if an election made by a manager and an investment plan under subsection (1) is in effect on the particular day on or before which an interim or final return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed, the return must be filed with the Minister by the manager and the investment plan is not required to file the return.

• [...]

• (4) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of

  • [...]

  • (b) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the other person in which the other person ceases to be an investment plan,

  • (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the other person throughout which the other person is a selected listed financial institution, and

• (5) If an election made under subsection (1) by an investment plan and the manager of the investment plan is in effect immediately before the time at which the investment plan ceases to exist, the following returns must be filed with the Minister by the manager:

  • (a) the interim return under Division V of Part IX of the Act for the last reporting period of the investment plan; and

  • (b) the final returns under Division V of Part IX of the Act for the reporting periods of the investment plan that are included in the last fiscal year of the investment plan.

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• Marginal note:Joint and several liability

  (8) If an election made under subsection (1) by a manager and an investment plan is in effect on the particular day on or before which a return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed or if a manager of an investment plan files a return under Division V of Part IX of the Act for a reporting period of the investment plan on a day on which an election made under subsection (1) by the manager and the investment plan is in effect, the manager and the investment plan are jointly and severally, or solidarily, liable for

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