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

Marginal note:Determination of the percentage

• 10 (1) If a selected listed financial institution is a bank, the financial institution’s percentage for a particular period for a participating province in which the financial institution has a permanent establishment is, despite subsection 8(2), 1/3 of the total of

  • (a) the percentage that the total of all salaries and wages paid in the particular period by the financial institution to employees of its permanent establishments in the participating province is of the total of all salaries and wages paid in the particular period by the financial institution to employees of its permanent establishments in Canada, and

  • (b) twice the percentage that the total amount of loans and deposits of its permanent establishments in the participating province for the particular period is of the total amount of all loans and deposits of its permanent establishments in Canada for the particular period.

• Marginal note:Amount of loans

  (2) For the purpose of subsection (1), the amount of loans for a particular period is the amount determined by the formula

  A/B

  where

  A

  is the total of the amounts outstanding, on the loans made by the selected listed financial institution, at the close of business on the last day of each month that ends in the particular period, and

  B

  is the number of months that end in the particular period.

• Marginal note:Amount of deposits

  (3) For the purpose of subsection (1), the amount of deposits for a particular period is the amount determined by the formula

  A/B

  where

  A

  is the total of the amounts on deposit with the selected listed financial institution at the close of business on the last day of each month that ends in the particular period, and

  B

  is the number of months that end in the particular period.

• Marginal note:Exclusion from loans and deposits

  (4) For the purposes of subsections (2) and (3), loans and deposits do not include bonds, stocks, debentures, items in transit or deposits in favour of Her Majesty in right of Canada.