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

Version of section 15 from 2008-07-28 to 2013-04-17:


Marginal note:Specific adjustments

 For the purpose of the description of G in subsection 225.2(2) of the Act, the following are prescribed amounts in respect of a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution:

  • (a) the positive or negative amount determined, for a participating province, by the formula

    G1 - [(G2 - G3) × G4 × (G5/G6)]

    where

    G1
    is the total of
    • (i) all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under subsection 165(2) of the Act and that was adjusted, refunded or credited under section 232 of the Act in the particular reporting period, to the extent that the amount was included in the total for F in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (ii) if, under section 252.4 or 252.41 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution to the extent that the amount is in respect of tax under subsection 165(2) or section 212.1 of the Act and was included in the total for F in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (iii) all amounts each of which is an amount that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under any Act of Parliament (other than the Act), to the extent that the amount is in respect of tax under subsection 165(2) or section 212.1 of the Act and was included in the total for F in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (iv) all amounts each of which is an amount of tax that was paid or that became payable by the financial institution under subsection 165(2) of the Act in respect of a supply of property or a service in respect of which the financial institution is not entitled to claim an input tax credit because of section 351 or paragraph 356(5)(b) of the Act, to the extent that the amount was included in the total for F in subsection 225.2(2) of the Act for the particular reporting period, and

    • (v) all amounts each of which is determined, for each rebate to which section 181.1 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

      [A/(100 + A + B)] x C

      where

      A
      is
      • (A) if tax under subsection 165(2) of the Act was payable in respect of the supply to the financial institution of the property or service in respect of which the rebate is paid, the tax rate for the participating province in which the supply was made, and

      • (B) in any other case, zero, and

      B
      is the rate set out in subsection 165(1) of the Act, and
      C
      is the amount of the rebate,
    G2
    is the total of
    • (i) all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under subsection 165(1) of the Act and that was adjusted, refunded or credited under section 232 of the Act in the particular reporting period, to the extent that the amount was included in the total for A in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (ii) if, under section 252.4 or 252.41 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution, to the extent that the amount is in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act and was included in the total for A in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (iii) all amounts each of which is an amount (other than an amount included under subparagraph (i)) that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under any Act of Parliament, to the extent that the amount is in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act and was included in the total for A in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (iv) all amounts each of which is an amount of tax that was paid or that became payable by the financial institution under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or a service in respect of which

      • (A) in the absence of subsection 218.1(2) and section 220.04 of the Act, tax under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act would have been payable by the financial institution but for Subdivision c of Division X of that Part or the fact that the supply is not described in Subdivision b of Division X of that Part, or

      • (B) if tax had been payable under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act by the financial institution, the financial institution would not have been entitled to claim an input tax credit in respect of that tax because of section 351 or paragraph 356(5)(b) of the Act,

      to the extent that the amount was included in the total for A in subsection 225.2(2) of the Act for the particular reporting period, and

    • (v) all amounts each of which is determined, for each rebate to which section 181.1 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

      [A/(100 + A + B)] x C

      where

      A
      is the rate set out in subsection 165(1) of the Act,
      B
      is
      • (A) if tax under subsection 165(2) of the Act was payable in respect of the supply to the financial institution of the property or service in respect of which the rebate is paid, the tax rate for the participating province in which the supply was made, and

      • (B) in any other case, zero, and

      C
      is the amount of the rebate,
    G3
    is the total of
    • (i) all input tax credits of the financial institution claimed in the return under Division V of Part IX of the Act filed by the financial institution for any reporting period of the financial institution in respect of an amount included under any of subparagraphs (i) to (iii) of the description of G2 for the particular reporting period,

    • (ii) all amounts included for any reporting period of the financial institution in the total for B in subsection 225.2(2) of the Act in respect of an amount included under subparagraph (iv) of the description of G2 for the particular reporting period, and

    • (iii) all amounts each of which is an amount of tax that the financial institution is deemed under paragraph 181.1(f) of the Act to have collected during the particular reporting period,

    G4
    is
    • (i) for the purposes of calculating under paragraph 228(2.1)(a) of the Act the interim net tax of the financial institution for the particular reporting period, the lesser of the financial institution’s percentage for the participating province for the taxation year and the financial institution’s percentage for the participating province for the immediately preceding taxation year, each determined in accordance with the rules set out in Part 2 that apply to that financial institution,

    • (ii) despite subparagraph (i), for the purposes of calculating under paragraph 228(2.1)(a) of the Act the interim net tax of the financial institution for the particular reporting period in the case where the financial institution is a selected listed financial institution to which subsection 228(2.2) of the Act applies, the financial institution’s percentage for the participating province for the reporting period immediately preceding the particular reporting period, determined in accordance with the rules set out in Part 2 that apply to that financial institution, and

    • (iii) in any other case, the financial institution’s percentage for the participating province for the taxation year, determined in accordance with the rules set out in Part 2 that apply to that financial institution,

    G5
    is the tax rate for the participating province, and
    G6
    is the rate set out in subsection 165(1) of the Act; and
  • (b) the positive or negative amount determined, for a participating province, by the formula

    [(G7 - G8) × G9 × (G10/G11)] - G12

    where

    G7
    is the total of
    • (i) all amounts each of which is an amount of tax deemed to have been collected during the particular reporting period by the financial institution under paragraph 129(6)(b) or subsection 129.1(4) of the Act,

    • (ii) all amounts each of which is an amount of tax deemed to have been paid by the financial institution under paragraph 180(d) of the Act during the particular period to the extent that the amount is in respect of tax paid by another person under subsection 165(1) or section 212 of the Act and has not been included in the total for A in subsection 225.2(2) of the Act for any reporting period of the financial institution,

    • (iii) all amounts each of which is an amount that is required to be added under subsection 235(1) or 236(1) of the Act in determining the net tax of the financial institution for the particular reporting period, and

    • (iv) all amounts each of which is an amount of tax that was paid or became payable by the financial institution before April 1997 under any of subsection 165(1) and sections 212 and 218 of the Act

      • (A) in respect of a supply or importation of property or a service to which Division X of Part IX of the Act applies and to which tax under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of that Part applies, or to which Division X of that Part and that tax would have applied if the supply had been made, or the property had been delivered or made available, or physical possession of it had been transferred, as the case may be, in a participating province, to the extent that the amount has not been included in the total for A in subsection 225.2(2) of the Act for any reporting period of the financial institution, or

      • (B) in respect of which the financial institution has claimed an input tax credit in a return under Division V of Part IX of the Act filed by the financial institution after March 1997, to the extent that the amount has not been included in the total for A in subsection 225.2(2) of the Act and was included in the total for B in that subsection for any reporting period of the financial institution,

    G8
    is the total of all input tax credits of the financial institution that the financial institution is entitled to claim in the return under Division V of Part IX of the Act filed by the financial institution for the particular reporting period in respect of an amount included under subparagraph (ii) or clause (iv)(A) of the description of G7 for the particular reporting period, to the extent that the amount has not been included in the total for B in subsection 225.2(2) of the Act for any reporting period of the financial institution,
    G9
    is
    • (i) for the purposes of calculating under paragraph 228(2.1)(a) of the Act the interim net tax of the financial institution for the particular reporting period, the lesser of the financial institution’s percentage for the participating province for the taxation year and the financial institution’s percentage for the participating province for the immediately preceding taxation year, each determined in accordance with the rules set out in Part 2 that apply to that financial institution,

    • (ii) despite subparagraph (i), for the purpose of calculating under paragraph 228(2.1)(a) of the Act the interim net tax of the financial institution for the particular reporting period in cases where the financial institution is a selected listed financial institution to which subsection 228(2.2) of the Act applies, the financial institution’s percentage for the participating province for the reporting period immediately preceding the particular reporting period, determined in accordance with the rules set out in Part 2 that apply to that financial institution, and

    • (iii) in any other case, the financial institution’s percentage for the participating province for the taxation year, determined in accordance with the rules set out in Part 2 that apply to that financial institution,

    G10
    is the tax rate for the participating province,
    G11
    is the rate set out in subsection 165(1) of the Act, and
    G12
    is the total of all amounts each of which is an amount of tax deemed to have been paid by the financial institution under paragraph 180(d) of the Act during the particular reporting period to the extent that the amount is in respect of tax paid by another person under subsection 165(2) or section 212.1 of the Act and has not been included in the total for F in subsection 225.2(2) of the Act for any reporting period of the financial institution.
  • SOR/2006-162, s. 12(F)
  • SOR/2008-238, s. 1
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