Interpretation

Meaning of Act

1 In these Regulations, Act means the Excise Tax Act.

PART 1Prescribed Financial Institutions

Marginal note:Conditions

2 For the purpose of paragraph 225.2(1)(d) of the Act, a financial institution is a prescribed financial institution throughout a reporting period in a fiscal year that ends in a particular taxation year of the financial institution if the financial institution is a corporation that

• (a) during the particular year and the preceding taxation year, is named in Schedule III to the Financial Administration Act; and

• (b) under the rules prescribed in any of sections 402 to 405 of the Income Tax Regulations, would, if subsection 124(3) or paragraph 149(1)(d) of the Income Tax Act did not apply and the financial institution had taxable income for the particular year and the preceding taxation year, have taxable income earned in the particular year and the preceding taxation year in any of the participating provinces and taxable income earned in the particular year and the preceding taxation year in any of the non-participating provinces.

PART 2Percentage for a Participating Province

Interpretation

Marginal note:Definitions

3 The definitions in this section apply in this Part.

gross revenue

recettes brutes

gross revenue of a selected listed financial institution for a period means the amount that would be the gross revenue of the financial institution for the period for the purposes of the Income Tax Act if the financial institution were a taxpayer under that Act and if every reference in that Act to a taxation year of the financial institution were read as a reference to that period. (recettes brutes) (recettes brutes)

individual

particulier

individual includes the estate of a deceased individual or a trust. (particulier) (particulier)

particular period

période donnée

particular period means

• (a) in applying this Part for the purpose of the description of C in subsection 225.2(2) of the Act (other than in determining the amount for C in that subsection for the purpose of subsection 228(2.2) of the Act) and for the purposes of the description of D in subparagraph 363(2)(a)(ii), the description of D in paragraph 363(2)(b), the description of F in subparagraph 363(2)(c)(ii) and the description of F in paragraph 363(2)(d) of the Act, a taxation year;

• (b) in applying this Part in determining the amount for C in subsection 225.2(2) of the Act for the purpose of subsection 228(2.2) of the Act, a reporting period; and

• (c) in applying this Part for the purpose of the description of D in subparagraph 237(5)(b)(ii) of the Act, a fiscal quarter. (période donnée) (période donnée)

permanent establishment

établissement stable

permanent establishment

• (a) in respect of a corporation, has the meaning assigned by subsection 400(2) of the Income Tax Regulations;

• (b) in respect of an individual, has the meaning assigned by subsection 2600(2) of the Income Tax Regulations;

• (c) in respect of a specified partnership all the members of which are individuals, means a permanent establishment that would be the permanent establishment of the specified partnership under subsection 2600(2) of the Income Tax Regulations if the specified partnership were an individual; and

• (d) in respect of a specified partnership to which paragraph (c) does not apply, means a permanent establishment that would be the permanent establishment of the specified partnership under subsection 400(2) of the Income Tax Regulations if the specified partnership were a corporation. (établissement stable) (établissement stable)

specified partnership

société de personnes déterminée

specified partnership has the meaning assigned by subsection 225.2(8) of the Act. (société de personnes déterminée) (société de personnes déterminée)

total gross revenue

recettes brutes totales

total gross revenue of a selected listed financial institution for a period means the portion of the gross revenue of the financial institution that is reasonably attributable to the permanent establishments of the financial institution in Canada for the period. (recettes brutes totales) (recettes brutes totales)

Marginal note:Rule of interpretation

4 Unless a contrary intention appears, words and expressions used in this Part have the same meanings as in Parts IV and XXVI of the Income Tax Regulations.

Determination of the Attribution Percentage

Marginal note:Basic rules

5 For the purposes of the description of C in subsection 225.2(2), the description of D in subparagraph 237(5)(b)(ii), the description of D in subparagraph 363(2)(a)(ii), the description of D in paragraph 363(2)(b), the description of F in subparagraph 363(2)(c)(ii) and the description of F in paragraph 363(2)(d) of the Act, a financial institution’s percentage for any participating province for a particular period is determined in accordance with this Part.

Marginal note:Member of a partnership

6 For the purposes of this Part, if part of the operations of a selected listed financial institution that is a member of a partnership were conducted in partnership with one or more other persons during a particular period, the following rules apply:

• (a) the financial institution’s gross revenue for the particular period shall not include any portion of the total gross revenue of the partnership; and

• (b) the salaries and wages paid in the particular period by the financial institution shall not include any portion of the salaries and wages paid to employees of the partnership.

Rules for Individuals

Marginal note:No permanent establishment in a participating province

• 7 (1) If, in a particular period, a selected listed financial institution that is an individual does not have a permanent establishment in a particular participating province, the financial institution’s percentage for that province for the particular period is nil.

• Marginal note:Determination of the percentage

  (2) If, in a particular period, a selected listed financial institution that is an individual has a permanent establishment in a participating province, the financial institution’s percentage for the participating province for the particular period is 1/2 of the total of

  • (a) the percentage that the gross revenue of the financial institution for the particular period reasonably attributable to the permanent establishments of the financial institution in the participating province is of the total gross revenue of the financial institution for the particular period, and

  • (b) the percentage that the total of all salaries and wages paid by the financial institution in the particular period to employees of the permanent establishments of the financial institution in the participating province is of the total of all salaries and wages paid by the financial institution in the particular period to employees of the permanent establishments of the financial institution in Canada.

• Marginal note:Special rules for attribution of gross revenue

  (3) For the purpose of applying subsection (2), and the definition “total gross revenue”, in relation to a financial institution that is an individual, gross revenue for a particular period of the financial institution is reasonably attributable to a particular permanent establishment if that gross revenue would be attributable to that permanent establishment under the rules set out in subsection 2603(4) of the Income Tax Regulations if the financial institution were a taxpayer under the Income Tax Act and if the references in that subsection to a year and to gross revenue for the year were read as references to the particular period and to gross revenue for the particular period, respectively.

• Marginal note:Fees

  (4) For the purpose of subsection (2), if a financial institution pays a fee to another person under an agreement pursuant to which that other person or employees of that other person perform services for the financial institution that would normally be performed by employees of the financial institution, the fee so paid is deemed to be salary paid by the financial institution and that part of the fee that may reasonably be regarded as payment in respect of services rendered at a permanent establishment of the financial institution is deemed to be salary paid to an employee of the permanent establishment.

• Marginal note:Commissions

  (5) For the purpose of subsection (4), a fee paid by a financial institution does not include a commission paid to a person who is not an employee of the financial institution.

General Rules for Corporations

Marginal note:No permanent establishment in a participating province

• 8 (1) If, in a particular period, a selected listed financial institution that is a corporation does not have a permanent establishment in a particular participating province, the financial institution’s percentage for the province for the particular period is nil.

• Marginal note:Determination of the percentage

  (2) Subject to this Part, if, in a particular period, a selected listed financial institution that is a corporation has a permanent establishment in a participating province, the financial institution’s percentage for the participating province for the particular period is

  • (a) except where paragraph (b) or (c) applies, 1/2 of the total of

    • (i) the percentage that its gross revenue for the particular period reasonably attributable to its permanent establishments in the participating province is of its total gross revenue for the particular period, and

    • (ii) the percentage that the total of all salaries and wages paid by the financial institution in the particular period to employees of its permanent establishments in the participating province is of the total of all salaries and wages paid by the financial institution in the particular period to employees of its permanent establishments in Canada;

  • (b) if the total gross revenue for the particular period of the financial institution is nil, the percentage that the total of all salaries and wages paid by the financial institution in the particular period to employees of its permanent establishments in the participating province is of the total of all salaries and wages paid by the financial institution in the particular period to employees of its permanent establishments in Canada; and

  • (c) if the total of all salaries and wages paid in the particular period by the financial institution to employees of its permanent establishments in Canada is nil, the percentage that its gross revenue for the particular period reasonably attributable to its permanent establishments in the participating province is of its total gross revenue for the particular period.

• Marginal note:Special rules for attribution of gross revenue

  (3) For the purpose of applying subsection (2) and the definition “total gross revenue” in relation to a financial institution other than an individual, gross revenue for a particular period of the financial institution is reasonably attributable to a particular permanent establishment if that gross revenue would be attributable to that permanent establishment under the rules set out in subsections 402(4) and (4.1) and 413(1) of the Income Tax Regulations if the financial institution were a taxpayer under the Income Tax Act and if the references in those subsections to a taxation year and to gross revenue for the year were read as references to the particular period and to gross revenue for the particular period, respectively.

• Marginal note:Interest on various instruments

  (4) For the purpose of subsection (2), “gross revenue” does not include interest on bonds, debentures or mortgages, dividends on shares of capital stock, or rentals or royalties from property that is not used in connection with the principal business operations of the financial institution.

• Marginal note:Fees

  (5) For the purpose of subsection (2), if a financial institution pays a fee to another person under an agreement pursuant to which that other person or employees of that other person perform services for the financial institution that would normally be performed by employees of the financial institution, the fee so paid is deemed to be salary paid in the particular period by the financial institution and that part of the fee that may reasonably be regarded as payment in respect of services rendered at a particular permanent establishment of the financial institution is deemed to be salary paid to an employee of that permanent establishment.

• Marginal note:Commissions

  (6) For the purpose of subsection (5), a fee paid by a financial institution does not include a commission paid to a person who is not an employee of the financial institution.

Insurance Corporations

Marginal note:Net premiums

• 9 (1) In this section, “net premiums” of a selected listed financial institution for a particular period means the total of the gross premiums received by the financial institution in the particular period (other than consideration received for annuities) minus the total for the particular period of

  • (a) premiums paid by the financial institution for reinsurance,

  • (b) dividends or rebates paid or credited by the financial institution to policy-holders, and

  • (c) rebates or returned premiums paid by the financial institution in respect of the cancellation of policies.

• Marginal note:Determination of the percentage

  (2) If a selected listed financial institution is an insurance corporation, the financial institution’s percentage for a participating province for a particular period in which it has a permanent establishment in the province is, despite subsection 8(2), the percentage that

  • (a) the total of its net premiums for the particular period in respect of insurance on property situated in the province and of its net premiums for the particular period in respect of insurance, other than on property, from contracts with persons resident in the province

  is of

  • (b) the total of its net premiums for the particular period in respect of insurance on property situated in Canada and of its net premiums for the particular period in respect of insurance, other than on property, from contracts with persons resident in Canada that are included in computing its income for the purposes of Part I of the Income Tax Act.

• Marginal note:Attribution of net premiums to a participating province

  (3) For the purpose of subsection (2), if a selected listed financial institution does not have a permanent establishment in a particular period in a particular participating province,

  • (a) each net premium for the particular period in respect of insurance on property situated in the particular province is deemed to be a net premium in respect of insurance on property situated in the province in which the permanent establishment of the financial institution to which the net premium is reasonably attributable is situated; and

  • (b) each net premium for the particular period in respect of insurance, other than on property, from contracts with persons resident in the particular province is deemed to be a net premium in respect of insurance, other than on property, from contracts with persons resident in the province in which the permanent establishment of the financial institution to which the net premium is reasonably attributable is situated.

Banks

Marginal note:Determination of the percentage

• 10 (1) If a selected listed financial institution is a bank, the financial institution’s percentage for a particular period for a participating province in which the financial institution has a permanent establishment is, despite subsection 8(2), 1/3 of the total of

  • (a) the percentage that the total of all salaries and wages paid in the particular period by the financial institution to employees of its permanent establishments in the participating province is of the total of all salaries and wages paid in the particular period by the financial institution to employees of its permanent establishments in Canada, and

  • (b) twice the percentage that the total amount of loans and deposits of its permanent establishments in the participating province for the particular period is of the total amount of all loans and deposits of its permanent establishments in Canada for the particular period.

• Marginal note:Amount of loans

  (2) For the purpose of subsection (1), the amount of loans for a particular period is the amount determined by the formula

  A/B

  where

  A

  is the total of the amounts outstanding, on the loans made by the selected listed financial institution, at the close of business on the last day of each month that ends in the particular period, and

  B

  is the number of months that end in the particular period.

• Marginal note:Amount of deposits

  (3) For the purpose of subsection (1), the amount of deposits for a particular period is the amount determined by the formula

  A/B

  where

  A

  is the total of the amounts on deposit with the selected listed financial institution at the close of business on the last day of each month that ends in the particular period, and

  B

  is the number of months that end in the particular period.

• Marginal note:Exclusion from loans and deposits

  (4) For the purposes of subsections (2) and (3), loans and deposits do not include bonds, stocks, debentures, items in transit or deposits in favour of Her Majesty in right of Canada.

Trust and Loan Corporations

Marginal note:Determination of the percentage

• 11 (1) If a selected listed financial institution is a trust and loan corporation, a trust corporation or a loan corporation, the financial institution’s percentage for a particular period for a participating province in which the financial institution has a permanent establishment is, despite subsection 8(2), the percentage that the gross revenue for the particular period of its permanent establishments in the participating province is of the total gross revenue for the particular period of its permanent establishments in Canada.

• Marginal note:Determination of gross revenue

  (2) In subsection (1), “gross revenue for the particular period of its permanent establishments in the participating province” means, in relation to a financial institution, the total of the gross revenue of the financial institution for the particular period arising from

  • (a) loans secured by lands situated in the participating province;

  • (b) loans, not secured by land, made to persons residing in the participating province;

  • (c) loans, other than loans secured by land situated in a province or country other than Canada in which the financial institution has a permanent establishment,

    • (i) made to persons residing in a province or country other than Canada in which the financial institution does not have a permanent establishment, and

    • (ii) administered by a permanent establishment in the participating province; and

  • (d) business conducted at its permanent establishments in the participating province, other than business that gives rise to revenue in respect of loans.

Specified Partnerships

Marginal note:Determination of the percentage

12 Where a selected listed financial institution is a specified partnership, the financial institution’s percentage for a participating province for a particular period is

• (a) if all the members of the specified partnership are individuals, the percentage that would be determined under section 7 for the participating province for the particular period if the specified partnership were an individual; and

• (b) in any other case, the percentage that would be determined under section 8 for the participating province for the particular period if the specified partnership were a corporation.

Divided Businesses

Marginal note:Agreement with the Minister — weighted average

13 If a particular selected listed financial institution is a corporation other than a financial institution described in any of sections 9 to 11 and one or more parts of its business for a particular period consist of operations normally conducted by any of the types of financial institutions referred to in those sections, the particular financial institution and the Minister may agree that the particular financial institution’s percentage for a participating province for the particular period is the weighted average of the percentages determined

• (a) by applying to each such part of the business whichever of those sections refers to the type of financial institution that normally conducts the operations comprising that part of the business; and

• (b) by applying section 8 to the remainder of the business that does not consist of operations normally conducted by any of the types of financial institutions referred to in those sections.

PART 3Prescribed Amounts of Tax

Marginal note:Amounts not included in the net tax adjustment formula

14 For the purposes of paragraph (a) of the description of A and paragraph (a) of the description of F in subsection 225.2(2) of the Act, the following amounts are prescribed amounts of tax:

• (a) any amount of tax that became payable by an insurer, or that was paid by the insurer without having become payable, in respect of property or services acquired, imported or brought into a participating province exclusively and directly for consumption, use or supply in the course of investigating, settling or defending a claim arising under an insurance policy that is not in the nature of accident and sickness insurance or life insurance; and

• (b) any amount of tax that became payable by a selected listed financial institution, or that was paid by the financial institution without having become payable, in respect of a supply or importation of property referred to in subsection 259.1(2) of the Act.

PART 4Prescribed Amounts

Marginal note:Specific adjustments

15 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/(107 + A)] × B

    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 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

      [7/(107 + A)] × B

      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 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 7%; 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 7%, 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.

Coming into Force

16 These Regulations are deemed to have come into force on April 1, 1997 except that, during the period beginning on that day and ending on February 16, 2001,

• (a) subparagraph (v) of the description of G₁ in paragraph 15(a) of these Regulations shall be read as follows:

  • (v) if a person pays to the financial institution during the particular reporting period a rebate to which section 181.1 of the Act applies and the financial institution is deemed under paragraph 181.1(f) of the Act to have collected tax equal to the amount determined under that paragraph, all amounts each of which is an amount so determined, to the extent that the amount is in respect of tax under subsection 165(2) of the Act,

• (b) subparagraph (v) of the description of G₂ in paragraph 15(a) of these Regulations shall be read as follows:

  • (v) if a person pays to the financial institution during the particular reporting period a rebate to which section 181.1 of the Act applies and the financial institution is deemed under paragraph 181.1(f) of the Act to have collected tax equal to the amount determined under that paragraph, all amounts each of which is an amount so determined, to the extent that the amount is in respect of tax under subsection 165(1) of the Act,

  and

• (c) the description of G₃ in paragraph 15(a) of these Regulations shall be read as follows:

  G₃

  is the total of

  • (i) all input tax credits of the financial institution claimed by it 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) and (v) of the description of G₂ for the particular reporting period, and

  • (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,