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

Regulations are current to 2020-09-09 and last amended on 2019-03-04. Previous Versions

PART 5Investment Plans (continued)

Reporting Elections (continued)

Marginal note:Requirement to register

  •  (1) If a selected listed financial institution makes an election under either of sections 53 and 55 that comes into effect on a particular day and no election made by the financial institution under subsection 54(1) is in effect on the particular day,

    • (a) for the purposes of subsection 240(1.2) of the Act, the financial institution is a prescribed financial institution; and

    • (b) for the purposes of paragraph 240(2.1)(a.1) of the Act, the prescribed day is the particular day.

  • Marginal note:Requirement to register

    (2) If, under any of subsection 54(3), (4) and (14), a selected listed financial institution withdraws from or revokes an election made under subsection 54(1) by the financial institution and an election made by the financial institution under either of sections 53 and 55 is in effect on the particular day that the withdrawal or revocation comes into effect,

    • (a) for the purposes of subsection 240(1.2) of the Act, the financial institution is a prescribed financial institution; and

    • (b) for the purposes of paragraph 240(2.1)(a.1) of the Act, the prescribed day is the particular day.

  • Marginal note:Requirement to register as a group

    (3) If two or more selected listed financial institutions and a manager of those financial institutions have jointly made an election under subsection 54(1) that comes into effect on a particular day,

    • (a) for the purposes of subsection 240(1.3) of the Act, those financial institutions are a prescribed group;

    • (b) for the purposes of subsection 240(1.3)(b) of the Act, the manager is a person that is prescribed in respect of the prescribed group referred to in paragraph (a) and the prescribed day is the day that is 30 days after the particular day;

    • (c) for the purposes of subsection 242(1.2) of the Act, a prescribed circumstance is

      • (i) the cessation of the joint election under paragraph 54(10)(a) on a particular day, if no election by the manager and two or more of those financial institutions under subsection 54(1) is deemed to come into effect on the particular day under paragraph 54(10)(b), or

      • (ii) the cessation of the joint election under paragraph 54(11)(a) or (13)(b); and

    • (d) for the purposes of subsection 242(1.4) of the Act, a prescribed circumstance in respect of one of those financial institutions is the withdrawal of the financial institution from the joint election under subsection 54(3) or (4).

  • SOR/2013-71, s. 2

New Investment Plans

Marginal note:First fiscal year — deemed fiscal and taxation years

 For the purposes of these Regulations and for the purposes of subsection 225.2(2) and sections 228 and 237 of the Act, as adapted by these Regulations, if, in the absence of this section, a particular fiscal year is the first fiscal year of an investment plan that is a selected listed financial institution, the following rules apply:

  • (a) the investment plan is deemed to have

    • (i) another fiscal year that immediately precedes the particular fiscal year, and

    • (ii) another taxation year that immediately precedes the taxation year of the investment plan in which the particular fiscal year ends; and

  • (b) the other fiscal year referred to in subparagraph (a)(i) is deemed to end in the other taxation year referred to in subparagraph (a)(ii).

  • SOR/2013-71, s. 2

Marginal note:New non-stratified investment plan — attribution point

  •  (1) Despite the meaning of attribution point as set out in subsections 16(1) and 18(3), if units of a non-stratified investment plan are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan and, immediately before the issuance, distribution or offering for sale, no units of the investment plan are issued and outstanding, for the purposes of Part 2 and this Part the following rules apply:

    • (a) attribution point in respect of the investment plan for the taxation year of the investment plan that precedes the particular taxation year means the day that is the earlier of

      • (i) the day that is

        • (A) one of the following days, as determined by the investment plan:

          • (I) the particular day that is 91 days after the first day (referred to in this clause as the “issuance date”) in the particular fiscal year on which units of the investment plan are issued and before which no units of the investment plan are issued and outstanding,

          • (II) the last business day in the calendar month that includes the particular day described in subclause (I),

          • (III) the particular day that is 91 days after the earlier of

            1 the first day after the issuance date on which units of the investment plan are distributed or offered for sale, and

            2 the day that is 60 days after the issuance date, and

          • (IV) the last business day of the calendar month that includes the particular day described in subclause (III), or

        • (B) in the absence of a determination under clause (A) by the investment plan, the particular day described in subclause (A)(I), and

      • (ii) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs; and

    • (b) attribution point in respect of the investment plan for the particular taxation year means the particular day that is the attribution point in respect of the investment plan for the taxation year of the investment plan that precedes the particular taxation year, as determined in accordance with paragraph (a), if the particular day is after September 30 of the calendar year in which the particular fiscal year ends.

  • Marginal note:New series — attribution point

    (2) Despite the meaning of attribution point as set out in subsections 16(1) and 18(3), if units of a series of an investment plan are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan and, immediately before the issuance, distribution or offering for sale, no units of the series are issued and outstanding, for the purposes of Part 2 and this Part the following rules apply:

    • (a) attribution point in respect of the series for the taxation year of the investment plan that precedes the particular taxation year means the day that is the earlier of

      • (i) the day that is

        • (A) one of the following days, as determined by the investment plan:

          • (I) the particular day that is 91 days after the first day (referred to in this clause as the “issuance date”) in the particular fiscal year on which units of the series are issued and before which no units of the series are issued and outstanding,

          • (II) the last business day in the calendar month that includes the particular day described in subclause (I),

          • (III) the particular day that is 91 days after the earlier of

            1 the first day after the issuance date on which units of the series are distributed or offered for sale, and

            2 the day that is 60 days after the issuance date, and

          • (IV) the last business day of the calendar month that includes the particular day described in subclause (III), or

        • (B) in the absence of a determination under clause (A) by the investment plan, the particular day described in subclause (A)(I), and

      • (ii) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs; and

    • (b) attribution point in respect of the series for the particular taxation year means the particular day that is the attribution point in respect of the series for the taxation year of the investment plan that precedes the particular taxation year, as determined in accordance with paragraph (a), if the particular day is after September 30 of the calendar year in which the particular fiscal year ends.

  • SOR/2013-71, s. 2

Marginal note:New non-stratified investment plan — reconciliation method

 If units of a non-stratified investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under section 49, 60 or 61 in respect of the investment plan and the particular fiscal year, the following rules apply:

  • (a) for the purposes of this section,

    • (i) the preceding taxation year is the taxation year of the investment plan preceding the particular taxation year, and

    • (ii) the reconciliation day is the day that is the earlier of

      • (A) the day that is 30 days after the attribution point in respect of the investment plan for the preceding taxation year, and

      • (B) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs;

  • (b) for each reporting period of the investment plan that precedes the reporting period of the investment plan that includes the reconciliation day, paragraph 228(2.1)(a) of the Act is adapted as follows:

    • (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is an estimate of the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution”; and

  • (c) for each fiscal quarter of the investment plan that precedes the fiscal quarter of the investment plan that includes the reconciliation day, subsection 237(1) of the Act is adapted as follows:

    • 237 (1) Where the reporting period of a registrant is a fiscal year, the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to 1/4 of the amount that would be the net tax for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is an estimate of the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution”.

  • (d) if the reconciliation day is not included in the particular fiscal year,

    • (i) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the preceding taxation year is equal to whichever of the following is applicable:

      • (A) the estimate of that percentage that was used for the purposes of paragraph 228(2.1)(a) of the Act, as adapted by paragraph (b), in determining the interim net tax for the reporting periods of the investment plan that are included in the particular fiscal year, or

      • (B) the estimate of that percentage that was used for the purposes of subsection 237(1) of the Act, as adapted by paragraph (c), in determining the instalments for the fiscal quarters of the investment plan ending in the particular fiscal year,

    • (ii) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends is equal to

      • (A) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the participating province and for the preceding taxation year, or

      • (B) if no election under section 50 is in effect throughout the particular fiscal year, the percentage that would be the investment plan’s particular percentage for the participating province and for the preceding taxation year if the particular percentage were determined in accordance with the rules set out in

        • (I) paragraph 60.1(b), if the investment plan has elected in prescribed form containing prescribed information to have that paragraph apply, or

        • (II) paragraph 60.1(c), in any other case, and

    • (iii) for the purposes of the description of G in subsection 225.2(2) of the Act, for the reporting period of the investment plan that includes the reconciliation day, the positive or negative amount determined by the following formula is a prescribed amount:

      A – B

      where

      A
      is the total of all amounts, each of which is an amount that would be the net tax for a reporting period of the investment plan that is included in the particular fiscal year if
      • (A) when no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the preceding taxation year were determined in accordance with the rules set out in section 60.1, and

      • (B) when an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends were determined in accordance with the rules set out in section 60.1, and

      B
      is the total of all amounts, each of which is the net tax for a reporting period of the investment plan that is included in the particular fiscal year.
  • SOR/2013-71, s. 2
  • SOR/2013-197, s. 4
 
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