2010, c. 12, s. 91Input Tax Credit Allocation Methods (GST/HST) Regulations

96. The Input Tax Credit Allocation Methods (GST/HST) Regulations are deemed

• (a) to have been made under section 277 of the Excise Tax Act;

• (b) for the purposes of subsection 5(1) of the Statutory Instruments Act, to have been transmitted to the Clerk of the Privy Council for registration; and

• (c) to have met the publication requirements of subsection 11(1) of the Statutory Instruments Act.

PART 3R.S., c. F-8; 1995, c. 17, s. 45(1)FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT

• 97. (1) The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 12.3:

  PART IV.11TRANSFER PAYMENTS — TAX IN RESPECT OF SIFT TRUSTS OR SIFT PARTNERSHIPS

  Marginal note:Definitions

  12.31 The following definitions apply in this Part.

  “SIFT entity”

  « entité intermédiaire de placement déterminée »

  “SIFT entity” means a SIFT trust or a SIFT partnership.

  “SIFT partnership”

  « société de personnes intermédiaire de placement déterminée »

  “SIFT partnership” has the same meaning as in subsection 248(1) of the Income Tax Act.

  “SIFT trust”

  « fiducie intermédiaire de placement déterminée »

  “SIFT trust” has the same meaning as in subsection 248(1) of the Income Tax Act.

  Marginal note:Permanent establishment

  12.32 The definition “permanent establishment” in subsection 400(2) of the Income Tax Regulations, as it read on March 12, 2009 and as it is amended from time to time after that date, applies in determining the amount payable to a province under this Part.

  Marginal note:Transfer payments for SIFT entity with single permanent establishment

  12.33 Subject to this Act, the Minister may pay to a province, in respect of tax payable under subsection 122(1) or 197(2) of the Income Tax Act by a SIFT entity that, in a taxation year, has a permanent establishment in the province and no permanent establishment outside the province, the amount determined by the formula

  Z × Y

  where

  Z

  is

  • (a) in respect of a taxation year that is after 2006 and before 2009 for which no election was made by the SIFT entity under subsection 34(4) of the Budget Implementation Act, 2008, 0.13, and

  • (b) in any other case, the amount determined under paragraph 414(3)(b) of the Income Tax Regulations in respect of the SIFT entity for the taxation year; and

  Y

  is

  • (a) for a SIFT entity that is a SIFT trust, the SIFT trust’s taxable SIFT trust distributions, as defined in subsection 122(3) of the Income Tax Act, for the taxation year, and

  • (b) for a SIFT entity that is a SIFT partnership, the SIFT partnership’s taxable non-portfolio earnings, as defined in subsection 197(1) of the Income Tax Act, for the taxation year.

  Marginal note:Transfer payments for SIFT entity with multiple permanent establishments

  • 12.34 (1) Subject to this Act, the Minister may pay to a province, in respect of tax payable under subsection 122(1) or 197(2) of the Income Tax Act by a SIFT entity that, in a taxation year, has a permanent establishment in the province and a permanent establishment outside the province, the amount determined by the formula

    (Z/Y) × (X × W)

    where

    Z

    is, subject to subsection (2), the amount determined by the second formula in paragraph 414(3)(c) of the Income Tax Regulations for the taxation year in respect of the province;

    Y

    is

    • (a) subject to subsection (2), in respect of a taxation year that is after 2006 and before 2009 for which no election was made by the SIFT entity under subsection 34(4) of the Budget Implementation Act, 2008, the amount that would be determined under paragaph 414(3)(c) of the Income Tax Regulations in respect of the SIFT entity for the taxation year if the SIFT entity had made that election, and

    • (b) in any other case, the amount determined under paragraph 414(3)(c) of the Income Tax Regulations in respect of the SIFT entity for the taxation year;

    X

    is

    • (a) in respect of a taxation year that is after 2006 and before 2009 for which no election was made by the SIFT entity under subsection 34(4) of the Budget Implementation Act, 2008, 0.13, and

    • (b) in any other case, the amount determined under paragraph 414(3)(c) of the Income Tax Regulations in respect of the SIFT entity for the taxation year; and

    W

    is

    • (a) for a SIFT entity that is a SIFT trust, the SIFT trust’s taxable SIFT trust distributions, as defined in subsection 122(3) of the Income Tax Act, for the taxation year, and

    • (b) for a SIFT entity that is a SIFT partnership, the SIFT partnership’s taxable non-portfolio earnings, as defined in subsection 197(1) of the Income Tax Act, for the taxation year.

  • Marginal note:2007 and 2008 taxation years — permanent establishment in Quebec

    (2) In respect of a taxation year that is after 2006 and before 2009 for which no election was made under subsection 34(4) of the Budget Implementation Act, 2008 by a SIFT entity that has a permanent establishment in the province of Quebec in that taxation year, in calculating the amount determined by the second formula in paragraph 414(3)(c) of the Income Tax Regulations in respect of that province, paragraph (a) of the definition “general corporate income tax rate” in subsection 414(1) is to be read as follows:

    • (a) for Quebec, the highest percentage rate of tax imposed under the laws of Quebec on the taxable income of a public corporation earned in the taxation year in Quebec;

  Marginal note:Consolidated Revenue Fund

  12.35 Payments that the Minister may make under section 12.33 or 12.34 are to be made out of the Consolidated Revenue Fund at any time that the Minister may determine.

  Marginal note:Information

  12.36 A SIFT entity that has not made an election under subsection 34(4) of the Budget Implementation Act, 2008 in respect of a taxation year that is after 2006 and before 2009 must furnish to the Minister of National Revenue any information that that Minister may require for the purpose of determining the amount payable to a province under this Part in respect of taxes payable by the SIFT entity under subsection 122(1) or 197(2) of the Income Tax Act for that taxation year.

• (2) Part IV.11 of the Act, as enacted by subsection (1), applies in respect of the 2007 and subsequent taxation years.

• 98. (1) The Act is amended by adding the following after section 12.5:

  PART IV.3TRANSFER PAYMENTS — TAX ON EXCESS EPSP AMOUNTS UNDER PART XI.4 OF THE INCOME TAX ACT

  Marginal note:Transfer payments — Consolidated Revenue Fund

  12.6 Subject to this Act, the Minister may, at such time as he or she determines, pay to a province, out of the Consolidated Revenue Fund in respect of tax payable under section 207.8 of the Income Tax Act for a taxation year by a person who is resident in the province at the end of the taxation year, the amount determined by the formula:

  A × B

  where

  A

  is the percentage applicable to the person for the taxation year under the description of B in the formula in subsection 207.8(2) of the Income Tax Act; and

  B

  is the amount determined for the person for the taxation year under the description of C in the formula in subsection 207.8(2) of the Income Tax Act.

  Marginal note:Eligibility for payment

  12.7 No payment may be made under this Part to a province if, in the opinion of the Minister, the province imposes or purports to impose a tax that is similar to the tax imposed under Part XI.4 of the Income Tax Act.

  PART IV.4TRANSFER PAYMENTS WITH RESPECT TO FEDERAL TAXES — NECESSARY INFORMATION

  Marginal note:Information to be provided

  12.8 The Minister of National Revenue shall provide to the Minister in a form and manner, and at a time, satisfactory to the Minister, any information necessary for the administration of Parts IV.01 to IV.3.

• (2) Part IV.3 of the Act, as enacted by subsection (1), applies in respect of the 2012 and subsequent taxation years.

PART 4VARIOUS MEASURES

Division 1Financial Institutions

1991, c. 45Trust And Loan Companies Act

Marginal note:2012, c. 19, s. 326

99. Paragraph 164(f.1) of the Trust and Loan Companies Act is replaced by the following: