Manner of Calculation (Foreign Banks) Regulations
Version of section 6 from 2006-03-22 to 2010-03-24:
Marginal note:Portion of entity’s business in Canada — par. 522.19(1)(a) of the Act
6 For the purpose of paragraph 522.19(1)(a) of the Act, the prescribed manner of determining the portion of the business in Canada, of a foreign bank or other entity, that consists of one or more of the activities referred to in that paragraph (in this section referred to as “particular activities”) is to determine it as a percentage in accordance with the formula
A × 100%
where
- A
- is the greater of the fraction B/C and the fraction D/E,
where
- B
- is the part of the total assets of the foreign bank or other entity that is in respect of the particular activities that the foreign bank or other entity engaged in or carried on in Canada,
- C
- is the part of the total assets of the foreign bank or other entity that is in respect of its business that it engaged in or carried on in Canada,
- D
- is the part of the total revenue of the foreign bank or other entity that is derived from the particular activities that the foreign bank or other entity engaged in or carried on in Canada, and
- E
- is the part of the total revenue of the foreign bank or other entity that is derived from its business that it engaged in or carried on in Canada.
- Date modified: