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 2022-06-20 and last amended on 2019-03-04. Previous Versions

PART 5Investment Plans (continued)

2010 Transitional Rules for Investment Plans (continued)

Percentages for Distributed Investment Plans (continued)

Marginal note:Investment plans — paragraph 149(1)(o.2) of Income Tax Act

 If an investment plan is a corporation (other than a pension entity) that is exempt from tax under the Income Tax Act by reason of paragraph 149(1)(o.2) of that Act and if, for a reporting period of the investment plan throughout which the investment plan was a selected listed financial institution and for which a return was filed on or after July 1, 2010 but before May 8, 2013, the investment plan reported in the return for the reporting period an amount on account of net tax that was determined as though section 23 applied in respect of the reporting period, the investment plan may elect in prescribed form containing prescribed information to have that section apply, and to have paragraph 3(e) and sections 29 to 34 not apply, in respect of all reporting periods of the investment plan for which a return was filed on or after July 1, 2010 but before May 8, 2013.

Marginal note:Production of address

  •  (1) Every person that is resident in Canada, that holds units in a non-stratified investment plan (other than an exchange-traded fund) that is a selected listed financial institution or in a series (other than an exchange-traded series) of a stratified investment plan that is a selected listed financial institution and that is neither an individual nor a specified investor in the investment plan must, if the investment plan makes a written request, provide to the investment plan the person’s address that determines in accordance with section 5 the province in which the person is resident on a day that is on or after July 1, 2009 and before July 1, 2010 and that is set out in the request and the number of units held on that day by the person in the non-stratified investment plan, or in each series (other than an exchange-traded series) of the stratified investment plan, on or before the particular day that is 45 days after the day on which the person received the request.

  • Marginal note:Use of information

    (2) A distributed investment plan that obtains any information in respect of a person in accordance with subsection (1) must not knowingly use, communicate or allow to be used or communicated, otherwise than as required or authorized under the Act, these Regulations or any other regulation made under the Act, the information without the written consent of that person.

  • Marginal note:Penalty — failure to provide information

    (3) Every person that fails to provide, on request made by a distributed investment plan under subsection (1), the information described in that subsection to the investment plan on or before the particular day described in that subsection, or that misstates such information to the investment plan, is liable to a penalty, for each such failure, equal to the lesser of $10,000 and 0.01% of the total value, on the day set out in the request, of the units of the investment plan in respect of which that person was required to provide information to the investment plan in accordance with that subsection.

  • SOR/2013-71, s. 2

Marginal note:Transition — Ontario and British Columbia

 For the purposes of applying sections 67 to 70, Ontario and British Columbia are deemed to be participating provinces at any time.

  • SOR/2013-71, s. 2

Transitional Rules for Investment Limited Partnerships

Marginal note:Investment limited partnerships — 2019

  •  (1) A particular investment limited partnership to which subparagraph 149(1)(a)(ix) of the Act does not apply is deemed to be an investment plan that is a distributed investment plan for the following purposes:

    • (a) the purposes of determining under section 30 the percentage for a series of a selected listed financial institution or of another investment limited partnership described in subsection (2), for a participating province and for a particular period (as defined in subsection 16(1)) of the selected listed financial institution or other investment limited partnership and the purposes of determining under section 32 the percentage for a participating province and for a particular period (as defined in subsection 16(1)) of a selected listed financial institution or of another investment limited partnership described in subsection (2), but only if the percentage is to be used in the determination of

      • (i) the positive amount that the financial institution or other investment limited partnership is required to add, or the negative amount that the financial institution or other investment limited partnership is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019,

      • (ii) the instalment base under subsection 237(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019,

      • (iii) the interim net tax under subsection 228(2.1) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019, or

      • (iv) if a joint election made under section 55 by the financial institution or other investment limited partnership and the manager of the financial institution or other investment limited partnership is in effect at any time in a fiscal year of the manager that begins in 2019,

        • (A) an amount that, under paragraph 55(2)(c), is a prescribed amount for the purposes of the description of G in subsection 225.2(2) of the Act for a reporting period in the fiscal year, or

        • (B) the positive amount that the manager is required to add, or the negative amount that the manager is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to the adaptations made to that subsection under paragraph 55(2)(d), for a reporting period in the fiscal year;

    • (b) the purposes of determining under section 28 an investor percentage of the particular investment limited partnership as of a day in 2018; and

    • (c) the purposes of applying section 52 to the particular investment limited partnership in respect of any information that is requested under that section by a selected listed financial institution or by another investment limited partnership described in subsection (2), but only if the information is required for

      • (i) the determination of a percentage referred to in paragraph (a) of the financial institution or other investment limited partnership that is to be used in the determination of an amount described in any of subparagraphs (a)(i) to (iv), or

      • (ii) the determination under section 28 of an investor percentage of the financial institution or other investment limited partnership as of a day in 2018.

  • Marginal note:Investment limited partnerships — 2019

    (2) If an investment limited partnership is a selected listed financial institution throughout the reporting period of the investment limited partnership that includes January 1, 2019 but is not a selected listed financial institution throughout the preceding reporting period of the investment limited partnership, the following rules apply:

    • (a) for the purposes of determining under section 28 an investor percentage of the investment limited partnership as of a day in 2018, the investment limited partnership is deemed to be a selected listed financial institution;

    • (b) the investment limited partnership is deemed to be, throughout 2018, a selected listed financial institution and an investment plan that is a distributed investment plan for the purposes of determining under section 30 or 33 the investment limited partnership’s percentage for a series of the investment limited partnership, for a participating province and for a particular period (as defined in subsection 16(1)) of the investment limited partnership and for the purposes of determining under section 32 or 34 the investment limited partnership’s percentage for a participating province and for a particular period (as defined in subsection 16(1)) of the investment limited partnership, but only if the percentage is to be used in the determination of

      • (i) the positive amount that the investment limited partnership is required to add, or the negative amount that the investment limited partnership is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019,

      • (ii) the instalment base under subsection 237(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019,

      • (iii) the interim net tax under subsection 228(2.1) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019, or

      • (iv) if a joint election made under section 55 by the investment limited partnership and the manager of the investment limited partnership is in effect at any time in a fiscal year of the manager that begins in 2019,

        • (A) an amount that, under paragraph 55(2)(c), is a prescribed amount for the purposes of the description of G in subsection 225.2(2) of the Act for a reporting period in the fiscal year, or

        • (B) the positive amount that the manager is required to add, or the negative amount that the manager is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to the adaptations made to that subsection under paragraph 55(2)(d), for a reporting period in the fiscal year; and

    • (c) for the purposes of section 52, the investment limited partnership is deemed to be

      • (i) if the units of the investment limited partnership are issued in two or more series, a selected stratified investment plan throughout 2018, or

      • (ii) in any other case, a selected non-stratified investment plan throughout 2018.

  • 2018, c. 27, s. 59
 
Date modified: