Input Tax Credit Allocation Methods (GST/HST) Regulations (2010, c. 12, s. 91)

Marginal note:Interpretation

1 The definitions in this section apply in these Regulations.

Act

Act means the Excise Tax Act. (Loi)

bank

bank in respect of a fiscal year does not include a person that is at any time in the fiscal year an insurer. (banque)

insurer

insurer in respect of a fiscal year means a person that is an insurer (as defined in subsection 123(1) of the Act) and that carries on at any time in the fiscal year an insurance business as the principal business of the person in Canada. (assureur)

securities dealer

securities dealer in respect of a fiscal year means a person that

• (a) carries on at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities as the principal business of the person in Canada;

• (b) is registered under the laws of Canada or a province to carry on in Canada at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities; and

• (c) is not a bank or an insurer at any time in the fiscal year. (courtier en valeurs mobilières)

Marginal note:Prescribed classes

2 The following classes of financial institutions are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(3), (8), (9), (24) and (30) of the Act:

• (a) banks;

• (b) insurers; and

• (c) securities dealers.

Marginal note:Prescribed amounts

3 The following amounts are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsection 141.02(24) of the Act:

• (a) in the case of banks, $500,000;

• (b) in the case of insurers, $500,000; and

• (c) in the case of securities dealers, $500,000.

Marginal note:Prescribed percentages

4 The following percentages are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(8), (9) and (30) of the Act:

• (a) in the case of banks, 12%;

• (b) in the case of insurers, 10%; and

• (c) in the case of securities dealers, 15%.