Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations (SOR/2001-171)

Regulations are current to 2022-09-22 and last amended on 2019-03-04. Previous Versions

Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations

SOR/2001-171

EXCISE TAX ACT

Registration 2001-05-10

Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations

P.C. 2001-828  2001-05-10

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 225.2(1)(d)Footnote a, paragraph (a)Footnote a of the description of A in subsection 225.2(2), the description of CFootnote a in that subsection, paragraph (a)Footnote a of the description of F in that subsection, the description of GFootnote a in that subsection, subsection 228(2.2)Footnote b, the description of DFootnote c in subparagraph 237(5)(b)(ii), section 277Footnote d, the description of DFootnote e in subparagraph 363(2)(a)(ii), the description of DFootnote e in paragraph 363(2)(b), the description of FFootnote e in subparagraph 363(2)(c)(ii) and the description of FFootnote e in paragraph 363(2)(d) of the Excise Tax Act, hereby makes the annexed Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.

Interpretation

[
  • SOR/2013-71, s. 1(F)
]

Marginal note:Definitions

  •  (1) The following definitions apply in these Regulations.

    Act

    Act means the Excise Tax Act. (Loi)

    defined benefits pension plan

    defined benefits pension plan means the part of a pension plan that is in respect of benefits under the plan that are determined in accordance with a formula set forth in the plan and under which the employer contributions are not determined in accordance with a formula set forth in the plan. (régime de pension à prestations déterminées)

    defined contribution pension plan

    defined contribution pension plan means the part of a pension plan that is not a defined benefits pension plan. (régime de pension à cotisations déterminées)

    distributed investment plan

    distributed investment plan means an investment plan that is

    • (a) a corporation (other than a pension entity) exempt from tax under the Income Tax Act by reason of paragraph 149(1)(o.2) of that Act;

    • (b) an investment corporation;

    • (c) a mortgage investment corporation;

    • (d) a mutual fund corporation;

    • (e) a mutual fund trust;

    • (f) a non-resident-owned investment corporation;

    • (g) a segregated fund of an insurer;

    • (h) a unit trust; or

    • (i) an investment limited partnership. (régime de placement par répartition)

    employer resource

    employer resource has the same meaning as in subsection 172.1(1) of the Act. (ressource d’employeur)

    exchange-traded fund

    exchange-traded fund means a distributed investment plan, any unit of which is listed or traded on a stock exchange or other public market. (fonds coté en bourse)

    exchange-traded series

    exchange-traded series of a stratified investment plan means a series of the plan, any unit of which is listed or traded on a stock exchange or other public market. (série cotée en bourse)

    individual

    individual includes the estate or succession of a deceased individual. (particulier)

    investment plan

    investment plan means a person referred to in subparagraph 149(1)(a)(vi) or (ix) of the Act, other than

    • (a) a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or a TFSA; or

    • (b) a trust governed by a registered education savings plan if

      • (i) the trust does not have more than one beneficiary at any one time, or

      • (ii) each of the beneficiaries of the trust is connected to each living subscriber under the plan, or was connected to a deceased original subscriber under the plan, by blood relationship or adoption (within the meaning of subsection 251(6) of the Income Tax Act). (régime de placement)

    manager

    manager of an investment plan means

    • (a) in the case of a pension entity of a registered pension plan, the administrator, as defined in subsection 147.1(1) of the Income Tax Act, of the pension plan;

    • (a.1) in the case of a pension entity of a pooled registered pension plan, the PRPP administrator of the pension plan; and

    • (b) in any other case, the person that has ultimate responsibility for the management and administration of the assets and liabilities of the investment plan. (gestionnaire)

    non-stratified investment plan

    non-stratified investment plan means a distributed investment plan that is not a stratified investment plan. (régime de placement non stratifié)

    permanent establishment

    permanent establishment of a person means any permanent establishment that the person is deemed to have under section 3 and

    • (a) in the case of a corporation other than an investment plan, any permanent establishment of the corporation as determined under subsection 400(2) of the Income Tax Regulations;

    • (b) in the case of an individual or a trust other than an investment plan, any permanent establishment of the individual or trust as determined under subsection 2600(2) of the Income Tax Regulations; and

    • (c) in the case of a partnership that is not an investment plan,

      • (i) if all the members of the partnership are individuals or trusts, any permanent establishment that would be a permanent establishment of the partnership under subsection 2600(2) of the Income Tax Regulations if the partnership were an individual, and

      • (ii) if subparagraph (i) does not apply, any permanent establishment that would be a permanent establishment of the partnership under subsection 400(2) of the Income Tax Regulations if the partnership were a corporation. (établissement stable)

    • (d) [Repealed, 2018, c. 27, s. 55]

    plan member

    plan member of an investment plan that is a private investment plan or a pension entity of a pension plan means an individual who has a right, either immediate or in the future and either absolute or contingent, to receive benefits under

    • (a) in the case of an employee life and health trust, the investment plan;

    • (b) in the case of a pension entity of a pension plan, the pension plan; and

    • (c) in any other case, the deferred profit sharing plan, the employee benefit plan, the employee trust, the employees profit sharing plan, the registered education savings plan, the registered supplementary unemployment benefit plan or the retirement compensation arrangement, as the case may be, that governs the investment plan. (participant)

    private investment plan

    private investment plan means an investment plan other than

    • (a) a distributed investment plan; or

    • (b) a pension entity. (régime de placement privé)

    provincial series

    provincial series for a fiscal year of a stratified investment plan means a series of the stratified investment plan that meets the following conditions throughout the fiscal year in respect of a particular province:

    • (a) under the laws of Canada or a province, units of the series are permitted to be sold or distributed in the particular province and are not permitted to be sold or distributed in any other province;

    • (b) under the terms of the prospectus, registration statement, partnership agreement or other similar document for the series, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the series include the following:

      • (i) that the person be resident in the particular province when the units are acquired, and

      • (ii) that the units are required to be sold, transferred or redeemed within a reasonable time after the person ceases to be resident in the particular province; and

    • (c) the stratified investment plan’s percentage for the series, for the particular province and for the taxation year in which the preceding fiscal year ends, or the percentage that would be the stratified investment plan’s percentage for the series, for the particular province and for that taxation year if the particular province were a participating province, is 90% or more. (série provinciale)

    series

    series means

    • (a) in respect of a trust, a class of units of the trust;

    • (b) in respect of a corporation,

      • (i) a class of the capital stock of the corporation that has not been issued in one or more series, and

      • (ii) a series of a class of the capital stock of the corporation that has been issued in one or more series; and

    • (c) in respect of a partnership, a class of units of the partnership. (série)

    specified resource

    specified resource has the same meaning as in subsection 172.1(1) of the Act. (ressource déterminée)

    stratified investment plan

    stratified investment plan means a distributed investment plan whose units are issued in two or more series. (régime de placement stratifié)

    subscriber

    subscriber under a registered education savings plan has the same meaning as in subsection 146.1(1) of the Income Tax Act. (souscripteur)

    unit

    unit means

    • (a) in respect of a trust, a unit of the trust;

    • (b) in respect of a series of a trust, a unit of the trust of that series;

    • (c) in respect of a corporation, a share of the capital stock of the corporation;

    • (d) in respect of a series of a corporation, a share of the capital stock of the corporation of that series;

    • (d.1) in respect of a partnership, an interest of a person in the partnership;

    • (d.2) in respect of a series of a partnership, a unit of the partnership of that series; and

    • (e) in respect of a segregated fund of an insurer, an interest of a person, other than the insurer, in the segregated fund. (unité)

  • Marginal note:Further definitions — Income Tax Act

    (2) For the purposes of these Regulations, deferred profit sharing plan, employee benefit plan, employee life and health trust, employee trust, employees profit sharing plan, investment corporation, mortgage investment corporation, mutual fund corporation, mutual fund trust, non-resident-owned investment corporation, registered disability savings plan, registered education savings plan, registered retirement income fund, registered retirement savings plan, registered supplementary unemployment benefit plan, retirement compensation arrangement, TFSA and unit trust have the same meanings as in subsection 248(1) of the Income Tax Act.

  • Marginal note:Application of definitions to adaptations

    (3) For greater certainty, the definitions in this section apply in subsection 225.2(2) of the Act as adapted by these Regulations.

Marginal note:Qualifying partnership

 For the purposes of these Regulations, a partnership that is not an investment plan is a qualifying partnership during a taxation year of the partnership if, at any time in the taxation year, the partnership has

  • (a) a member that has, at any time in the taxation year of the member in which the taxation year of the partnership ends, a permanent establishment in a particular participating province through which a business of the partnership is carried on or that is deemed under section 3 to be a permanent establishment of the member; and

  • (b) a member (including a member referred to in paragraph (a)) that has, at any time in the taxation year of the member in which the taxation year of the partnership ends, a permanent establishment in a province other than the particular participating province through which a business of the partnership is carried on or that is deemed under section 3 to be a permanent establishment of the member.

  • SOR/2013-71, s. 2
  • 2018, c. 27, s. 56

Marginal note:Permanent establishment in province

 For the purposes of these Regulations,

  • (a) if a financial institution is a bank or a credit union and if, at any time in a taxation year of the financial institution, the financial institution maintains a deposit or other similar account that is in the name of a person resident in a province or, at any time in that year, a loan that was made by the financial institution is outstanding and is secured by land situated in a province or, if not secured by land, is owing by a person resident in a province, the following rules apply:

    • (i) the financial institution is deemed to have a permanent establishment in the province throughout the taxation year, and

    • (ii) the following loans made by the financial institution and deposit and other similar accounts maintained by the financial institution are deemed to be loans and deposits of the permanent establishment referred to in subparagraph (i) and not of any other permanent establishment of the financial institution:

      • (A) outstanding loans secured by land situated in the province,

      • (B) outstanding loans, not secured by land, owing by persons resident in the province, and

      • (C) deposit and other similar accounts in the name of a person resident in the province;

  • (b) if a financial institution is an insurer that, at any time in a taxation year of the financial institution, is insuring a risk in respect of property ordinarily situated in a province or in respect of a person resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year;

  • (c) if a financial institution is a trust and loan corporation, a trust corporation or a loan corporation and if, at any time in a taxation year of the financial institution, the financial institution conducts business (other than business in respect of loans) in a province or, at any time in that year, a loan that was made by the financial institution is outstanding and is secured by land situated in a province or, if not secured by land, is owing by a person resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year;

  • (d) if a financial institution is a segregated fund of an insurer, the financial institution is deemed to have a permanent establishment in a particular province throughout a taxation year of the financial institution if, at any time in the taxation year,

    • (i) the insurer is qualified, under the laws of Canada or a province, to sell units of the financial institution in the particular province, or

    • (ii) a person resident in the particular province holds one or more units of the financial institution;

  • (e) if a financial institution is a distributed investment plan (other than a segregated fund of an insurer), the financial institution is deemed to have a permanent establishment in a particular province throughout a taxation year of the financial institution if, at any time in the taxation year,

    • (i) the financial institution is qualified, under the laws of Canada or a province, to sell or distribute units of the financial institution in the particular province, or

    • (ii) a person resident in the particular province holds one or more units of the financial institution; and

  • (f) if a financial institution is a private investment plan or an investment plan that is a pension entity of a pension plan and, at any time in a taxation year of the financial institution, a plan member of the financial institution is resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year.

 
Date modified: