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

Marginal note:Definitions

• 236.01 (1) The following definitions apply in this section.

  large business

  large business means a prescribed person or a person of a prescribed class. (grande entreprise)

  specified property or service

  specified property or service means a prescribed property or service, or property or a service of a prescribed class. (bien ou service déterminé)

  specified provincial input tax credit

  specified provincial input tax credit means

  • (a) the portion of an input tax credit of a large business in respect of a specified property or service that is attributable to tax under subsection 165(2), section 212.1 or 218.1 or Division IV.1 in respect of the acquisition, importation or bringing into a participating province of the specified property or service; and

  • (b) a prescribed amount in respect of an input tax credit of a large business that is attributable to tax under subsection 165(2), section 212.1 or 218.1 or Division IV.1 or in respect of an amount that would be such an input tax credit if prescribed conditions were satisfied in prescribed circumstances. (crédit de taxe sur les intrants provincial déterminé)

• Marginal note:Recapture of specified provincial input tax credits

  (2) If a sales tax harmonization agreement with the government of a participating province relating to the new harmonized value-added tax system allows for the recapture of input tax credits, in determining the net tax for the reporting period of a large business that includes a prescribed time, the large business shall add all or part, as determined in prescribed manner, of a specified provincial input tax credit of the large business.

• Marginal note:Deduction of amounts

  (3) If a sales tax harmonization agreement with the government of a participating province relating to the new harmonized value-added tax system allows for the recapture of input tax credits, in determining the net tax for the reporting period of a large business that includes a prescribed time, the large business may deduct in prescribed circumstances an amount determined in prescribed manner.

• Marginal note:Simplified method

  (4) The Governor in Council may make regulations respecting

  • (a) the methods that may be used by a large business to determine the amount that is required to be added under subsection (2) to, or that may be deducted under subsection (3) from, the net tax for a reporting period of the large business, including any conditions for the use of those methods;

  • (b) the reporting and accounting for such an amount; and

  • (c) compliance measures, including penalties, or other measures and requirements in respect of such an amount.