Jobs and Growth Act, 2012 (S.C. 2012, c. 31)

Marginal note:1990, c. 45, s. 12(1)

• 86. (1) Subsection 246(3) of the Act is replaced by the following:

  • Marginal note:Duration of election

    (3) An election made under this section by a person is to remain in effect until the earlier of

    • (a) the beginning of the day on which an election by the person under section 247 or 248 takes effect, and

    • (b) the day on which a revocation of the election by the person under subsection (4) becomes effective.

  • Marginal note:Revocation of election

    (4) A listed financial institution that has made an election under this section may revoke the election, effective on the first day of a fiscal year of the financial institution, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the day on which the revocation is to become effective or any later day that the Minister may allow.

• (2) Subsection (1) applies to any fiscal year that ends on or after July 1, 2010.

• 87. (1) Subsection 247(2) of the Act is amended by striking out “and” at the end of paragraph (b), by adding “and” at the end of paragraph (c) and by adding the following after paragraph (c):

  • (d) the day on which a revocation of the election by the person under subsection (3) becomes effective.

• (2) Section 247 of the Act is amended by adding the following after subsection (2):

  • Marginal note:Revocation of election

    (3) A listed financial institution that has made an election under this section may revoke the election, effective on the first day of a fiscal year of the financial institution, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the day on which the revocation is to become effective or any later day that the Minister may allow.

• (3) Subsections (1) and (2) apply to any fiscal year that ends on or after July 1, 2010.

Marginal note:2010, c. 12, s. 75(2)

• 88. (1) The definitions “participating employer”, “pension entity” and “pension plan” in subsection 261.01(1) of the Act are repealed.

• (2) Subsection (1) is deemed to have come into force on September 23, 2009.

Marginal note:1997, c. 10, s. 229(1)

• 89. (1) Subsection 261.3(2) of the Act is repealed.

• (2) Subsection (1) is deemed to have come into force on July 1, 2010.

Marginal note:1997, c. 10, s. 229(1)

• 90. (1) Subsection 261.31(1) of the Act is repealed.

• Marginal note:1997, c. 10, s. 229(1); 2009, c. 32, s. 34(1)

  (2) Subsections 261.31(2) and (3) of the Act are replaced by the following:

  • Marginal note:Rebate for tax payable by investment plans

    (2) If tax under subsection 165(2), sections 212.1 or 218.1 or Division IV.1 is payable by a listed financial institution described in subparagraph 149(1)(a)(vi) or (ix), other than a selected listed financial institution, or by a prescribed person and prescribed conditions are satisfied, the Minister must, subject to section 261.4, pay a rebate to the financial institution or person equal to the amount determined in prescribed manner.

  • Marginal note:Election by segregated fund and insurer

    (3) An insurer and a segregated fund of the insurer may elect, in prescribed form containing prescribed information, to have the insurer pay to, or credit in favour of, the segregated fund the amount of any rebates payable to the segregated fund under subsection (2) in respect of supplies made by the insurer to the segregated fund.

• Marginal note:1997, c. 10, s. 229(1)

  (3) Subsection 261.31(5) of the Act is replaced by the following:

  • Marginal note:Application to insurer

    (5) An insurer may pay or credit to or in favour of a segregated fund of the insurer the amount of a rebate under subsection (2) in respect of a taxable supply made by the insurer to the segregated fund that, if the segregated fund complied with section 261.4 in relation to the supply, would be payable to the segregated fund if

    • (a) the insurer and the segregated fund have filed an election made under subsection (3) that is in effect when tax in respect of the supply becomes payable; and

    • (b) the segregated fund, within one year after the day on which tax becomes payable in respect of the supply, submits to the insurer an application for the rebate in prescribed form containing prescribed information.

• (4) Subsections (1) to (3) apply in respect of any rebate that is in respect of tax that became payable, or was paid without having become payable, on or after July 1, 2010.

• 91. (1) Section 261.4 of the Act is renumbered as subsection 261.4(1) and is amended by adding the following:

  • Marginal note:Exception for investment plans, etc.

    (2) A rebate under any of sections 261.1 to 261.3 in respect of tax paid or payable by a listed financial institution described in subparagraph 149(1)(a)(vi) or (ix) must not be paid.

• (2) Subsection (1) applies in respect of any rebate that is in respect of tax that became payable, or was paid without having become payable, on or after July 1, 2010.

• 92. (1) Section 263.01 of the Act is amended by adding the following after subsection (3):

  • Marginal note:Exception — prescribed person

    (4) Despite subsection (1), a rebate under section 261.31 in respect of a prescribed amount of tax may be paid to a person that is prescribed for the purpose of subsection 261.31(2).

• (2) Subsection (1) is deemed to have come into force on July 1, 2010.

2010, c. 12Jobs and Economic Growth Act

• 93. (1) Subsection 58(2) of the Jobs and Economic Growth Act is amended by striking out “and” at the end of paragraph (a) and by adding the following after paragraph (a):

  • (a.1) if a person that is a participating employer of a pension plan acquires property or a service for the purpose of making a supply of all or part of the property or service to a pension entity of the pension plan but not for the purpose of making a supply of any part of the property or service to a pension entity of the pension plan after June 2010, the amount determined for B in the formula in paragraph 172.1(5)(c) of the Act, as enacted by subsection (1), for Nova Scotia in respect of a taxable supply of all or part of the property or service that is deemed to have been made under paragraph 172.1(5)(a) of the Act, as enacted by subsection (1), on the last day of a fiscal year of the person is to be determined as if the tax rate for Nova Scotia on the last day of the fiscal year were 8%; and

• (2) The formula in the read-as text in paragraph 58(2)(b) of the Act and the descriptions in that formula are replaced by the following:

  E × [(F × G/H) – (I × J/H)]

  where

  E 

  is the amount determined for C,

  F 

  is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year,

  G 

  is

  • (i) if the participating province is Ontario or British Columbia, the number of days in the particular fiscal year that are after June 2010, and

  • (ii) in any other case, the number of days in the particular fiscal year,

  H 

  is the number of days in the particular fiscal year,

  I 

  is the amount (expressed as a percentage) that would be the provincial factor in respect of the pension plan and the participating province for the particular fiscal year if the tax rate for the participating province on the last day of the fiscal year were 2%, and

  J 

  is

  • (i) if the participating province is Nova Scotia, the number of days in the particular fiscal year that are before July 2010, and

  • (ii) in any other case, zero; and

94. Section 64 of the Act is amended by adding the following after subsection (7):

95. The formula in the read-as text in subsection 75(4) of the Act and the descriptions in that formula are replaced by the following: