Excise Tax Act

Marginal note:Election for real property of a public service body

• 211 (1) Where a public service body files an election made under this subsection in respect of

  • (a) real property that is capital property of the body,

  • (b) real property of the body that is held by the body in inventory for the purpose of supply, or

  • (c) real property acquired by the body by way of lease, licence or similar arrangement for the purpose of making a supply of the property by way of lease, licence or similar arrangement or making a supply of the arrangement by way of assignment,

  throughout the period the election is in effect, subsection 193(1) and section 206 apply, and section 209 does not apply, to the property.

• Marginal note:Deemed sale where election

  (2) For the purposes of this Part, where a public service body has filed an election made under subsection (1) in respect of real property described in paragraph (1)(a) or (b) that takes effect on a particular day and the body does not acquire the property on the particular day or become a registrant on the particular day, the body shall be deemed

  • (a) to have made, immediately before the particular day, a taxable supply of the property by way of sale and to have collected, on the particular day, tax in respect of the supply equal to the basic tax content of the property on the particular day; and

  • (b) to have received, on the particular day, a taxable supply of the property by way of sale and to have paid, on the particular day, tax in respect of the supply equal to the amount determined under paragraph (a).

• Marginal note:Effect of election

  (3) An election under subsection (1) in respect of real property of a person is effective for the period beginning on the day specified in the election and ending on the day that the person specifies in a notice of revocation of the election filed under this section.

• Marginal note:Deemed sale where revocation

  (4) For the purposes of this Part, where an election made under subsection (1) by a public service body in respect of real property described in paragraph (1)(a) or (b) is revoked and ceases to be effective on a day and the body does not cease to be a registrant on that day, the body shall be deemed

  • (a) to have made, immediately before that day, a taxable supply of the property by way of sale and to have collected, on that day, tax in respect of the supply calculated on the fair market value of the property on that day; and

  • (b) to have received, on that day, a taxable supply of the property by way of sale and to have paid, on that day, tax in respect of the supply calculated on the fair market value of the property on that day.

• Marginal note:Manner and form of election or revocation

  (5) An election made under subsection (1) by a person and a notice of revocation of such an election shall

  • (a) be made in prescribed form containing prescribed information;

  • (b) specify the real property in respect of which the election or notice applies and the day the election becomes effective or, in the case of a notice of revocation, ceases to be effective; and

  • (c) be filed with the Minister in prescribed manner within one month after the end of the reporting period of the person in which the election becomes effective or, in the case of a notice of revocation, ceases to be effective.