Excise Tax Act (R.S.C., 1985, c. E-15)

Marginal note:Calculation of net tax

• 228 (1) Every person who is required to file a return under this Division shall, in the return, calculate the net tax of the person for the reporting period for which the return is required to be filed, except where subsection (2.1) or (2.3) applies in respect of the reporting period.

• Marginal note:Remittance

  (2) Where the net tax for a reporting period of a person is a positive amount, the person shall, except where subsection (2.1) or (2.3) applies in respect of the reporting period, remit that amount to the Receiver General,

  • (a) where the person is an individual to whom subparagraph 238(1)(a)(ii) applies in respect of the reporting period, on or before April 30 of the year following the end of the reporting period; and

  • (b) in any other case, on or before the day on or before which the return for that period is required to be filed.

• Marginal note:Selected listed financial institutions — interim return and remittance

  (2.1) Where a person who is a selected listed financial institution is required to file an interim return for a reporting period under subsection 238(2.1),

  • (a) subject to subsection (2.2), the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is the lesser of the financial institution’s percentage for the participating province for the taxation year and the financial institution’s percentage for the participating province for the immediately preceding taxation year, each determined in accordance with the prescribed rules that apply to financial institutions of that class”; and

  • (b) where the interim net tax for the reporting period is a positive amount, the person shall pay that amount, on account of the person’s net tax for the reporting period that the person is required to remit under paragraph (2.3)(b), to the Receiver General on or before the day on or before which that interim return is required to be filed.

• Marginal note:Selected listed financial institutions — interim returns in the first fiscal year

  (2.2) For the purposes of paragraph (2.1)(a), where a person becomes a selected listed financial institution during a reporting period of the person that ends in a fiscal year of the person that begins on or after April 1, 1997, the interim net tax for each reporting period in the fiscal year is the amount that would be the net tax of the person for the reporting period if the description of C in the formula in subsection 225.2(2) read “is the financial institution’s percentage for the participating province for the immediately preceding reporting period, determined in accordance with the prescribed rules that apply to financial institutions of that class”.

• Marginal note:Selected listed financial institutions — final return

  (2.3) Where a person who is a selected listed financial institution is required to file a final return under subsection 238(2.1) for a reporting period,

  • (a) the person shall calculate in the final return the net tax of the person for the reporting period;

  • (b) where the net tax of the person for the reporting period is a positive amount, the person shall remit that amount to the Receiver General on or before the day on or before which the final return for the reporting period is required to be filed;

  • (c) the person shall report in the final return the positive amount, if any, that the person paid on account of the person’s net tax for the period under subsection (2.1) or the negative amount, if any, that the person claimed in the interim return for the period as an interim net tax refund for the period under subsection (2.4); and

  • (d) where the person claimed an interim net tax refund for the reporting period under subsection (2.4),

    • (i) if the interim net tax refund exceeds the amount that would be the net tax refund for the period payable to the person under subsection (3) if the person had not claimed that interim net tax refund, the person shall pay an amount equal to the excess to the Receiver General on or before the day on or before which the final return for the reporting period is required to be filed, and

    • (ii) if the person’s net tax for the period is a positive amount, the person shall pay an amount equal to the interim net tax refund to the Receiver General on or before the day on or before which the final return for the reporting period is required to be filed.

• Marginal note:Interim refund for selected listed financial institutions

  (2.4) Where the amount determined in accordance with paragraph (2.1)(a) for a reporting period of a person who is a selected listed financial institution is a negative amount, the person may claim that amount, in the interim return for that reporting period filed before the day on or before which the final return for the period is required to be filed, as an interim net tax refund for the period payable to the person by the Minister.

• Marginal note:Net tax refund

  (3) Where the net tax for a reporting period of a person is a negative amount,

  • (a) where the person is a selected listed financial institution that is required to file a final return for the reporting period under subsection 238(2.1), the person may claim, in the final return for that reporting period as a net tax refund for the period payable to the person by the Minister, the amount, if any, determined by the formula

    A - B

    where

    A

    is the absolute value of that net tax, and

    B

    is the amount, if any, that the person claimed as an interim net tax refund for the period under subsection (2.4); and

  • (b) in any other case, the person may claim in the return for that reporting period the amount of that net tax as a net tax refund for the period, payable to the person by the Minister.

• Marginal note:Real property and emission allowance — self-assessment

  (4) If tax under Division II is payable by a person in respect of a supply of property that is real property or an emission allowance and the supplier is not required to collect the tax and is not deemed to have collected the tax,

  • (a) where the person is a registrant and acquired the property for use or supply primarily in the course of commercial activities of the person, the person shall, on or before the day on or before which the person’s return for the reporting period in which the tax became payable is required to be filed, pay the tax to the Receiver General and report the tax in that return; and

  • (b) in any other case, the person shall, on or before the last day of the month following the calendar month in which the tax became payable, pay the tax to the Receiver General and file with the Minister in prescribed manner a return in respect of the tax in prescribed form containing prescribed information.

• (5) [Repealed, 1993, c. 27, s. 91]

• Marginal note:Set-off of refunds or rebates

  (6) Where at any time a person files a particular return under this Part in which the person reports an amount (in this subsection referred to as the “remittance amount”) that is required to be remitted under subsection (2) or (2.3) or paid under subsection (2.1) or (4) or Division IV or IV.1 by the person and the person claims a refund or rebate payable to the person at that time under this Part (other than Division III) in the particular return or in another return, or in an application, filed under this Part with the particular return, the person is deemed to have remitted at that time on account of the person’s remittance amount, and the Minister is deemed to have paid at that time on account of the refund or rebate, an amount equal to the lesser of the remittance amount and the amount of the refund or rebate.

• Marginal note:Refunds and rebates of another person

  (7) A person may, in prescribed circumstances and subject to prescribed conditions and rules, reduce or offset the tax that is required to be remitted under subsection (2) or (2.3) or paid under subsection (2.1) or (4) or Division IV or IV.1 by that person at any time by the amount of any refund or rebate to which another person may at that time be entitled under this Part.