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

Version of section 46 from 2013-11-08 to 2016-06-02:

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Marginal note:Specific adjustments

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

(a) the positive or negative amount determined 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 F amounts for any reporting period, including the particular 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 F amounts for any reporting period, including the particular 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 F amounts for any reporting period, including the particular reporting period, of the financial institution,
- (iv) all amounts each of which is determined, for each rebate in respect of 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)] × 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,
- (v) all amounts each of which is an amount, in respect of a supply made at any time during the particular reporting period of property or a service to which an election made by the financial institution and another person under subsection 225.2(4) of the Act applies, equal to tax payable by the financial institution under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act that is included in the cost to the financial institution of supplying the property or service to the other person, and
- (vi) all amounts each of which is
  (A) the provincial component amount, within the meaning of section 232.01 of the Act, of a tax adjustment note issued under subsection 232.01(3) of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of all or part of the specified resource was included under paragraph (ii) of the description of G₁₂ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, or
  (B) the provincial component amount, within the meaning of section 232.02 of the Act, of a tax adjustment note issued under subsection 232.02(2) of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included under paragraph (iii) of the description of G₁₂ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution,
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 in the total A amounts for any reporting period, including the particular 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, 218 and 218.01 of the Act and was included in the total A amounts for any reporting period, including the particular 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, 218 and 218.01 of the Act and was included in the total A amounts or in the total for subparagraph (iv) of the description of G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution,
- (iv) 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)] × 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,
- (v) all amounts, each of which is
  (A) the federal component amount, within the meaning of section 232.01 of the Act, of a tax adjustment note issued under subsection 232.01(3) of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of all or part of the specified resource was included under subparagraph (iv) of the description of G₇ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, or
  (B) the federal component amount, within the meaning of section 232.02 of the Act, of a tax adjustment note issued under subsection 232.02(2) of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included under subparagraph (iv) of the description of G₇ in paragraph (b) for the particular reporting period or an earlier reporting period of the financial institution, and
- (vi) all amounts, each of which is an amount of tax that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution, if the tax is a cost to the financial institution of making a supply, the supply is made at any time during the particular reporting period to another person that is a selected listed financial institution at that time and an election made by the financial institution and the other person under subsection 225.2(4) of the Act applies to the supply,
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, including the particular 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 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, and
- (iii) all amounts, each of which is
  (A) an amount the financial institution was required by paragraph 232.01(5)(b) of the Act to include in its determination of net tax for the particular reporting period in respect of input tax credits of the financial institution included in the total B amounts for the particular reporting period or an earlier reporting period of the financial institution,
  (B) an amount the financial institution was required by paragraph 232.02(4)(b) of the Act to include in its determination of net tax for the particular reporting period in respect of input tax credits of the financial institution included in the total B amounts for the particular reporting period or an earlier reporting period of the financial institution,
  (C) if a tax adjustment note is issued to the financial institution under subsection 232.01(3) of the Act in respect of all or part of a specified resource, a supply of the specified resource or part is deemed for the purposes of section 232.01 of the Act to have been received by the financial institution under subparagraph 172.1(5)(d)(i) of the Act and tax in respect of the supply is deemed for the purposes of section 232.01 of the Act to have been paid on a particular day under subparagraph 172.1(5)(d)(ii) of the Act by the financial institution, an amount that the financial institution would be required by paragraph 232.01(5)(c) of the Act to pay during the particular reporting period to the Receiver General as a result of the issuance of the tax adjustment note if the financial institution were a selected listed financial institution on the particular day, or
  (D) if a tax adjustment note is issued to the financial institution under subsection 232.02(2) of the Act in respect of employer resources, particular supplies (as referred to in subsection 232.02(4) of the Act) of those employer resources are deemed for the purposes of section 232.02 of the Act to have been received by the financial institution under subparagraph 172.1(6)(d)(i) of the Act and tax in respect of each of the particular supplies is deemed for the purposes of section 232.02 of the Act to have been paid under subparagraph 172.1(6)(d)(ii) of the Act by the financial institution, an amount that the financial institution would be required by paragraph 232.02(4)(c) of the Act to pay during the particular reporting period to the Receiver General as a result of the issuance of the tax adjustment note if the financial institution were a selected listed financial institution on the first day on which an amount of tax is deemed for the purposes of section 232.02 of the Act to have been paid in respect of the particular supplies,
G₄
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₅
is the tax rate for the participating province, and
G₆
is the rate set out in subsection 165(1) of the Act;
(b) the positive or negative amount determined 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 reporting 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 A amounts for any reporting period, including the particular 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 the financial institution was deemed to have paid during the particular reporting period under subparagraph 172.1(5)(d)(ii) or (6)(d)(ii) or paragraph 172.1(7)(d) of the Act,
G₈
is the total of
- (i) 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) of the description of G₇ for the particular reporting period, to the extent that the amount has not been included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, and
- (ii) all amounts each of which would be, in the absence of an election under section 150 of the Act, an input tax credit of the financial institution for the particular reporting period in respect of a supply made at any time by the financial institution to another person that is a selected listed financial institution at that time, if tax under subsection 165(1) of the Act would have been payable in respect of the supply in the absence of that election and no election made by the financial institution and the other person under subsection 225.2(4) of the Act applies in respect of the supply,
G₉
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
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
- (i) 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 F amounts for any reporting period, including the particular reporting period, of the financial institution,
- (ii) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(5)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(5)(d) of the Act,
- (iii) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(6)(c) of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under paragraph 172.1(6)(d) of the Act, and
- (iv) all amounts, each of which is an amount determined for B in the formula in paragraph 172.1(7)(c) of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under paragraph 172.1(7)(d) of the Act;
(c) if the participating province is Ontario, Nova Scotia or British Columbia, the positive or negative amount determined by the formula
[(G₁₃ – G₁₄) × G₁₅ × (G₁₆/G₁₇)] – G₁₈
where
G₁₃
is the total of
- (i) all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution before the beginning of the reporting period of the financial institution that includes July 1, 2010 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act, to the extent that the amount was included in the total B amounts for the particular reporting period, and
- (ii) if the particular reporting period begins before July 1, 2010 and ends on or after that day and if section 67 does not apply to the financial institution, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of property that is in whole or in part delivered or made available after the particular reporting period or in respect of a service that is rendered in whole or in part after the particular reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends after the particular reporting period:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is the number of days in the particular reporting period before July 2010,
  D
  is the total number of days in the particular reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act, the percentage determined by dividing the number of days in the specified year that are after June 30, 2010 by the number of days in the specified year, and
  (B) in any other case, 100% less the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, before the end of the particular reporting period, and
G₁₄
is the total of
- (i) all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available before the reporting period of the financial institution that includes July 1, 2010, in respect of a supply of real property the ownership or possession of which is transferred before that reporting period or in respect of a supply of a service that is rendered in whole or in part before that reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends before July 1, 2010:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is
  (A) if section 67 applies to the financial institution and the particular reporting period begins before July 1, 2010 and ends on or after that day,
  (I) if the tax became payable, or was paid without having become payable, before July, 2010, zero, and
  (II) in any other case, the number of days in the particular reporting period, and
  (B) in any other case, the number of days in the particular reporting period after June 2010,
  D
  is the total number of days in the particular reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act or real property, 100%, and
  (B) in any other case, the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, before the reporting period of the financial institution that includes July 1, 2010,
- (ii) if the particular reporting period begins after June 2010, all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available during another reporting period of the financial institution that begins before July 1, 2010 and ends on or after that day, in respect of a supply of real property the ownership or possession of which is transferred during the other reporting period or in respect of a service that is rendered in whole or in part during the other reporting period — or in respect of tax that became payable under section 218.01 of the Act by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that begins before July 1, 2010 and ends on or after that day:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is
  (A) in the case of tax under section 218.01, the number of days in the specified year before July 2010, and
  (B) in any other case, the number of days in the other reporting period before July 2010,
  D
  is
  (A) in the case of tax under section 218.01, the total number of days in the specified year, and
  (B) in any other case, the total number of days in the other reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act or real property, 100%, and
  (B) in any other case, the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, during the other reporting period,
- (iii) if the particular reporting period begins before July 1, 2010 and ends on or after that day, the amount determined by the formula
  (A – B) × (C/D)
  where
  A
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total for G₇ in paragraph (b),
  (B) if section 67 applies to the financial institution, the total for subparagraphs (ii) and (iii) of G₃ in paragraph (a), and
  (C) if section 67 does not apply to the financial institution,
  (I) the total A amounts,
  (II) the total for G₃ in paragraph (a), and
  (III) the total for subparagraph (i) of G₁₃,
  B
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total for G₈ in paragraph (b),
  (B) if section 67 applies to the financial institution,
  (I) the total of all amounts, each of which is an amount included in the total B amounts to the extent the amount was included in the total for G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution,
  (II) the total of all amounts, each of which is an amount included in the total for subparagraph (iii) of G₂ in paragraph (a) to the extent the amount was included in the total for subparagraph (iv) for G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution, and
  (III) the total for subparagraph (iv) and (v) of G₂ in paragraph (a), and
  (C) if section 67 does not apply to the financial institution,
  (I) the total B amounts, and
  (II) the total for G₂ in paragraph (a),
  C
  is the number of days in the particular reporting period before July 2010, and
  D
  is the total number of days in the particular reporting period, and
- (iv) if the particular reporting period begins on July 1, 2010, section 67 applies to the financial institution and the financial institution becomes a registrant on July 1, 2010, the amount determined by the formula
  (A – B) × (C/D)
  where
  A
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total for G₇ in paragraph (b), and
  (B) the total for subparagraphs (ii) and (iii) of G₃ in paragraph (a),
  B
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total for G₈ in paragraph (b),
  (B) the total of all amounts, each of which is an amount included in the total B amounts to the extent the amount was included in the total for G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution,
  (C) the total of all amounts, each of which is an amount included in the total for subparagraph (iii) of G₂ in paragraph (a) to the extent the amount was included in the total for subparagraph (iv) for G₇ in paragraph (b) for any reporting period, including the particular reporting period, of the financial institution, and
  (D) the total for subparagraph (iv) and (v) of G₂ in paragraph (a),
  C
  is
  (A) if an election under section 246 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days before July 2010 in the fiscal month of the financial institution that includes the particular reporting period,
  (B) if an election under section 247 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days before July 2010 in the fiscal quarter of the financial institution that includes the particular reporting period, and
  (C) in any other case, the number of days before July 2010 in the fiscal year of the financial institution that includes the particular reporting period, and
  D
  is
  (A) if an election under section 246 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days in the fiscal month of the financial institution that includes the particular reporting period,
  (B) if an election under section 247 of the Act is in effect at any time in the fiscal year of the financial institution that includes the particular reporting period, the number of days in the fiscal quarter of the financial institution that includes the particular reporting period, and
  (C) in any other case, the number of days in the fiscal year of the financial institution that includes the particular reporting period,
G₁₅
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₁₆
is
- (i) if the participating province is Ontario or British Columbia, the tax rate for the participating province, and
- (ii) if the participating province is Nova Scotia, 2%,
G₁₇
is the rate set out in subsection 165(1) of the Act, and
G₁₈
is the total of all amounts, each of which is a particular amount of tax that was paid or became payable by the financial institution under any of subsection 165(2) and section 212.1 of the Act in respect of a supply or importation of property or a service in respect of which tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act became payable by the financial institution, or was paid by the financial institution without having become payable, in the particular reporting period of the financial institution that ends after June 2010 — to the extent that the particular amount of tax has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution — provided that the particular amount of tax
- (i) is payable as a consequence of the application of Part 3 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9 of the New Harmonized Value-added Tax System Regulations, No. 2, or
- (ii) is payable at the rate of 10% as a consequence of the application of the Nova Scotia HST Regulations, 2010;
(d) if the participating province is Ontario, British Columbia or Prince Edward Island, the positive or negative amount determined by the formula
[G₁₉ × G₂₀ × (G₂₁/G₂₂) × G₂₃] – G₂₄
where
G₁₉
is
- (i) if the financial institution is a large business at any time in the particular reporting period, the total of all amounts, each of which is determined for a specified class of specified property or service by the formula
  A × B × C
  where
  A
  is the total of
  (A) all amounts each of which is an amount of tax (other than an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act or an amount of tax included in subparagraph (vi) of the description of G₂ in paragraph (a)) that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution during the particular reporting period in respect of a supply or importation of property or a service multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,
  (B) all amounts each of which is an amount of tax under subsection 165(1) of the Act in respect of a supply (other than a supply to which clause (C) applies) of property or a service made by a person to the financial institution that would, in the absence of an election under section 150 of the Act, have become payable by the financial institution during the particular reporting period multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,
  (C) all amounts each of which is an amount, in respect of a supply made during the particular reporting period of property or a service to which an election made by the financial institution and another person under subsection 225.2(4) of the Act applies, equal to tax calculated on the cost to the other person of supplying the property or service to the financial institution excluding any remuneration to employees of the other person, the cost of financial services and tax under Part IX of the Act multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period,
  (D) all amounts each of which is an amount of tax (other than an amount of tax that is a prescribed amount of tax for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act) that would have been payable under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution during the particular reporting period in respect of a supply or importation of property or a service multiplied by the specified extent of the property or service in respect of the specified class for the participating province and for the particular reporting period if,
  (I) in the case where the property or a service is acquired or imported by the financial institution for consumption, use or supply exclusively in the course of commercial activities and, as a result of the consumption, use or supply exclusively in the course of commercial activities, no tax under section 212 or 218 of the Act is payable in respect of the acquisition or importation under that section, tax under section 212 or 218 of the Act had been payable in respect of the acquisition or importation,
  (II) in the case of a supply of property or a service deemed under subsection 143(1) of the Act to have been made outside Canada, the supply had not been deemed to have been made outside Canada,
  (III) in the case of a supply of property or a service that is deemed under Part IX of the Act to have been made for nil consideration, the supply had not been deemed to have been made for nil consideration, and
  (IV) in the case of a supply of property or a service that is deemed under paragraph 273(1)(c) of the Act not to be a supply, the supply had not been deemed not to be a supply, and
  (E) if the specified class is qualifying motor vehicles and the financial institution is engaged in the business of supplying motor vehicles by way of sale, all amounts each of which is determined — for a selected motor vehicle described in subparagraph (g)(i) of the definition excluded property or service in subsection 42(1) that was acquired or imported by the financial institution and is used by the financial institution, at any time in the particular reporting period, otherwise than exclusively for the purpose referred to in that subparagraph — by the formula
  D × E × 2%
  where
  D
  is the amount of tax (other than an amount of tax that is a prescribed amount of tax for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act) that became payable at any time under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act by the financial institution in respect of a supply or importation of the selected motor vehicle, and
  E
  is the number of fiscal months in the particular reporting period during which the selected motor vehicle was used otherwise than exclusively for the purpose referred to in subparagraph (g)(i) of the definition excluded property or service in subsection 42(1),
  B
  is the tax recovery rate of the financial institution for the specified class for the particular reporting period, and
  C
  is
  (A) in the case where the specified class is qualifying food, beverages and entertainment, 50%,
  (B) in the case where the specified class is qualifying fuel and the participating province is British Columbia, 0%,
  (B.1) in the case where the specified class is qualifying heating oil and the participating province is Prince Edward Island, 0%,
  (C) in the case where the specified class is qualifying energy or qualifying heating oil and the participating province is Ontario or British Columbia, the percentage determined by the formula
  F/G
  where
  F
  is the total of all amounts, each of which is the specified salary and wages of an employee of the financial institution that is paid by the financial institution in the second last taxation year of the financial institution preceding the particular reporting period for anything done by the employee in the course of, or in relation to, the office or employment of the employee in the province to the extent that it can reasonably be considered that the specified salary and wages is not attributable to the direct engagement by the employee in activities that are eligible scientific research and experimental development activities for the purposes of
  (I) if the participating province is Ontario, the Taxation Act, 2007, S.O. 2007, c. 11, Sch. A, and
  (II) if the participating province is British Columbia, the Income Tax Act, R.S.B.C. 1996, c. 215, and
  G
  is the total of the specified salary and wages of each employee of the financial institution that are paid by the financial institution in the second last taxation year of the financial institution preceding the particular reporting period for anything done by the employee in the course of, or in relation to, the office or employment of the employee in the participating province, and
  (D) in any other case, 100%, and
- (ii) in any other case, zero,
G₂₀
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₂₁
is
- (i) if the participating province is British Columbia, 7%, and
- (ii) in any other case, the tax rate for the participating province,
G₂₂
is the rate set out in subsection 165(1) of the Act, and
G₂₃
is
- (i) if the participating province is Ontario or British Columbia and if the particular reporting period begins before July 1, 2010 and ends on or after that day, the amount determined by the formula
  A/B
  where
  A
  is the number of days in the particular reporting period after June 2010 on which the financial institution was a large business, and
  B
  is the number of days in the particular reporting period,
- (ii) if the participating province is Ontario or British Columbia and if the particular reporting period begins on or after July 1, 2010, the amount determined by the formula
  (A × B)/C²
  where
  A
  is the total of all amounts, each of which is the recapture rate in respect of the province applicable on a day in the particular reporting period,
  B
  is the number of days in the particular reporting period on which the financial institution was a large business, and
  C
  is the number of days in the particular reporting period,
- (iii) if the participating province is Prince Edward Island and if the particular reporting period begins before April 1, 2013 and ends on or after that day, the amount determined by the formula
  A/B
  where
  A
  is the number of days in the particular reporting period after March 2013 on which the financial institution was a large business, and
  B
  is the number of days in the particular reporting period, or
- (iv) if the participating province is Prince Edward Island and if the particular reporting period begins on or after April 1, 2013, the amount determined by the formula
  (A × B)/C²
  where
  A
  is the total of all amounts, each of which is the recapture rate in respect of the province applicable on a day in the particular reporting period,
  B
  is the number of days in the particular reporting period on which the financial institution was a large business, and
  C
  is the number of days in the particular reporting period, and
G₂₄
is the total of all amounts, each of which is determined — for a selected motor vehicle that the financial institution, in the particular reporting period, either supplies by way of sale to a person that is not related to the financial institution or removes from Canada and registers in another country (other than, if the participating province is British Columbia, a selected motor vehicle that is supplied by way of sale or registered in another country on or after April 1, 2013) and in respect of the last acquisition or importation of which, in another reporting period of the financial institution, the financial institution included an amount under the description of G₁₉ in determining its net tax for the other reporting period — by the formula
A × B × (C/D) × E × (F/G)
where
A
is the amount determined for the participating province under the description of G₁₉ in the other reporting period in respect of the last acquisition or importation of the selected motor vehicle,
B
is the specified percentage of the financial institution for the participating province and for the other reporting period,
C
is the tax rate for the participating province as of the last day of the other reporting period,
D
is the rate set out in subsection 165(1) of the Act,
E
is the amount determined for G₂₃ for the financial institution for the other reporting period,
F
is
(i) if the financial institution supplies the selected motor vehicle and the recipient of the supply is not dealing at arm’s length with the financial institution or if the financial institution removes the selected motor vehicle from Canada, the fair market value of the selected motor vehicle at the time of the supply or removal, and
(ii) in any other case, the consideration for the supply by way of sale of the selected motor vehicle, and
G
is the consideration in respect of the last acquisition, or the value in respect of the last importation, of the selected motor vehicle by the financial institution in respect of which the amount determined under the description of A is attributable;
(e) if the particular reporting period begins before July 1, 2010 and ends on or after that day and if the participating province is Nova Scotia, New Brunswick or Newfoundland and Labrador, the negative amount determined by the formula
–1 × [(G₂₅ × G₂₆ × 8/5) + G₂₇]
where
G₂₅
is the total of all amounts, each of which is an amount of tax under any of subsections 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or service for consumption or use exclusively in Ontario or British Columbia that became payable by the financial institution, or that was paid by the financial institution without having become payable, during a reporting period of the financial institution that precedes the particular reporting period, to the extent that the amount is included in the total A amounts for a reporting period preceding the particular reporting period and is not included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, provided that tax is payable in respect of the supply or importation under any of subsection 165(2) and section 212.1 of the Act as a consequence of the application of Part 3 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9 of the New Harmonized Value-added Tax System Regulations, No. 2,
G₂₆
is the specified percentage of the financial institution for the participating province and for the particular reporting period, and
G₂₇
is
- (i) if section 67 applies to the financial institution, the total of all amounts, each of which
  (A) is determined for a claim period (as defined in subsection 261.01(1) of the Act) of the financial institution that ends before July 2010 and that is included in the fiscal year of the financial institution that includes the particular reporting period, during which the financial institution was a pension entity and a selected listed financial institution and in respect of which the pension entity has made an application for a rebate under subsection 261.01(2) of the Act, and
  (B) is equal to the amount of the rebate that would be payable under subsection 261.01(2) of the Act for the claim period if
  (I) the financial institution were not a selected listed financial institution throughout the claim period, and
  (II) the amount of the rebate were determined as though the pension rebate amount, as defined in subsection 261.01(1) of the Act, of the financial institution for the claim period were equal to 33% of the total of all amounts, each of which is an amount of tax under subsection 165(2) in respect of a supply of property or a service made in the participating province, or under section 212.1 in respect of an importation of goods for use in the participating province, that became payable by the financial institution during the claim period, or was paid by the financial institution during the claim period without having become payable, provided that
  1. the financial institution acquired the property or service or imported the goods, as the case may be, for consumption use or supply in respect of a pension plan,
  2. the amount of tax is not deemed to have been paid by the financial institution under Part IX of the Act (other than section 191 of the Act), and
  3. the amount of tax is not a recoverable amount (as defined in subsection 261.01(1) of the Act) in respect of the claim period, and
- (ii) in any other case, zero;
(f) if the particular reporting period includes April 1, 2013 and the participating province is British Columbia, the amount determined by the formula
(G₂₈ – G₂₉) × G₃₀ × (7%/G₃₁) × (G₃₂/G₃₃)
where
G₂₈
is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
- (i) the total A amounts,
- (ii) the total for G₃ in paragraph (a), and
- (iii) the total for G₇ in paragraph (b),
G₂₉
is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
- (i) the total B amounts,
- (ii) the total for G₂ in paragraph (a), and
- (iii) the total for G₈ in paragraph (b),
G₃₀
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₃₁
is the rate set out in subsection 165(1) of the Act,
G₃₂
is
- (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula
  A x B
  where
  A
  is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable
  (A) 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, or
  (B) under section 218.01 of the Act for a particular specified year of the financial institution, and
  B
  is
  (A) in the case of an amount of tax described in clause (A) of the description of A, the extent to which the property is delivered or made available, or the service is rendered, before April 1, 2013, and
  (B) in the case of an amount of tax described in clause (B) of the description of A, the amount determined by the formula
  C/D
  where
  C
  is the number of days in the particular specified year before April 1, 2013, and
  D
  is the number of days in the particular specified year, and
- (ii) in any other case, the number of days in the particular reporting period before April 1, 2013, and
G₃₃
is
- (i) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
- (ii) in any other case, the number of days in the particular reporting period;
(g) if the participating province is Prince Edward Island, the positive or negative amount determined by the formula
[(G₃₄ – G₃₅) × G₃₆ × (G₃₇/G₃₈)] – G₃₉
where
G₃₄
is the total of
- (i) all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution before the beginning of the reporting period of the financial institution that includes April 1, 2013 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act, to the extent that the amount was included in the total B amounts for the particular reporting period,
- (ii) if the particular reporting period begins after March 2013, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that was paid or became payable by the financial institution during another reporting period of the financial institution that includes April 1, 2013 and in respect of which the financial institution has claimed an input tax credit in the return for the particular reporting period under Division V of Part IX of the Act:
  A × B × (C/D)
  where
  A
  is the amount of that tax,
  B
  is the extent (expressed as a percentage) to which the amount of that tax was included in the total B amounts for the particular reporting period,
  C
  is
  (A) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is determined by the formula
  E × F
  where
  E
  is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable,
  (I) 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, or
  (II) under section 218.01 of the Act for any specified year of the financial institution, and
  F
  is
  (I) in the case of an amount of tax described in subclause (I) of the description of E, the extent to which the property is delivered or made available, or the service is rendered, before April 2013, and
  (II) in the case of an amount of tax described in subclause (II) of the description of E, the amount determined by the formula
  G/H
  where
  G
  is the number of days before April 2013 in the specified year referred to in that subclause, and
  H
  is the number of days in that specified year, and
  (B) in any other case, the number of days in the other reporting period before April 2013, and
  D
  is
  (A) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
  (B) in any other case, the number of days in the other reporting period, and
- (iii) if the particular reporting period begins before April 1, 2013 and ends on or after that day, all amounts, each of which is determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of property that is in whole or in part delivered or made available after the particular reporting period or in respect of a service that is rendered in whole or in part after the particular reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends after the particular reporting period:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is
  (A) if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is determined by the formula
  F × G
  where
  F
  is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable
  (I) 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, or
  (II) under section 218.01 of the Act for any specified year of the financial institution, and
  G
  is
  (I) in the case of an amount of tax described in subclause (I) of the description of F, the extent to which the property is delivered or made available, or the service is rendered, before April 2013, and
  (II) in the case of an amount of tax described in subclause (II) of the description of F, the amount determined by the formula
  H/I
  where
  H
  is the number of days before April 2013 in the specified year referred to in that subclause, and
  I
  is the number of days in that specified year, and
  (B) in any other case, the number of days in the particular reporting period before April 2013,
  D
  is
  (A) if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
  (B) in any other case, the number of days in the particular reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act, the percentage determined by dividing the number of days in the specified year that are after March 2013 by the number of days in the specified year, and
  (B) in any other case, 100% less the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, before the end of the particular reporting period, and
G₃₅
is the total of
- (i) all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available before the reporting period of the financial institution that includes April 1, 2013, in respect of a supply of real property the ownership or possession of which is transferred before that reporting period or in respect of a supply of a service that is rendered in whole or in part before that reporting period — or in respect of tax under section 218.01 of the Act that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that ends before April 2013:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is
  (A) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is determined by the formula
  F × G
  where
  F
  is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable
  (I) 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, or
  (II) under section 218.01 of the Act for any specified year of the financial institution, and
  G
  is
  (I) in the case of an amount of tax described in subclause (I) of the description of F, the extent to which the property is delivered or made available, or the service is rendered, after March 2013, and
  (II) in the case of an amount of tax described in subclause (II) of the description of F, the amount determined by the formula
  H/I
  where
  H
  is the number of days after March 2013 in the specified year referred to in that subclause, and
  I
  is the number of days in that specified year, and
  (B) in any other case, the number of days in the particular reporting period after March 2013,
  D
  is
  (A) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the financial institution is a distributed investment plan in the particular reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
  (B) in any other case, the number of days in the particular reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act or real property, 100%, and
  (B) in any other case, the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, before the reporting period of the financial institution that includes April 1, 2013,
- (ii) if the particular reporting period begins after March 2013, all amounts, each of which is an amount determined by the following formula in respect of tax under any of subsection 165(1) and sections 212 and 218 of the Act that became payable by the financial institution during the particular reporting period or that was paid by the financial institution without having become payable during the particular reporting period — provided that the tax is in respect of a supply or importation of property (other than real property) that is in whole or in part delivered or made available during another reporting period of the financial institution that begins before April 1, 2013 and ends on or after that day, in respect of a supply of real property the ownership or possession of which is transferred during the other reporting period or in respect of a service that is rendered in whole or in part during the other reporting period — or in respect of tax that became payable under section 218.01 of the Act by the financial institution during the particular reporting period, or that was paid by the financial institution without having become payable during the particular reporting period, and that is determined for a specified year of the financial institution that begins before April 1, 2013 and ends on or after that day:
  (A – B) × (C/D) × E
  where
  A
  is the amount of that tax,
  B
  is the total of all input tax credits of the financial institution in respect of that tax,
  C
  is
  (A) in the case of tax under section 218.01 of the Act, the number of days in the specified year before April 2013, and
  (B) in any other case,
  (I) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is determined by the formula
  F × G
  where
  F
  is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable
  1. 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, or
  2. under section 218.01 of the Act for a particular specified year of the financial institution, and
  G
  is
  1. in the case of an amount of tax described in sub-subclause 1 of the description of F, the extent to which the property is delivered or made available, or the service is rendered, before April 2013, and
  2. in the case of an amount of tax described in sub-subclause 2 of the description of F, the amount determined by the formula
  H/I
  where
  H
  is the number of days in the particular specified year before April 2013, and
  I
  is the number of days in the particular specified year, and
  (II) in any other case, the number of days in the other reporting period before April 2013,
  D
  is
  (A) in the case of tax under section 218.01 of the Act, the total number of days in the specified year, and
  (B) in any other case,
  (I) if the financial institution was a distributed investment plan in the other reporting period, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the other reporting period, or that was paid by the financial institution during the other reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
  (II) in any other case, the total number of days in the other reporting period, and
  E
  is
  (A) in the case of tax under section 218.01 of the Act or real property, 100%, and
  (B) in any other case, the extent (expressed as a percentage) to which the property is delivered or made available, or the service is rendered, during the other reporting period, and
- (iii) if the particular reporting period begins before April 1, 2013 and ends on or after that day, the amount determined by the formula
  (A – B) × (C/D)
  where
  A
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total A amounts,
  (B) the total for G₃ in paragraph (a),
  (C) the total for G₇ in paragraph (b), and
  (D) the total for subparagraph (i) of G₃₄,
  B
  is the total of the following amounts, each of which is determined for the particular reporting period and the participating province:
  (A) the total B amounts,
  (B) the total for G₂ in paragraph (a), and
  (C) the total for G₈ in paragraph (b),
  C
  is
  (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula
  E × F
  where
  E
  is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable
  (I) 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, or
  (II) under section 218.01 of the Act for any specified year of the financial institution, and
  F
  is
  (I) in the case of an amount of tax described in subclause (I) of the description of E, the extent to which the property is delivered or made available, or the service is rendered, before April 2013, and
  (II) in the case of an amount of tax described in subclause (II) of the description of E, the amount determined by the formula
  G/H
  where
  G
  is the number of days before April 2013 in the specified year referred to in that subclause, and
  H
  is the number of days in that specified year, and
  (B) in any other case, the number of days in the particular reporting period before April 2013, and
  D
  is
  (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is an amount of tax that became payable by the financial institution during the particular reporting period, or that was paid by the financial institution during the particular reporting period without having become payable, under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
  (B) in any other case, the number of days in the particular reporting period,
G₃₆
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₃₇
is the tax rate for the participating province,
G₃₈
is the rate set out in subsection 165(1) of the Act, and
G₃₉
is the total of all amounts, each of which is a particular amount of tax that was paid or became payable by the financial institution under any of subsection 165(2) and section 212.1 of the Act in respect of a supply or importation of property or a service in respect of which tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act became payable by the financial institution, or was paid by the financial institution without having become payable, in the particular reporting period of the financial institution that ends after March 2013 — to the extent that the particular amount of tax has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution — provided that the particular amount of tax is payable as a consequence of the application of Part 3.1 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9.1 of the New Harmonized Value-added Tax System Regulations, No. 2; and
(h) if the particular reporting period begins before April 1, 2013 and ends on or after that day and if the participating province is Ontario, Nova Scotia, New Brunswick, British Columbia or Newfoundland and Labrador, the negative amount determined by the formula
–1 × G₄₀ × G₄₁ × (G₄₂/G₄₃)
where
G₄₀
is the total of all amounts, each of which is an amount of tax under any of subsection 165(1) and sections 212 and 218 of the Act in respect of a supply or importation of property or service for consumption or use exclusively in Prince Edward Island that became payable by the financial institution, or that was paid by the financial institution without having become payable, during a reporting period of the financial institution that precedes the particular reporting period, to the extent that the amount is included in the total A amounts for a reporting period that precedes the particular reporting period and is not included in the total B amounts for any reporting period, including the particular reporting period, of the financial institution, provided that tax is payable in respect of the supply or importation under any of subsection 165(2) and section 212.1 of the Act as a consequence of the application of Part 3.1 of the New Harmonized Value-added Tax System Regulations or Divisions 2 and 3 of Part 9.1 of the New Harmonized Value-added Tax System Regulations, No. 2,
G₄₁
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₄₂
is
- (i) if the participating province is British Columbia, 7%, and
- (ii) in any other case, the tax rate for the participating province, and
G₄₃
is the rate set out in subsection 165(1) of the Act.

SOR/2013-71, s. 2
SOR/2013-197, s. 3

Date modified:: 2024-11-13

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