Excise Tax Act

Marginal note:Definitions

• 273.2 (1) The following definitions apply in this section and section 284.1.

  actual amount

  actual amount means any amount that is required to be reported in an information return that a person is required to file under subsection (3) for a fiscal year of the person and that is

  • (a) a tax amount for the fiscal year or a previous fiscal year of the person; or

  • (b) an amount calculated using only tax amounts for the fiscal year or a previous fiscal year of the person, unless all of those tax amounts are required to be reported in the information return. (montant réel)

  tax amount

  tax amount for a fiscal year of a person means an amount that

  • (a) is tax paid or payable (other than tax paid or payable under Division II), or is tax that is deemed under this Part to have been paid or become payable, by the person at any time during the fiscal year;

  • (b) became collectible or was collected, or is deemed under this Part to have become collectible or to have been collected, by the person as or on account of tax under Division II in a reporting period of the person in the fiscal year;

  • (c) is an input tax credit for a reporting period of the person in the fiscal year;

  • (d) is an amount that is required to be added or that may be deducted in determining net tax for a reporting period of the person in the fiscal year; or

  • (e) is required under this Part to be used in calculating or determining any amount described in paragraph (b) or (d), other than

    • (i) an amount that is consideration for a supply,

    • (ii) an amount that is the value of property or a service, or

    • (iii) a percentage. (montant de taxe)

• Marginal note:Reporting institution

  (2) For the purposes of this section and section 284.1, a person, other than a prescribed person or a person of a prescribed class, is a reporting institution throughout a fiscal year of the person if

  • (a) the person is a financial institution at any time in the fiscal year;

  • (b) the person is a registrant at any time in the fiscal year; and

  • (c) the total of all amounts each of which is an amount included in computing, for the purposes of the Income Tax Act, the person’s income, or, if the person is an individual, the person’s income from a business, for the last taxation year of the person that ends in the fiscal year, exceeds the amount determined by the formula

    $2,000,000 × A ÷ 365

    where

    A

    is the number of days in the taxation year.

• Marginal note:Information return for reporting institution

  (3) A reporting institution shall file an information return with the Minister for a fiscal year of the reporting institution in prescribed form containing prescribed information on or before the day that is six months after the end of the fiscal year.

• Marginal note:Estimates

  (4) Every reporting institution that is required to report, in an information return filed under subsection (3), an amount (other than an actual amount) that is not reasonably ascertainable at the time on or before which the information return is required to be filed shall provide a reasonable estimate of the amount in the information return.

• Marginal note:Ministerial exemption

  (5) The Minister may exempt any reporting institution or class of reporting institutions from the requirement, under subsection (3), to provide any prescribed information or may allow any reporting institution or class of reporting institutions to provide a reasonable estimate of any actual amount that is required to be reported in an information return under that subsection.