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Version of document from 2019-01-01 to 2019-03-03:

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

SOR/2001-171

EXCISE TAX ACT

Registration 2001-05-10

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

P.C. 2001-828 2001-05-10

Her Excellency the Governor General in Council, on the recommendation of the Minister of Finance, pursuant to paragraph 225.2(1)(d)Footnote ^a, paragraph (a)Footnote ^a of the description of A in subsection 225.2(2), the description of CFootnote ^a in that subsection, paragraph (a)Footnote ^a of the description of F in that subsection, the description of GFootnote ^a in that subsection, subsection 228(2.2)Footnote ^b, the description of DFootnote ^c in subparagraph 237(5)(b)(ii), section 277Footnote ^d, the description of DFootnote ^e in subparagraph 363(2)(a)(ii), the description of DFootnote ^e in paragraph 363(2)(b), the description of FFootnote ^e in subparagraph 363(2)(c)(ii) and the description of FFootnote ^e in paragraph 363(2)(d) of the Excise Tax Act, hereby makes the annexed Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.

Return to footnote ^aS.C. 1997, c. 10, s. 208(1)
Return to footnote ^bS.C. 1997, c. 10, s. 210(3)
Return to footnote ^cS.C. 1997, c. 10, s. 216(2)
Return to footnote ^dS.C. 1993, c. 27, s. 125(1)
Return to footnote ^eS.C. 1997, c. 10, s. 241

Interpretation

[

SOR/2013-71, s. 1(F)

]

Marginal note:Definitions

1 (1) The following definitions apply in these Regulations.
Act
Act means the Excise Tax Act. (Loi)
defined benefits pension plan
defined benefits pension plan means the part of a pension plan that is in respect of benefits under the plan that are determined in accordance with a formula set forth in the plan and under which the employer contributions are not determined in accordance with a formula set forth in the plan. (régime de pension à prestations déterminées)
defined contribution pension plan
defined contribution pension plan means the part of a pension plan that is not a defined benefits pension plan. (régime de pension à cotisations déterminées)
distributed investment plan
distributed investment plan means an investment plan that is
- (a) a corporation (other than a pension entity) exempt from tax under the Income Tax Act by reason of paragraph 149(1)(o.2) of that Act;
- (b) an investment corporation;
- (c) a mortgage investment corporation;
- (d) a mutual fund corporation;
- (e) a mutual fund trust;
- (f) a non-resident-owned investment corporation;
- (g) a segregated fund of an insurer;
- (h) a unit trust; or
- (i) an investment limited partnership. (régime de placement par répartition)
employer resource
employer resource has the same meaning as in subsection 172.1(1) of the Act. (ressource d’employeur)
exchange-traded fund
exchange-traded fund means a distributed investment plan, any unit of which is listed or traded on a stock exchange or other public market. (fonds coté en bourse)
exchange-traded series
exchange-traded series of a stratified investment plan means a series of the plan, any unit of which is listed or traded on a stock exchange or other public market. (série cotée en bourse)
individual
individual includes the estate or succession of a deceased individual. (particulier)
investment plan
investment plan means a person referred to in subparagraph 149(1)(a)(vi) or (ix) of the Act other than a trust governed by a registered retirement savings plan, a registered retirement income fund or a registered education savings plan. (régime de placement)
manager
manager of an investment plan means
- (a) in the case of a pension entity of a registered pension plan, the administrator, as defined in subsection 147.1(1) of the Income Tax Act, of the pension plan;
- (a.1) in the case of a pension entity of a pooled registered pension plan, the PRPP administrator of the pension plan; and
- (b) in any other case, the person that has ultimate responsibility for the management and administration of the assets and liabilities of the investment plan. (gestionnaire)
non-stratified investment plan
non-stratified investment plan means a distributed investment plan that is not a stratified investment plan. (régime de placement non stratifié)
permanent establishment
permanent establishment of a person means any permanent establishment that the person is deemed to have under section 3 and
- (a) in the case of a corporation other than an investment plan, any permanent establishment of the corporation as determined under subsection 400(2) of the Income Tax Regulations;
- (b) in the case of an individual or a trust other than an investment plan, any permanent establishment of the individual or trust as determined under subsection 2600(2) of the Income Tax Regulations; and
- (c) in the case of a partnership that is not an investment plan,
  - (i) if all the members of the partnership are individuals or trusts, any permanent establishment that would be a permanent establishment of the partnership under subsection 2600(2) of the Income Tax Regulations if the partnership were an individual, and
  - (ii) if subparagraph (i) does not apply, any permanent establishment that would be a permanent establishment of the partnership under subsection 400(2) of the Income Tax Regulations if the partnership were a corporation. (établissement stable)
- (d) [Repealed, 2018, c. 27, s. 55]
plan member
plan member of an investment plan that is a private investment plan or a pension entity of a pension plan means an individual who has a right, either immediate or in the future and either absolute or contingent, to receive benefits under
- (a) in the case of an employee life and health trust, the investment plan;
- (b) in the case of a pension entity of a pension plan, the pension plan; and
- (c) in any other case, the deferred profit sharing plan, the employee benefit plan, the employee trust, the employees profit sharing plan, the registered supplementary unemployment benefit plan or the retirement compensation arrangement, as the case may be, that governs the investment plan. (participant)
private investment plan
private investment plan means an investment plan other than
- (a) a distributed investment plan; or
- (b) a pension entity. (régime de placement privé)
provincial series
provincial series for a fiscal year of a stratified investment plan means a series of the stratified investment plan that meets the following conditions throughout the fiscal year in respect of a particular province:
- (a) under the laws of Canada or a province, units of the series are permitted to be sold or distributed in the particular province and are not permitted to be sold or distributed in any other province;
- (b) under the terms of the prospectus, registration statement, partnership agreement or other similar document for the series, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the series include the following:
  - (i) that the person be resident in the particular province when the units are acquired, and
  - (ii) that the units are required to be sold, transferred or redeemed within a reasonable time after the person ceases to be resident in the particular province; and
- (c) the stratified investment plan’s percentage for the series, for the particular province and for the taxation year in which the preceding fiscal year ends, or the percentage that would be the stratified investment plan’s percentage for the series, for the particular province and for that taxation year if the particular province were a participating province, is 90% or more. (série provinciale)
series
series means
- (a) in respect of a trust, a class of units of the trust;
- (b) in respect of a corporation,
  - (i) a class of the capital stock of the corporation that has not been issued in one or more series, and
  - (ii) a series of a class of the capital stock of the corporation that has been issued in one or more series; and
- (c) in respect of a partnership, a class of units of the partnership. (série)
specified resource
specified resource means a specified resource within the meaning of subsection 172.1(5) of the Act. (ressource déterminée)
stratified investment plan
stratified investment plan means a distributed investment plan whose units are issued in two or more series. (régime de placement stratifié)
unit
unit means
- (a) in respect of a trust, a unit of the trust;
- (b) in respect of a series of a trust, a unit of the trust of that series;
- (c) in respect of a corporation, a share of the capital stock of the corporation;
- (d) in respect of a series of a corporation, a share of the capital stock of the corporation of that series;
- (d.1) in respect of a partnership, an interest of a person in the partnership;
- (d.2) in respect of a series of a partnership, a unit of the partnership of that series; and
- (e) in respect of a segregated fund of an insurer, an interest of a person, other than the insurer, in the segregated fund. (unité)
Marginal note:Further definitions — Income Tax Act
(2) For the purposes of these Regulations, deferred profit sharing plan, employee benefit plan, employee life and health trust, employee trust, employees profit sharing plan, investment corporation, mortgage investment corporation, mutual fund corporation, mutual fund trust, non-resident-owned investment corporation, registered disability savings plan, registered education savings plan, registered retirement income fund, registered retirement savings plan, registered supplementary unemployment benefit plan, retirement compensation arrangement, TFSA and unit trust have the same meanings as in subsection 248(1) of the Income Tax Act.
Marginal note:Application of definitions to adaptations
(3) For greater certainty, the definitions in this section apply in subsection 225.2(2) of the Act as adapted by these Regulations.

SOR/2013-71, s. 2
2014, c. 39, s. 99
2018, c. 27, s. 55

Marginal note:Qualifying partnership

2 For the purposes of these Regulations, a partnership that is not an investment plan is a qualifying partnership during a taxation year of the partnership if, at any time in the taxation year, the partnership has

(a) a member that has, at any time in the taxation year of the member in which the taxation year of the partnership ends, a permanent establishment in a particular participating province through which a business of the partnership is carried on or that is deemed under section 3 to be a permanent establishment of the member; and
(b) a member (including a member referred to in paragraph (a)) that has, at any time in the taxation year of the member in which the taxation year of the partnership ends, a permanent establishment in a province other than the particular participating province through which a business of the partnership is carried on or that is deemed under section 3 to be a permanent establishment of the member.

SOR/2013-71, s. 2
2018, c. 27, s. 56

Marginal note:Permanent establishment in province

3 For the purposes of these Regulations,

(a) if a financial institution is a bank and if, at any time in a taxation year of the financial institution, the financial institution maintains a deposit or other similar account that is in the name of a person resident in a province or, at any time in that year, a loan that was made by the financial institution is outstanding and is secured by land situated in a province or, if not secured by land, is owing by a person resident in a province, the following rules apply:
- (i) the financial institution is deemed to have a permanent establishment in the province throughout the taxation year, and
- (ii) the following loans made by the financial institution and deposit and other similar accounts maintained by the financial institution are deemed to be loans and deposits of the permanent establishment referred to in subparagraph (i) and not of any other permanent establishment of the financial institution:
  - (A) outstanding loans secured by land situated in the province,
  - (B) outstanding loans, not secured by land, owing by persons resident in the province, and
  - (C) deposit and other similar accounts in the name of a person resident in the province;
(b) if a financial institution is an insurer that, at any time in a taxation year of the financial institution, is insuring a risk in respect of property ordinarily situated in a province or in respect of a person resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year;
(c) if a financial institution is a trust and loan corporation, a trust corporation or a loan corporation and if, at any time in a taxation year of the financial institution, the financial institution conducts business (other than business in respect of loans) in a province or, at any time in that year, a loan that was made by the financial institution is outstanding and is secured by land situated in a province or, if not secured by land, is owing by a person resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year;
(d) if a financial institution is a segregated fund of an insurer, the financial institution is deemed to have a permanent establishment in a particular province throughout a taxation year of the financial institution if, at any time in the taxation year,
- (i) the insurer is qualified, under the laws of Canada or a province, to sell units of the financial institution in the particular province, or
- (ii) a person resident in the particular province holds one or more units of the financial institution;
(e) if a financial institution is a distributed investment plan (other than a segregated fund of an insurer), the financial institution is deemed to have a permanent establishment in a particular province throughout a taxation year of the financial institution if, at any time in the taxation year,
- (i) the financial institution is qualified, under the laws of Canada or a province, to sell or distribute units of the financial institution in the particular province, or
- (ii) a person resident in the particular province holds one or more units of the financial institution; and
(f) if a financial institution is a private investment plan or an investment plan that is a pension entity of a pension plan and, at any time in a taxation year of the financial institution, a plan member of the financial institution is resident in a province, the financial institution is deemed to have a permanent establishment in the province throughout the taxation year.

SOR/2013-71, s. 2

Marginal note:Permanent establishment throughout taxation year

4 For the purposes of these Regulations, a financial institution has a permanent establishment in a province throughout a taxation year of the financial institution if the financial institution has a permanent establishment in the province at any time in the taxation year.

SOR/2013-71, s. 2

Marginal note:Residence of person

5 For the purposes of these Regulations, and despite subsection 132.1(1) of the Act, a person resident in Canada is resident in the province

(a) if the person is an individual, where the person’s principal mailing address in Canada is located;
(b) if the person is a corporation or a partnership, where the person’s principal business in Canada is located;
(c) if the person is a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered education savings plan, a registered disability savings plan or a TFSA, where the principal mailing address in Canada of the annuitant of the registered retirement savings plan or registered retirement income fund, of the subscriber of the registered education savings plan or of the holder of the registered disability savings plan or TFSA is located;
(d) if the person is a trust, other than a trust described in paragraph (c), where the trustee’s principal business in Canada is located or, if the trustee is not carrying on a business, where the trustee’s principal mailing address in Canada is located; and
(e) in any other case, where the person’s principal business in Canada is located or, if the person is not carrying on a business, where the person’s principal mailing address in Canada is located.

SOR/2013-71, s. 2

Marginal note:Definitions — section 225.3 of Act

6 (1) For the purpose of section 225.3 of the Act, exchange-traded fund, exchange-traded series, non-stratified investment plan and stratified investment plan have the same meanings as in subsection 1(1).
Marginal note:Definitions — section 225.4 of Act
(2) For the purpose of section 225.4 of the Act,
- (a) exchange-traded fund, exchange-traded series, individual, investment plan, non-stratified investment plan, plan member, private investment plan, series, stratified investment plan and unit have the same meanings as in subsection 1(1); and
- (b) specified investor has the same meaning as in section 16.

SOR/2013-71, s. 2

PART 1Prescribed Financial Institutions

Meaning of unrecoverable tax amount

7 (1) For the purposes of this section, unrecoverable tax amount for a reporting period of a person means the amount determined by the formula
A – B
where
A
is the total of all amounts, each of which is
- (a) an amount that would be included in the total for A in subsection 225.2(2) of the Act, read without reference to any adaptation made under Part 5, for the reporting period, if the person were a selected listed financial institution throughout the reporting period and no election under subsection 55(1) were in effect throughout the reporting period,
- (b) an amount of tax that the person would be deemed to have paid under subparagraph 172.1(5)(d)(ii) or (6)(d)(ii) or paragraph 172.1(7)(d) of the Act during the reporting period, if the person were a selected listed financial institution throughout the reporting period, or
- (c) an amount that the person would be required by paragraph 232.01(5)(b) or 232.02(4)(b) of the Act to include in its determination of net tax for the reporting period, if the person were a selected listed financial institution throughout the reporting period; and
B
is the total of all amounts, each of which is
- (a) an amount that would be included in the total for B in subsection 225.2(2) of the Act, read without reference to any adaptation made under Part 5, for the reporting period, if the person were a selected listed financial institution throughout the reporting period and no election under subsection 55(1) were in effect throughout the reporting period,
- (b) 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 person during the reporting period, or
- (c) 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 person during the reporting period.
Marginal note:Qualifying small investment plan
(2) For the purposes of this Part, an investment plan (other than a distributed investment plan) is a qualifying small investment plan for a particular fiscal year of the investment plan where
- (a) if, in the absence of section 57, the particular fiscal year is the first fiscal year of the investment plan, the amount determined by the following formula for each reporting period of the investment plan included in the particular fiscal year is equal to or less than $10,000:
  A × (365/B)
  where
  A
  is the unrecoverable tax amount for the reporting period, and
  B
  is the number of days in the reporting period; and
- (b) in any other case, the amount determined by the following formula is equal to or less than $10,000:
  A × (365/B)
  where
  A
  is the total of all amounts, each of which is an unrecoverable tax amount for a reporting period of the investment plan included in the fiscal year of the investment plan (in this paragraph referred to as the “preceding fiscal year”) that precedes the particular fiscal year, and
  B
  is the number of days in the preceding fiscal year.

SOR/2006-162, s. 9(F)
SOR/2013-71, s. 2

Marginal note:Prescribed person — paragraph 149(5)(g) of Act

8 For the purposes of paragraph 149(5)(g) of the Act, an employee life and health trust is a prescribed person.

SOR/2006-162, s. 10
SOR/2013-71, s. 2

Marginal note:Prescribed financial institution — paragraph 225.2(1)(b) of Act

9 Subject to sections 10 to 15 and for the purpose of paragraph 225.2(1)(b) of the Act, a financial institution is a prescribed financial institution throughout a reporting period in a particular fiscal year that ends in a taxation year of the financial institution if the financial institution

(a) has, at any time in the taxation year, a permanent establishment in a participating province and has, at any time in the taxation year, a permanent establishment in any other province; or
(b) is a qualifying partnership during the taxation year.

SOR/2006-162, s. 11(F)
SOR/2013-71, s. 2

Marginal note:Exception — qualifying small investment plans

10 Section 9 does not apply in respect of a reporting period in a particular fiscal year of a financial institution that is a qualifying small investment plan for the particular fiscal year if

(a) the financial institution was a qualifying small investment plan for the fiscal year of the financial institution that precedes the particular fiscal year and was not a selected listed financial institution throughout that preceding fiscal year;
(b) the financial institution was a selected listed financial institution throughout the three fiscal years of the financial institution that precede the particular fiscal year; or
(c) the particular fiscal year is the first fiscal year of the financial institution.

SOR/2013-71, s. 2

Marginal note:Exception — provincial investment plan

11 Section 9 does not apply in respect of a reporting period in a fiscal year that ends in a taxation year of a financial institution that is a non-stratified investment plan and that meets the following conditions throughout the fiscal year in respect of a particular province:

(a) under the laws of Canada or a province, units of the financial institution are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;
(b) under the terms of the prospectus, registration statement, partnership agreement or other similar document for the financial institution, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the financial institution include
- (i) that the person be resident in the particular province when the units are acquired, and
- (ii) that the units are required to be sold, transferred or redeemed within a reasonable time after the person ceases to be resident in the particular province; and
(c) the financial institution’s percentage for the particular province and for the taxation year in which the preceding fiscal year ends, or the percentage that would be the financial institution’s percentage for the particular province and for that taxation year if the particular province were a participating province, is 90% or more.

SOR/2013-71, s. 2
2018, c. 27, s. 57

Marginal note:Exception — investment plan with provincial series

12 Section 9 does not apply in respect of a reporting period in a fiscal year of a financial institution that is a stratified investment plan if each series of the financial institution is a provincial series for the fiscal year.

SOR/2013-71, s. 2

Marginal note:Exception — pension and private investment plans

13 Section 9 does not apply in respect of a reporting period in a fiscal year that ends in a taxation year of a financial institution that is a private investment plan or a pension entity of a pension plan if

(a) throughout the preceding taxation year, less than 10% of the total number of plan members of the financial institution are resident in the participating provinces; and
(b) throughout the preceding fiscal year, the following amount is less than $100,000,000:
- (i) in the case of a pension entity of a pension plan, part of which is a defined contribution pension plan and the remaining part of which is a defined benefits pension plan, the amount determined by the formula
  A + B
  where
  A
  is the total value of the assets of the defined contribution pension plan that are reasonably attributable to the plan members of the financial institution resident in the participating provinces, and
  B
  is the total value of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to the plan members of the financial institution resident in the participating provinces,
- (ii) in the case of a pension entity of a defined benefits pension plan, other than a pension entity described in subparagraph (i), the amount that is the total value of the actuarial liabilities of the pension plan that are reasonably attributable to the plan members of the financial institution resident in the participating provinces, and
- (iii) in any other case, the amount that is the total value of the assets of the private investment plan or pension plan that are reasonably attributable to the plan members of the financial institution resident in the participating provinces.

SOR/2013-71, s. 2

Marginal note:Election — qualifying small investment plan

14 (1) If an investment plan is, or reasonably expects to be, a qualifying small investment plan for a fiscal year of the investment plan, if section 13 does not apply in respect of a reporting period in the fiscal year and if no application by the investment plan under subsection 15(1) in respect of the fiscal year has been approved by the Minister, the investment plan may make an election to be a prescribed financial institution for the purpose of paragraph 225.2(1)(b) of the Act that is effective from the first day of the fiscal year.
Marginal note:Effect of election
(2) For the purpose of paragraph 225.2(1)(b) of the Act, if an election made under subsection (1) by an investment plan is in effect throughout a reporting period of the investment plan, the investment plan is a prescribed financial institution throughout the reporting period.
Marginal note:Form of election
(3) An election made under subsection (1) by an investment plan is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the first fiscal year of the investment plan during which the election is to be in effect; and
- (c) be filed with the Minister in prescribed manner on or before the first day of that first fiscal year or any later day that the Minister may allow.
Marginal note:Cessation
(4) An election made under subsection (1) by a person ceases to have effect on the day that is the earliest of
- (a) the first day of a fiscal year that ends in the first taxation year of the person for which the person does not meet the requirement set out in paragraph 9(a);
- (b) the first day of the fiscal year of the person in which the person ceases to be an investment plan; and
- (c) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(5) An investment plan that has made an election under subsection (1) may revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective, or on the first day of any earlier fiscal year as the Minister may allow on application by the investment plan, by filing in prescribed manner a notice of revocation with the Minister in prescribed form containing prescribed information on or before the day on which the revocation is to become effective or any later day that the Minister may allow.
Marginal note:Effect of early revocation
(6) If the Minister allows an investment plan to revoke an election made under subsection (1) on the first day of a fiscal year that begins less than three years after the election became effective and the investment plan is a qualifying small investment plan for the fiscal year, section 9 does not apply in respect of any reporting period in the fiscal year.

SOR/2013-71, s. 2

Marginal note:Application for small investment plan status

15 (1) An investment plan may apply to the Minister to not have section 9 apply in respect of any reporting period in a particular fiscal year of the investment plan and in respect of any reporting period in the fiscal year of the investment plan following the particular fiscal year.
Marginal note:Authorization
(2) On receipt of an application made by an investment plan under subsection (1) in respect of a particular fiscal year of the investment plan and the fiscal year of the investment plan following the particular fiscal year, the Minister must, within 90 days of that receipt, consider the application and, if it is reasonable, based on the information in the possession of the Minister, to expect that the investment plan will be a qualifying small investment plan for those two fiscal years, approve the application or, in any other case, refuse the application, and must, within that time limit, notify the investment plan in writing of the decision.
Marginal note:Effect of authorization
(3) If the Minister approves an application made by an investment plan under subsection (1) in respect of a particular fiscal year of the investment plan and the fiscal year of the investment plan following the particular fiscal year,
- (a) if the investment plan is a qualifying small investment plan for the particular fiscal year, section 9 does not apply in respect of any reporting period in the particular fiscal year; and
- (b) if the investment plan is a qualifying small investment plan for the following fiscal year, section 9 does not apply in respect of any reporting period in the following fiscal year.
Marginal note:Form and manner of application
(4) An application made by an investment plan under subsection (1) is to be made in prescribed form containing prescribed information and is to be filed with the Minister in prescribed manner on or before the particular day that is 90 days before the first day of the first fiscal year to which the application applies or on or before any day after the particular day that the Minister may allow.

SOR/2006-162, s. 12(F)
SOR/2008-238, s. 1
SOR/2013-71, s. 2

PART 2Percentage for a Participating Province

Interpretation

Marginal note:Definitions

16 (1) The following definitions apply in this Part.
attribution point
attribution point means, in respect of a particular series of a stratified investment plan, or in respect of a particular investment plan other than a stratified investment plan, and for a taxation year in which a fiscal year of the stratified investment plan or the particular investment plan, as the case may be, ends,
- (a) in the case of a particular series,
  - (i) if the particular series is an exchange-traded series, each of September 30 of the calendar year (in this definition referred to as the “particular calendar year”) in which the fiscal year ends and
    (A) one or more of March 31, June 30 and December 31 of the particular calendar year, as determined by the stratified investment plan, or
    (B) March 31 of the particular calendar year, in the absence of such a determination by the stratified investment plan, and
  - (ii) in any other case, September 30 of the particular calendar year; and
- (b) in the case of a particular investment plan,
  - (i) if the particular investment plan is a distributed investment plan other than an exchange-traded fund, September 30 of the particular calendar year,
  - (ii) if the particular investment plan is an exchange-traded fund, each of September 30 of the particular calendar year and
    (A) one or more of March 31, June 30 and December 31 of the particular calendar year, as determined by the particular investment plan, or
    (B) March 31 of the particular calendar year, in the absence of such a determination by the particular investment plan, and
  - (iii) if the particular investment plan is a pension entity of a defined benefits pension plan, the day that is the last day for which calculations of the actuarial liabilities of the plan have been completed and that is in the period that includes the particular calendar year and the three preceding calendar years or, if no such day exists, September 30 of the particular calendar year, and
  - (iv) if the particular investment plan is a pension entity of a defined contribution pension plan or if the particular investment plan is not described in subparagraphs (i) to (iii), the day that is the last day for which the particular investment plan has, or can reasonably be expected to have, all or substantially all of the data required to calculate the particular investment plan’s percentage for each participating province and for the taxation year and that is in the period that includes the particular calendar year and the preceding calendar year or, if no such day exists, September 30 of the particular calendar year. (moment d’attribution)
gross revenue
gross revenue of a selected listed financial institution for a particular period means the amount that would be the gross revenue of the financial institution for the particular 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 the particular period. (revenu brut)
particular period
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 for the determination of the amount for C in that subsection for the purpose of subsection 228(2.2) of the Act) and for the purpose of the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), a taxation year;
- (b) in applying this Part for the determination of 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)
plan merger
plan merger means the merger or combination of two or more trusts, corporations or partnerships, each of which was, immediately before the merger or combination, a distributed investment plan and each of which is referred to in this definition as a “predecessor”, to form one trust, corporation or partnership (referred to in this definition as the “continuing plan”) in such a manner that
- (a) the continuing plan is a predecessor and is, immediately after the merger or combination, a distributed investment plan;
- (b) for each predecessor other than the continuing plan, all or substantially all of the outstanding units of the predecessor are converted, by any means, into units of the continuing plan or are cancelled; and
- (c) the merger or combination is otherwise than as a result of the acquisition of property of a particular trust, corporation or partnership by another trust, corporation or partnership, pursuant to the purchase of that property by the other trust, corporation or partnership or as a result of the distribution of that property to the other trust, corporation or partnership on the winding-up of the particular trust, corporation or partnership. (fusion de régimes)
specified investor
specified investor in a particular distributed investment plan for a fiscal year of the particular investment plan that ends in a calendar year means a person (other than an individual or a distributed investment plan) that holds units of the particular investment plan as of September 30 of the calendar year and that meets the following criteria:
- (a) if the person is an investment plan,
  - (i) the person holds units of the particular investment plan with a total value of less than $10,000,000 as of September 30 of the calendar year,
  - (ii) on or before December 31 of the calendar year, the person has not notified the particular investment plan that the person is a qualifying investor (as defined in subsection 52(1)) in the particular investment plan for the calendar year, and
  - (iii) the particular investment plan neither knows nor ought to know that the person is a qualifying investor (as defined in subsection 52(1)) in the particular investment plan for the calendar year; and
- (b) in any other case, as of September 30 of the calendar year,
  - (i) if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, and
  - (ii) if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000. (investisseur déterminé)
specified transaction
specified transaction means
- (a) in relation to an attribution point in respect of a non-stratified investment plan for a taxation year of the investment plan, the acquisition of units of the investment plan by a person, or by a group of persons, from the investment plan if
  - (i) the acquisition by the person, or each acquisition by a member of the group of persons, occurs less than 31 days before the attribution point,
  - (ii) the units are disposed of, within the meaning of subsection 248(1) of the Income Tax Act, by the person, or by each member of the group of persons, within 30 days after the attribution point,
  - (iii) in the case of the acquisition of the units by a group of persons, each member of the group is related to every other member of the group,
  - (iv) the total value of the units as of the attribution point is greater than the lesser of
    (A) $10,000,000, and
    (B) 10% of the total value of all of the units of the investment plan on the attribution point,
  - (v) the investment plan’s percentage for any participating province and for the taxation year, determined without reference to subsection 32(3), is less than the amount that would be that percentage if that percentage were determined without reference to the units, and
  - (vi) the acquisition by the person, or any acquisition by a member of the group of persons, does not meet one or more of the following conditions:
    (A) the acquisition is undertaken by the person or member and the investment plan in good faith as part of the normal business practice of the investment plan,
    (B) the person or member and the investment plan deal with each other at arm’s length,
    (C) the acquisition is made for consideration equal to or greater than the total value of the units at the time of the acquisition,
    (D) neither the investment plan nor the manager of the investment plan provide any guarantees or indemnities to the person or member with respect to gains or losses in the value of the units during the period beginning on the particular day the acquisition occurred and ending on the day that is 30 days after the particular day, and
    (E) any fees charged by the investment plan to the person or member in respect of the units are similar to fees charged by the investment plan to other persons holding units of the investment plan; and
- (b) in relation to an attribution point in respect of a series of a stratified investment plan for a taxation year of the investment plan, the acquisition of units of the series by a person, or by a group of persons, from the investment plan if
  - (i) the acquisition by the person, or each acquisition by a member of the group of persons, occurs less than 31 days before the attribution point,
  - (ii) the units are disposed of, within the meaning of subsection 248(1) of the Income Tax Act, by the person, or by each member of the group of persons, within 30 days after the attribution point,
  - (iii) in the case of the acquisition of the units by a group of persons, each member of the group is related to every other member of the group,
  - (iv) the total value of the units as of the attribution point is greater than the lesser of
    (A) $10,000,000, and
    (B) 10% of the total value of all of the units of the series on the attribution point,
  - (v) the investment plan’s percentage for the series, for any participating province and for the taxation year, determined without reference to subsection 30(3), is less than the amount that would be that percentage if that percentage were determined without reference to the units, and
  - (vi) the acquisition by the person, or any acquisition by a member of the group of persons, does not meet one or more of the following conditions:
    (A) the acquisition is undertaken by the person or member and the investment plan in good faith as part of the normal business practice of the investment plan,
    (B) the person or member and the investment plan deal with each other at arm’s length,
    (C) the acquisition is made for consideration equal to or greater than the total value of the units at the time of the acquisition,
    (D) neither the investment plan nor the manager of the investment plan provide any guarantees or indemnities to the person or member with respect to gains or losses in the value of the units during the period beginning on the particular day the acquisition occurred and ending on the day that is 30 days after the particular day, and
    (E) any fees charged by the investment plan to the person or member in respect of the units are similar to fees charged by the investment plan to other persons holding units of the series. (opération déterminée)
total gross revenue
total gross revenue of a selected listed financial institution for a particular period means the portion of the gross revenue of the financial institution for the particular period that is reasonably attributable to the permanent establishments of the financial institution in Canada. (revenu brut total)
Marginal note:References to individual
(2) For the purposes of sections 22, 23 and 27, a reference to an individual includes a reference to a trust that is not an investment plan.

SOR/2013-71, s. 2
2018, c. 27, s. 58

Marginal note:Rule of interpretation

17 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.

SOR/2013-71, s. 2

Attribution Point Election

Marginal note:Election — series

18 (1) A stratified investment plan that is a selected listed financial institution may make an election in respect of a series of the investment plan to have attribution points for the purposes of this Part for the series that are quarterly, monthly, weekly or daily, and that election is to be effective from the first day of a fiscal year of the investment plan.
Marginal note:Election — investment plan
(2) An investment plan (other than a stratified investment plan) that is a selected listed financial institution may make an election in respect of the investment plan to have attribution points for the purposes of this Part for the investment plan that are quarterly, monthly, weekly or daily, and that election is to be effective from the first day of a fiscal year of the investment plan.
Marginal note:Effect of election
(3) For the purposes of this Part, and despite the definition attribution point in subsection 16(1), if an election made under subsection (1) in respect of a series of an investment plan, or an election under subsection (2) in respect of an investment plan, is in effect throughout a fiscal year of the investment plan,attribution point in respect of the series or in respect of the investment plan, as the case may be, and for the taxation year in which the fiscal year ends means
- (a) if the election specifies that attribution points are to be quarterly, the last business day in each of March, June and September of the particular calendar year in which the fiscal year ends and December of the preceding calendar year, or any four days of the particular calendar year, each of which is in a different fiscal quarter in the fiscal year, that the Minister may allow on application by the investment plan;
- (b) if the election specifies that attribution points are to be monthly, each of the last business day of each month, or any other day of each month that the Minister may allow on application by the investment plan, in the 12-month period ending on September 30 of the calendar year in which the fiscal year ends;
- (c) if the election specifies that the attribution points are to be weekly, each of the last business day of each week, or any other day of each week that the Minister may allow on application by the investment plan, in the 12-month period ending on September 30 of the calendar year in which the fiscal year ends; and
- (d) if the election specifies that the attribution points are to be daily, each business day in the 12-month period ending on September 30 of the calendar year in which the fiscal year ends.
Marginal note:Restriction
(4) An election made under subsection (1) in respect of a series of an investment plan is not to become effective if, on the day on which the election is to come into effect, an election under subsection 49(1) or section 64 in respect of the series is in effect.
Marginal note:Restriction
(5) An election made under subsection (2) in respect of an investment plan is not to become effective if, on the day on which the election is to come into effect, an election under subsection 49(2) or section 61 in respect of the investment plan is in effect.
Marginal note:Form of election
(6) An election made under subsection (1) or (2) by an investment plan is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the first fiscal year of the investment plan during which the election is to be in effect; and
- (c) specify whether the attribution points in respect of the series or investment plan are to be quarterly, monthly, weekly or daily.
Marginal note:Cessation
(7) An election made under subsection (1) or (2) by a person that is an investment plan ceases to have effect on the earlier of
- (a) the first day of the fiscal year of the person in which the person ceases to be an investment plan or a selected listed financial institution, and
- (b) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(8) An investment plan that has made an election under subsection (1) or (2) may, in prescribed form containing prescribed information, revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective.
Marginal note:Restriction
(9) If a particular election made under subsection (1) or (2) ceases to have effect on a particular day, any subsequent election under subsection (1) or (2) is not a valid election unless the first day of the fiscal year set out in the subsequent election is at least three years after the particular day.

SOR/2013-71, s. 2

Determination of the Attribution Percentage

Marginal note:Basic rules

19 (1) For the purposes of these Regulations, the description of C in subsection 225.2(2) of the Act and the description of D in subparagraph 237(5)(b)(ii) of the Act, a financial institution’s percentage for any participating province and for a particular period is determined in accordance with this Part.
Marginal note:Basic rules — real-time
(2) For the purposes of these Regulations and the description of A₃ in subsection 225.2(2) of the Act, as adapted by subsection 48(1) or (2), a financial institution’s percentage for any participating province as of a particular day, or a financial institution’s percentage for any series and for any participating province as of a particular day, as the case may require, is determined in accordance with this Part.
Marginal note:Basic rules — series
(3) For the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), a financial institution’s percentage for any series, for any participating province and for a particular period is determined in accordance with this Part.

SOR/2013-71, s. 2

Marginal note:Member of partnership

20 For the purposes of this Part, if a selected listed financial institution is a member of a partnership during a particular period, the following rules apply:

(a) the financial institution’s gross revenue for the particular period is not to 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 is not to include any portion of the salaries and wages paid to employees of the partnership.

SOR/2013-71, s. 2

Marginal note:Central paymaster

21 (1) For the purposes of this Part, if an individual is employed by a person (referred to in this section as the “employer”) and performs a service in a particular province for the benefit of or on behalf of a person (referred to in this section as the “labour recipient”) that is not the employer, an amount that may reasonably be regarded as equal to the amount of salary or wages (referred to in this section as the “particular salary”) earned by the individual for the service is deemed to be salary paid by the labour recipient to an employee of the labour recipient in the particular period of the labour recipient in which the particular salary is paid if
- (a) at the time the service is performed,
  - (i) the labour recipient and the employer do not deal at arm’s length, and
  - (ii) the labour recipient has a permanent establishment in the particular province;
- (b) the service
  - (i) is performed by the individual in the ordinary course of the individual’s employment by the employer,
  - (ii) is performed for the benefit of or on behalf of the labour recipient in the ordinary course of a business carried on by the labour recipient, and
  - (iii) is of a type that could reasonably be expected to be performed by employees of the labour recipient in the ordinary course of the business referred to in subparagraph (ii); and
- (c) the amount is not otherwise included in the aggregate, determined for the purposes of this Part, of the salaries and wages paid by the labour recipient.
Marginal note:Deemed payments — permanent establishment
(2) For the purposes of this Part, an amount deemed under subsection (1) to be salary paid by a labour recipient to an employee of the labour recipient for a service performed in a particular province is deemed to have been paid,
- (a) if the service was performed at one or more permanent establishments of the labour recipient in the particular province, to an employee of the permanent establishment or establishments; or
- (b) in any other case, to an employee of any other permanent establishment (as is reasonably determined in the circumstances) of the labour recipient in the particular province.
Marginal note:Particular salaries paid not included
(3) For the determination under this Part of the amount of salaries and wages paid in a particular period by an employer, the total of all amounts each of which is a particular salary paid by the employer in the particular period is to be deducted.
Marginal note:Arm’s length transactions
(4) Despite subparagraph (1)(a)(i), this section applies to a labour recipient and an employer that deal at arm’s length if the Minister determines that the labour recipient and the employer have entered into an arrangement the purpose of which is to reduce, through the provision of services as described in subsection (1), the net tax for a reporting period of the employer, the net tax for a reporting period of the labour recipient or an amount required to be paid to the Receiver General under section 237 of the Act.

SOR/2013-71, s. 2

General Rules for Individuals

Marginal note:No permanent establishment in participating province

22 (1) Subject to this Part, if, in a particular period, a selected listed financial institution that is an individual does not have a permanent establishment in a participating province, the financial institution’s percentage for that province and for the particular period is nil.
Marginal note:Determination of percentage
(2) Subject to this Part, 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 that province and for the particular period is 1/2 of the total of
- (a) the percentage that its gross revenue for the particular period that is reasonably attributable to its permanent establishments in that province is of its total gross revenue 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 its permanent establishments in that 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.
Marginal note:Special rules for attribution of gross revenue
(3) For the purposes of applying subsection (2) and the definition total gross revenue in subsection 16(1) 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 the 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 under which that other person or employees of that other person perform services for the financial institution that would normally be performed by the financial institution’s employees, the fee is deemed to be salary paid by the financial institution and the 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 that is not an employee of the financial institution.

SOR/2013-71, s. 2

General Rules for Corporations

Marginal note:No permanent establishment in participating province

23 (1) Subject to this Part, if, in a particular period, a selected listed financial institution that is a corporation does not have a permanent establishment in a participating province, the financial institution’s percentage for that province and for the particular period is nil.
Marginal note:Determination of 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 that province and 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 that 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 that 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 its total gross revenue for the particular period 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 that province is of its total gross revenue for the particular period.
Marginal note:Special rules for attribution of gross revenue
(3) For the purposes of applying subsection (2) and the definition total gross revenue in subsection 16(1) in relation to a financial institution that is not 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 a year were read as references to the particular period.
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 under which that other person or employees of that other person perform services for the financial institution that would normally be performed by the financial institution’s employees, the fee is deemed to be salary paid by the financial institution and the 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 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 that is not an employee of the financial institution.

SOR/2013-71, s. 2

Insurers

Definition of net premiums

24 (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 percentage
(2) If a selected listed financial institution is an insurer, the financial institution’s percentage for a participating province and for a particular period in which it has a permanent establishment in that province is the amount, expressed as a percentage, determined by the formula
A/B
where
A
is the total of its net premiums for the particular period in respect of the insurance of risk in respect of property situated in the province and of its net premiums for the particular period in respect of the insurance of risk in respect of persons resident in that province, that are included in computing its income for the purposes of Part I of the Income Tax Act or that would be included in computing its income for the purposes of Part I of that Act if the financial institution were an insurance corporation; and
B
is the total of its net premiums for the particular period in respect of the insurance of risk in respect of property situated in Canada and of its net premiums for the particular period in respect of the insurance of risk in respect of persons resident in Canada, that are included in computing its income for the purposes of Part I of the Income Tax Act or that would be included in computing its income for the purposes of Part I of that Act if the financial institution were an insurance corporation.
Marginal note:Exclusions from net premiums
(3) For the purposes of subsections (1) and (2), no amounts that relate to an insurance policy issued by a selected listed financial institution are to be included in the determination of the net premiums of the financial institution to the extent that
- (a) if the policy is a life or accident and sickness insurance policy (other than a group policy), the policy is issued in respect of an individual who at the time the policy becomes effective, is a non-resident individual;
- (b) if the policy is a group life or accident and sickness insurance policy, the policy relates to non-resident individuals who are insured under the policy;
- (c) if the policy is a policy in respect of real property, the policy relates to real property situated outside Canada; and
- (d) if the policy is a policy of any other kind, the policy relates to risks that are ordinarily situated outside Canada.

SOR/2013-71, s. 2

Banks

Marginal note:Determination of percentage

25 (1) If a selected listed financial institution is a bank, the financial institution’s percentage for a particular period and for a participating province in which the financial institution has a permanent establishment is 1/5 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 that 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) four times the percentage that the total amount of loans and deposits of its permanent establishments in that 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 calendar quarter that ends in the particular period; and
B
is the number of calendar quarters 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 calendar quarter that ends in the particular period; and
B
is the number of calendar quarters 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
- (a) bonds, stocks, debentures, items in transit and deposits in favour of Her Majesty in right of Canada; and
- (b) any loan made to a non-resident person and any deposit held by a non-resident person, unless the loan or deposit is a debt or financial instrument included in any of paragraphs 1(a) to (e) of Part IX of Schedule VI to the Act.
Marginal note:Exclusion from salaries and wages
(5) For the purposes of subsection (1), salaries and wages paid by a financial institution do not include salary or wages paid to an employee of the financial institution to the extent that the salary or wages are reasonably attributable to the rendering by the employee of services, the supply of which are zero-rated supplies.

SOR/2013-71, s. 2

Trust and Loan Corporations

Marginal note:Determination of percentage

26 (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 and for a participating province in which the financial institution has a permanent establishment is 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 land 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 country other than Canada in which the financial institution has a permanent establishment,
  - (i) made to persons residing in a 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.

SOR/2013-71, s. 2

Qualifying Partnerships

Marginal note:Determination of percentage

27 If a selected listed financial institution, other than an insurer, is a qualifying partnership, the financial institution’s percentage for a participating province for a particular period is

(a) if all the members of the qualifying partnership are individuals, the percentage that would be determined under section 22 for the participating province for the particular period if the qualifying partnership were an individual; and
(b) in any other case, the percentage that would be determined under section 23 for the participating province for the particular period if the qualifying partnership were a corporation.

SOR/2013-71, s. 2

Investment Plans

General Rules

Marginal note:Investor percentage

28 For the purposes of determining an investment plan’s percentage for a particular series and for a participating province under section 29 or 30 or determining a particular investment plan’s percentage for a participating province under section 31 or 32 (in this section, the particular series or particular investment plan, as the case may be, is referred to as the “investee”), the investor percentage for a participating province of a particular person that holds units of the investee is, as of a particular day,

(a) if the particular person is a selected listed financial institution and a non-stratified investment plan, the percentage that would be the particular person’s percentage for the participating province as of the particular day if an election under section 49 in respect of the particular person were in effect throughout the fiscal year of the particular person that includes the particular day;
(b) if the particular person is a selected listed financial institution and a stratified investment plan, the percentage that is the total of all amounts, each of which is determined for a particular series of the particular person by the formula
A × (B/C)
where
A
is the percentage that would be the particular person’s percentage for the particular series and the participating province as of the particular day if an election under section 49 in respect of the particular series were in effect throughout the fiscal year of the particular person that includes the particular day,
B
is the total value on the particular day of the units of the investee held by the particular person that are reasonably attributable to the particular series of the particular person, and
C
is the total value on the particular day of all of the units of the investee held by the particular person;
(c) if the particular person is a selected listed financial institution not described in paragraph (a) or (b), the particular person’s percentage for the participating province and for the taxation year of the particular person in which the fiscal year that includes the following reporting period of the particular person ends:
- (i) if the person was previously required to file a return under Division V of Part IX of the Act, the reporting period for which the last such return was required to be filed by the particular person on or before the particular day, and
- (ii) in any other case, the reporting period for which a return would have been required to be filed under Division V of Part IX of the Act by the particular person, that would be the last such return that was required to be so filed by the particular person on or before the particular day, if the particular person were a registrant at all times;
(d) if the particular person is a qualifying small investment plan for the purposes of Part 1 and is not a selected listed financial institution, the amount that would, if the particular person were a selected listed financial institution, be the particular person’s percentage for the participating province and for the taxation year of the particular person in which the fiscal year that includes the following reporting period of the particular person ends:
- (i) if the person was previously required to file a return under Division V of Part IX of the Act, the reporting period for which the last such return was required to be filed by the particular person on or before the particular day, and
- (ii) in any other case, the reporting period for which a return would have been required to be filed under Division V of Part IX of the Act by the particular person, that would be the last such return that was required to be so filed by the particular person on or before the particular day, if the particular person were a registrant at all times; and
(e) in any other case, the percentage determined by the formula
A/B
where
A
is the amount that would be the particular person’s taxable income earned in the participating province, as determined for the purposes of the Income Tax Act under the rules prescribed in Parts IV and XXVI of the Income Tax Regulations, in the particular taxation year of the particular person — being the last taxation year of the particular person for which a return is required to be filed under that Act on or before the particular day or, if the particular person was never required to file a return under that Act on or before the particular day, the last taxation year of the person ending on or before the particular day — if
- (i) the particular person were a taxpayer under that Act,
- (ii) every reference in that Act and those Regulations to a permanent establishment of the particular person were read as a reference to a permanent establishment of the particular person as determined in accordance with subsection 132.1(2) of the Act,
- (iii) in the case of a partnership or a body (other than a corporation or a trust) that is a society, union, club, association, commission or other organization of any kind,
  (A) the particular person were a corporation, and
  (B) anything done by another person that is a member of the particular person had been done by the particular person in the course of the particular person’s activities, and
- (iv) in the case of a trust, or an estate or succession of a deceased individual,
  (A) the particular person were an individual,
  (B) the province of residency of the particular person were determined in accordance with whichever of paragraphs 5(c) to (e) is applicable, and
  (C) anything done by another person in the person’s capacity as trustee, executor, administrator, liquidator of a succession, heir or other legal representative having ownership or control of the property of the trust, estate or succession had been done by the particular person, and
B
is the amount that would be the particular person’s total taxable income for the purposes of the Income Tax Act for the particular taxation year if
- (i) the particular person were a taxpayer under that Act,
- (ii) in the case of a partnership or a body (other than a corporation or a trust) that is a society, union, club, association, commission or other organization of any kind,
  (A) the particular person were a corporation, and
  (B) anything done by another person that is a member of the particular person had been done by the particular person in the course of the particular person’s activities, and
- (iii) in the case of a trust, or an estate or succession of a deceased individual,
  (A) the particular person were an individual, and
  (B) anything done by another person in the person’s capacity as trustee, executor, administrator, liquidator of a succession, heir or other legal representative having ownership or control of the property of the trust, estate or succession had been done by the particular person.

SOR/2013-71, s. 2

Stratified Investment Plans

Marginal note:Percentage — real time

29 (1) If a selected listed financial institution is a stratified investment plan and an election under section 49 is in effect in respect of a series of the financial institution throughout a particular fiscal year of the financial institution, the financial institution’s percentage for the series and for a participating province as of a particular day in the particular fiscal year is
- (a) in the case of any one participating province (in this subsection and subsection (2) referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year, the percentage determined by the formula
  [(A + B)/C] + [D × ((A + B)/E)] + [(1 – D) – (E/C)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that is an individual or a specified investor in the financial institution for the particular fiscal year and that the financial institution knows is resident in the selected province on that day,
  B
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day multiplied by the person’s investor percentage for the selected province as of that day,
  C
  is the total value, on the particular day, of the units of the series other than units held on that day by an individual, or a specified investor in the financial institution for the particular fiscal year, that the financial institution knows is not resident in Canada on that day,
  D
  is the lesser of 0.1 and the amount determined by the formula
  D₁/D₂
  where
  D₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person in respect of which the financial institution
  (i) does not know any part of the information in respect of those units that is described in whichever of subsections 52(4), (6) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year that precedes the calendar year in which the particular fiscal year ends, the missing information under the applicable subsection referred to in subparagraph (i), and
  D₂
  is the amount determined for C, and
  E
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person
  (i) that is an individual, or a specified investor in the financial institution for the particular fiscal year, resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the taxation year in which the particular fiscal year ends, the percentage determined by the formula
  [(A + B)/C] + [D × ((A + B)/E)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that is an individual or a specified investor in the financial institution for the particular fiscal year and that the financial institution knows is resident in the participating province on that day,
  B
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day multiplied by the person’s investor percentage for the participating province as of that day,
  C
  is the total value, on the particular day, of the units of the series other than units held on that day by an individual, or a specified investor in the financial institution for the particular fiscal year, that the financial institution knows is not resident in Canada on that day,
  D
  is the lesser of 0.1 and the amount determined by the formula
  D₁/D₂
  where
  D₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person in respect of which the financial institution
  (i) does not know any part of the information in respect of those units that is described in whichever of subsections 52(4), (6) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year that precedes the calendar year in which the particular fiscal year ends, the missing information under the applicable subsection referred to in subparagraph (i), and
  D₂
  is the amount determined for C, and
  E
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person
  (i) that is an individual, or a specified investor in the financial institution for the particular fiscal year, resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for a series of a stratified investment plan and any particular day in a fiscal year of the investment plan, the total of all amounts — each of which is the total value of the particular units of the series held on that day either by a person that is an individual or a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows whether or not the person is resident in Canada on that day and knows, in the case of individuals and specified investors resident in Canada, the province in which the person is resident on that day or by a person that is neither an individual nor a specified investor in the investment plan and in respect of which the investment plan knows the person’s investor percentage for each participating province as of that day — is less than 50% of the total value of the units of the series on that day, the following rules apply:
- (a) the units of the series, other than the particular units, are deemed to be held on that day by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on that day in Canada and in the selected province referred to in subsection (1) for the series and for that day; and
- (c) the investment plan is deemed to know that the particular individual is, on that day, resident in Canada and in the selected province.
Marginal note:Percentage — exception
(3) Despite subsection (1), if a selected listed financial institution is a stratified investment plan, an election under section 49 is in effect in respect of a series of the financial institution throughout a particular fiscal year of the financial institution and, on a particular day in the particular fiscal year, more than 10% of the total value of the units of the series is held by persons other than individuals and specified investors in the investment plan for the particular fiscal year,
- (a) if the first day in the particular fiscal year on which more than 10% of the total value of the units of the series is held by persons other than individuals and specified investors in the investment plan for the particular fiscal year is on or before the first day in the particular fiscal year as of which the financial institution’s percentage for the series and for a participating province is required to be determined under subsection 225.2(2) of the Act, the financial institution’s percentage for the series and for a participating province as of every day in the particular fiscal year is
  - (i) if no election under section 49 or 64 is in effect in respect of the series throughout the fiscal year (referred to in this paragraph as the “preceding fiscal year”) of the investment plan preceding the particular fiscal year, the financial institution’s percentage for the series and for the participating province for the preceding fiscal year, and
  - (ii) in any other case, the total of all amounts, each of which is the financial institution’s percentage for the series and for the participating province as of a day in the preceding fiscal year for which that percentage is required to be determined under subsection 225.2(2) of the Act, divided by the number of those days in the preceding fiscal year; and
- (b) in any other case, the financial institution’s percentage for the series and for a participating province as of the particular day and every following day in the particular fiscal year is the amount determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is the financial institution’s percentage for the series and for the participating province as of a day (each of which is referred to in this paragraph as an “attribution day”) in the particular fiscal year
  (i) that precedes the first day in the particular fiscal year on which more than 10% of the value of the units of the series is held by persons other than individuals and specified investors in the investment plan for the particular fiscal year, and
  (ii) for which that percentage is required to be determined under subsection 225.2(2) of the Act, and
  B
  is the number of attribution days in the particular fiscal year.
Marginal note:New series — elected method
(4) If a selected listed financial institution is a stratified investment plan and an election under section 64 is in effect in respect of a series of the financial institution throughout a particular fiscal year of the financial institution, the following rules apply for the purposes of determining the financial institution’s percentage for the series and for a participating province as of a particular day in the particular fiscal year:
- (a) if the election indicates that the financial institution’s percentages for the series are to be determined by using investor percentages, subsections (1) and (2) apply for the purpose of determining the financial institution’s percentage for the series and for a participating province as of a day in the particular fiscal year, except that the description of D₁ in paragraph (1)(a) and the description of D₁ in paragraph (1)(b) are each to be read without reference to subparagraph (ii); and
- (b) in any other case,
  - (i) the financial institution’s percentage as of a particular day in the particular fiscal year for the series and for any one participating province (in this paragraph referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year is the percentage determined by the formula
    (A/B) + (C × A/D) + [(1 – C) – (D/B)]
    where
    A
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that the financial institution knows is resident in the selected province on that day,
    B
    is the total value, on the particular day, of the units of the series other than units held on that day by a person that the financial institution knows is not resident in Canada on that day,
    C
    is the lesser of 0.1 and the amount determined by the formula
    C₁/C₂
    where
    C₁
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person in respect of which the financial institution does not know whether or not the person is resident in Canada on that day or, in the case of persons resident in Canada, the province in which the person is resident on that day, and
    C₂
    is the amount determined for B, and
    D
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day,
  - (ii) the financial institution’s percentage as of a particular day in the particular fiscal year for the series and for a participating province (other than the selected province) in which the financial institution has a permanent establishment in the taxation year in which the particular fiscal year ends is the percentage determined by the formula
    (A/B) + (C × A/D)
    where
    A
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person that the financial institution knows is resident in the participating province on that day,
    B
    is the total value, on the particular day, of the units of the series other than units held on that day by a person that the financial institution knows is not resident in Canada on that day,
    C
    is the lesser of 0.1 and the amount determined by the formula
    C₁/C₂
    where
    C₁
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person in respect of which the financial institution does not know whether or not the person is resident in Canada on that day or, in the case of persons resident in Canada, the province in which the person is resident on that day, and
    C₂
    is the amount determined for B, and
    D
    is the total of all amounts, each of which is the total value of the units of the series held, on the particular day, by a person resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, and
  - (iii) for the purposes of subparagraphs (i) and (ii), if, for any particular day in the particular fiscal year, the total of all amounts — each of which is the total value of the particular units of the series held on that day by a person in respect of which the financial institution knows whether or not the person is resident in Canada on that day and knows, in the case of persons resident in Canada, the province in which the person is resident on that day — is less than 50% of the total value of the units of the series on that day,
    - (A) the units of the series, other than the particular units, are deemed to be held on that day by a particular person,
    - (B) the particular person is deemed to be resident on that day in Canada and in the selected province referred to in subparagraph (i) for the series and for that day, and
    - (C) the financial institution is deemed to know that the particular person is, on that day, resident in Canada and in the selected province.

SOR/2013-71, s. 2

Marginal note:Percentage — particular period

30 (1) If a selected listed financial institution is a stratified investment plan, no election under section 49 or 64 is in effect in respect of a series of the financial institution throughout a fiscal year of the financial institution that ends in a particular period and in a calendar year and the series is not an exchange-traded series, the financial institution’s percentage for the series, for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the series for the particular period by the formula
  [(A₁ + A₂)/A₃] + [A₄ × ((A₁ + A₂)/A₅)] + [(1 – A₄) – (A₅/A₃)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that is an individual or a specified investor in the financial institution for the fiscal year and that the financial institution knows, on December 31 of the calendar year, is resident in the selected province on the attribution point,
  A₂
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point multiplied by the person’s investor percentage for the selected province as of the attribution point,
  A₃
  is the total value, on the attribution point, of the units of the series other than units held, on the attribution point, by an individual, or a specified investor in the financial institution for the fiscal year, that the financial institution knows, on December 31 of the calendar year, is not resident in Canada on the attribution point,
  A₄
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person in respect of which the financial institution
  (i) does not know, on December 31 of the calendar year, any part of the information in respect of those units that is described in whichever of subsections 52(4), (6) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year, the missing information under the applicable subsection referred to in subparagraph (i), and
  D
  is the amount determined for A₃, and
  A₅
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person
  (i) that is an individual, or a specified investor in the financial institution for the fiscal year, resident in Canada on the attribution point and in respect of which the financial institution knows the province in which the person is resident on the attribution point, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point, and
  B
  is the number of attribution points in respect of the series for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the series for the particular period by the formula
  [(A₁ + A₂)/A₃] + [A₄ × ((A₁ + A₂)/A₅)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that is an individual or a specified investor in the financial institution for the fiscal year and that the financial institution knows, on December 31 of the calendar year, is resident in the participating province on the attribution point,
  A₂
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point multiplied by the person’s investor percentage for the participating province as of the attribution point,
  A₃
  is the total value, on the attribution point, of the units of the series other than units held, on the attribution point, by an individual, or a specified investor in the financial institution for the fiscal year, that the financial institution knows, on December 31 of the calendar year, is not resident in Canada on the attribution point,
  A₄
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person in respect of which the financial institution
  (i) does not know, on December 31 of the calendar year, any part of the information in respect of those units that is described in whichever of subsections 52(4), (6) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year, the missing information under the applicable subsection referred to in subparagraph (i), and
  D
  is the amount determined for A₃, and
  A₅
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person
  (i) that is an individual, or a specified investor in the financial institution for the fiscal year, resident in Canada on the attribution point and in respect of which the financial institution knows the province in which the person is resident on the attribution point, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point, and
  B
  is the number of attribution points in respect of the series for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of a series of an investment plan for a particular period in which a fiscal year of the investment plan ends, the total of all amounts — each of which is the total value of the particular units of the series held on the attribution point either by a person that is an individual or a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the person is resident in Canada on the attribution point and, in the case of individuals and specified investors resident in Canada, the province in which the person is resident on the attribution point or by a person that is neither an individual nor a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point — is less than 50% of the total value of the units of the series on the attribution point, the following rules apply:
- (a) the units of the series, other than the particular units, are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the series and for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year that the particular individual is, on the attribution point, resident in Canada and in the selected province.
Marginal note:Specified transactions
(3) For the purposes of subsection (1), if no election under section 18 is in effect in respect of a series of an investment plan throughout a fiscal year of the investment plan and a specified transaction occurs that is in relation to an attribution point in respect of the series for a particular period in which the fiscal year ends, the following rules apply:
- (a) the units of the series acquired in the specified transaction are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the series and for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year in which the fiscal year ends that the particular individual is, on the attribution point, resident in Canada and in the selected province.
Marginal note:Plan mergers
(4) Despite subsection (1), if a plan merger between two or more investment plans (each of which is referred to in this subsection as a “predecessor”) occurs on a particular day to form a particular stratified investment plan that is a selected listed financial institution, a particular series of the particular investment plan is neither an exchange-traded series nor a provincial series and no election under section 49 or 64 is in effect in respect of the particular series throughout the fiscal year of the particular investment plan (in this subsection referred to as the “transitional fiscal year”) that includes the particular day, the following rules apply:
- (a) if no election under section 50 is in effect throughout the transitional fiscal year, the particular investment plan’s percentage for the particular series, for a participating province and for the particular period (in this subsection referred to as the “preceding period”) that precedes the particular period in which the transitional fiscal year ends is equal to the particular amount that is the total of all amounts, each of which is determined for a particular predecessor by the formula
  A × B/C
  where
  A
  is
  (i) if the particular predecessor is a stratified investment plan, the total of all amounts, each of which is determined by the following formula for a series of the particular predecessor (in this subparagraph referred to as a “predecessor series”), units of which were converted, by any means, into units of the particular series:
  A₁ × A₂/A₃
  where
  A₁
  is
  (A) if an election under section 49 or 64 is in effect in respect of the predecessor series immediately before the plan merger, the particular predecessor’s percentage for the predecessor series and for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (B) in any other case, the particular predecessor’s percentage for the predecessor series, for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  A₂
  is the total value immediately before the plan merger of the units of the predecessor series that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  A₃
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a series of the particular predecessor (including the predecessor series) that were converted, by any means, into units of the particular series by virtue of the plan merger,
  (ii) if the particular predecessor is a non-stratified investment plan in respect of which an election under section 49 or 61 is in effect immediately before the plan merger, the particular predecessor’s percentage for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (iii) in any other case, the particular predecessor’s percentage for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  B
  is the total value immediately before the plan merger of the units of the particular predecessor that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  C
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a predecessor (including the particular predecessor) that were converted, by any means, into units of the particular series by virtue of the plan merger; and
- (b) if the plan merger occurs on or after September 30 of the calendar year in which the transitional fiscal year begins, the particular investment plan’s percentage for the particular series, for a participating province and for the particular period in which the transitional fiscal year ends is equal to the particular amount referred to in paragraph (a).

SOR/2013-71, s. 2

Non-stratified Investment Plans

Marginal note:Percentage — real time

31 (1) If a selected listed financial institution is a non-stratified investment plan in respect of which an election under section 49 is in effect throughout a particular fiscal year of the financial institution, the financial institution’s percentage for a participating province as of a particular day in the particular fiscal year is
- (a) in the case of any one participating province (in this subsection and subsection (2) referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year, the percentage determined by the formula
  [(A + B)/C] + [D × ((A + B)/E)] + [(1 – D) – (E/C)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that is an individual or a specified investor in the financial institution for the particular fiscal year and that the financial institution knows is resident in the selected province on that day,
  B
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day multiplied by the person’s investor percentage for the selected province as of that day,
  C
  is the total value, on the particular day, of the units of the financial institution other than units held on that day by an individual, or a specified investor in the financial institution for the particular fiscal year, that the financial institution knows is not resident in Canada on that day,
  D
  is the lesser of 0.1 and the amount determined by the formula
  D₁/D₂
  where
  D₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person in respect of which the financial institution
  (i) does not know any part of the information in respect of those units that is described in whichever of subsections 52(3), (5) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year that precedes the calendar year in which the particular fiscal year ends, the missing information under the applicable subsection referred to in subparagraph (i), and
  D₂
  is the amount determined for C, and
  E
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person
  (i) that is an individual, or a specified investor in the financial institution for the particular fiscal year, resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the taxation year in which the particular fiscal year ends, the percentage determined by the formula
  [(A + B)/C] + [D × ((A + B)/E)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that is an individual or a specified investor in the financial institution for the particular fiscal year and that the financial institution knows is resident in the participating province on that day,
  B
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day multiplied by the person’s investor percentage for the participating province as of that day,
  C
  is the total value, on the particular day, of the units of the financial institution other than units held on that day by an individual, or a specified investor in the financial institution for the particular fiscal year, that the financial institution knows is not resident in Canada on that day,
  D
  is the lesser of 0.1 and the amount determined by the formula
  D₁/D₂
  where
  D₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person in respect of which the financial institution
  (i) does not know any part of the information in respect of those units that is described in whichever of subsections 52(3), (5) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year that precedes the calendar year in which the particular fiscal year ends, the missing information under the applicable subsection referred to in subparagraph (i), and
  D₂
  is the amount determined for C, and
  E
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person
  (i) that is an individual, or a specified investor in the financial institution for the particular fiscal year, resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the particular fiscal year and in respect of which the financial institution knows the person’s investor percentage for each participating province as of that day; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for any particular day in a fiscal year of an investment plan, the total of all amounts — each of which is the total value of the particular units of the investment plan held on that day either by a person that is an individual or a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows whether or not the person is resident in Canada on that day and knows, in the case of individuals and specified investors resident in Canada, the province in which the person is resident on that day or by a person that is neither an individual nor a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows the person’s investor percentage for each participating province as of that day — is less than 50% of the total value of the units of the investment plan on that day, the following rules apply:
- (a) the units of the investment plan, other than the particular units, are deemed to be held on that day by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on that day in Canada and in the selected province referred to in subsection (1) for that day; and
- (c) the investment plan is deemed to know that the particular individual is, on that day, resident in Canada and in the selected province.
Marginal note:Percentage — exception
(3) Despite subsection (1), if a selected listed financial institution is a non-stratified investment plan, an election under section 49 is in effect in respect of the financial institution throughout a particular fiscal year of the financial institution and, on a particular day in the particular fiscal year, more than 10% of the total value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year,
- (a) if the first day in the particular fiscal year on which more than 10% of the total value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year is on or before the first day in the particular fiscal year as of which the financial institution’s percentage for a participating province is required to be determined under subsection 225.2(2) of the Act, the financial institution’s percentage for a participating province as of every day in the particular fiscal year is
  - (i) if no election under section 49 or 61 is in effect in respect of the financial institution throughout the fiscal year (referred to in this paragraph as the “preceding fiscal year”) of the financial institution preceding the particular fiscal year, the financial institution’s percentage for the participating province and for the preceding fiscal year, and
  - (ii) in any other case, the total of all amounts, each of which is the financial institution’s percentage for the participating province as of a day in the preceding fiscal year for which that percentage is required to be determined under subsection 225.2(2) of the Act, divided by the number of those days in the preceding fiscal year; and
- (b) in any other case, the financial institution’s percentage for a participating province as of the particular day and every following day in the particular fiscal year is the amount determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is the financial institution’s percentage for the participating province as of a day (each of which is referred to in this paragraph as an “attribution day”) in the particular fiscal year
  (i) that precedes the first day in the particular fiscal year on which more than 10% of the value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year, and
  (ii) for which that percentage is required to be determined under subsection 225.2(2) of the Act, and
  B
  is the number of attribution days in the particular fiscal year.
Marginal note:New investment plan — elected method
(4) If a selected listed financial institution is a non-stratified investment plan and an election under section 61 is in effect throughout a particular fiscal year of the financial institution, the following rules apply for the purposes of determining the financial institution’s percentage for a participating province as of a particular day in the particular fiscal year:
- (a) if the election indicates that the financial institution’s percentages are to be determined by using investor percentages, subsections (1) and (2) apply for the purpose of determining the financial institution’s percentage for a participating province as of a day in the particular fiscal year, except that the description of D₁ in paragraph (1)(a) and the description of D₁ in paragraph (1)(b) are each to be read without reference to subparagraph (ii); and
- (b) in any other case,
  - (i) the financial institution’s percentage as of a particular day in the particular fiscal year for any one participating province (in this paragraph referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year is the percentage determined by the formula
    (A/B) + (C × A/D) + [(1 – C) – (D/B)]
    where
    A
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that the financial institution knows is resident in the selected province on that day,
    B
    is the total value, on the particular day, of the units of the financial institution other than units held on that day by a person that the financial institution knows is not resident in Canada on that day,
    C
    is the lesser of 0.1 and the amount determined by the formula
    C₁/C₂
    where
    C₁
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person in respect of which the financial institution does not know whether or not the person is resident in Canada on that day or, in the case of persons resident in Canada, the province in which the person is resident on that day, and
    C₂
    is the amount determined for B, and
    D
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day,
  - (ii) the financial institution’s percentage as of a particular day in the particular fiscal year for a participating province (other than the selected province) in which the financial institution has a permanent establishment in the taxation year in which the particular fiscal year ends is the percentage determined by the formula
    (A/B) + (C × A/D)
    where
    A
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person that the financial institution knows is resident in the participating province on that day,
    B
    is the total value, on the particular day, of the units of the financial institution other than units held on that day by a person that the financial institution knows is not resident in Canada on that day,
    C
    is the lesser of 0.1 and the amount determined by the formula
    C₁/C₂
    where
    C₁
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person in respect of which the financial institution does not know whether or not the person is resident in Canada on that day or, in the case of persons resident in Canada, the province in which the person is resident on that day, and
    C₂
    is the amount determined for B, and
    D
    is the total of all amounts, each of which is the total value of the units of the financial institution held, on the particular day, by a person resident in Canada on that day and in respect of which the financial institution knows the province in which the person is resident on that day, and
  - (iii) for the purposes of subparagraphs (i) and (ii), if, for any particular day in the particular fiscal year, the total of all amounts — each of which is the total value of the particular units of the financial institution held on that day by a person in respect of which the financial institution knows whether or not the person is resident in Canada on that day and knows, in the case of persons resident in Canada, the province in which the person is resident on that day — is less than 50% of the total value of the units of the financial institution on that day,
    - (A) the units of the financial institution, other than the particular units, are deemed to be held on that day by a particular person,
    - (B) the particular person is deemed to be resident on that day in Canada and in the selected province referred to in subparagraph (i) for that day, and
    - (C) the financial institution is deemed to know that the particular person is, on that day, resident in Canada and in the selected province.

SOR/2013-71, s. 2

Marginal note:Percentage — particular period

32 (1) If a selected listed financial institution is a non-stratified investment plan, other than an exchange-traded fund, and no election under section 49 or 61 is in effect in respect of the financial institution throughout a fiscal year of the financial institution that ends in a particular period and in a calendar year, the financial institution’s percentage for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  [(A₁ + A₂)/A₃] + [A₄ × ((A₁ + A₂)/A₅)] + [(1 – A₄) – (A₅/A₃)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that is an individual or a specified investor in the financial institution for the fiscal year and that the financial institution knows, on December 31 of the calendar year, is resident in the selected province on the attribution point,
  A₂
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point multiplied by the person’s investor percentage for the selected province as of the attribution point,
  A₃
  is the total value, on the attribution point, of the units of the financial institution other than units held, on the attribution point, by an individual, or a specified investor in the financial institution for the fiscal year, that the financial institution knows, on December 31 of the calendar year, is not resident in Canada on the attribution point,
  A₄
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person in respect of which the financial institution
  (i) does not know, on December 31 of the calendar year, any part of the information in respect of those units that is described in whichever of subsections 52(3), (5) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year, the missing information under the applicable subsection referred to in subparagraph (i), and
  D
  is the amount determined for A₃, and
  A₅
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person
  (i) that is an individual, or a specified investor in the financial institution for the fiscal year, resident in Canada on the attribution point and in respect of which the financial institution knows the province in which the person is resident on the attribution point, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  [(A₁ + A₂)/A₃] + [A₄ × ((A₁ + A₂)/A₅)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that is an individual or a specified investor in the financial institution for the fiscal year and that the financial institution knows, on December 31 of the calendar year, is resident in the participating province on the attribution point,
  A₂
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point multiplied by the person’s investor percentage for the participating province as of the attribution point,
  A₃
  is the total value, on the attribution point, of the units of the financial institution other than units held, on the attribution point, by an individual, or a specified investor in the financial institution for the fiscal year, that the financial institution knows, on December 31 of the calendar year, is not resident in Canada on the attribution point,
  A₄
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person in respect of which the financial institution
  (i) does not know, on December 31 of the calendar year, any part of the information in respect of those units that is described in whichever of subsections 52(3), (5) and (8) is applicable in respect of those units (which part is referred to in this description as the “missing information”), and
  (ii) requests, on or before October 15 of the calendar year, the missing information under the applicable subsection referred to in subparagraph (i), and
  D
  is the amount determined for A₃, and
  A₅
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person
  (i) that is an individual, or a specified investor in the financial institution for the fiscal year, resident in Canada on the attribution point and in respect of which the financial institution knows the province in which the person is resident on the attribution point, or
  (ii) that is neither an individual nor a specified investor in the financial institution for the fiscal year and in respect of which the financial institution knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of an investment plan for a particular period in which a fiscal year of the investment plan ends, the total of all amounts — each of which is the total value of the particular units of the investment plan held on the attribution point either by a person that is an individual or a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the person is resident in Canada on the attribution point and, in the case of individuals and specified investors resident in Canada, the province in which the person is resident on the attribution point or by a person that is neither an individual nor a specified investor in the investment plan for the fiscal year and in respect of which the investment plan knows, on December 31 of the calendar year, the person’s investor percentage for each participating province as of the attribution point — is less than 50% of the total value of the units of the investment plan on the attribution point, the following rules apply:
- (a) the units of the investment plan, other than the particular units, are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year that the particular individual is, on the attribution point, resident in Canada and in the selected province.
Marginal note:Specified transactions
(3) For the purposes of subsection (1), if no election under section 18 is in effect in respect of an investment plan throughout a fiscal year of the investment plan and a specified transaction occurs that is in relation to an attribution point in respect of the investment plan for a particular period in which the fiscal year ends, the following rules apply:
- (a) the units of the investment plan acquired in the specified transaction are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year in which the fiscal year ends that the particular individual is resident in Canada and in the selected province on the attribution point.
Marginal note:Plan mergers
(4) Despite subsection (1), if a plan merger occurs between two or more investment plans (each of which is referred to in this subsection as a “predecessor”) occurs on a particular day to form a particular non-stratified investment plan, other than an exchange-traded fund, that is a selected listed financial institution and no election under section 49 or 61 is in effect in respect of the particular investment plan throughout the fiscal year of the particular investment plan (in this subsection referred to as the “transitional fiscal year”) that includes the particular day, the following rules apply:
- (a) if no election under section 50 is in effect throughout the transitional fiscal year, the particular investment plan’s percentage for a participating province and for the particular period (in this subsection referred to as the “preceding period”) that precedes the particular period in which the transitional fiscal year ends is equal to the particular amount that is the total of all amounts, each of which is determined for a particular predecessor by the formula
  A × B/C
  where
  A
  is
  (i) if the particular predecessor is a stratified investment plan, the total of all amounts, each of which is determined by the following formula for a series of the particular predecessor (in this subparagraph referred to as a “predecessor series”), units of which were converted, by any means, into units of the particular series:
  A₁ × A₂/A₃
  where
  A₁
  is
  (A) if an election under section 49 or 64 is in effect in respect of the predecessor series immediately before the plan merger, the particular predecessor’s percentage for the predecessor series and for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (B) in any other case, the particular predecessor’s percentage for the predecessor series, for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  A₂
  is the total value immediately before the plan merger of the units of the predecessor series that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  A₃
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a series of the particular predecessor (including the predecessor series) that were converted, by any means, into units of the particular series by virtue of the plan merger,
  (ii) if the particular predecessor is a non-stratified investment plan in respect of which an election under section 49 or 61 is in effect immediately before the plan merger, the particular predecessor’s percentage for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (iii) in any other case, the particular predecessor’s percentage for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  B
  is the total value immediately before the plan merger of the units of the particular predecessor that were converted, by any means, into units of the particular investment plan by virtue of the plan merger, and
  C
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a predecessor (including the particular predecessor) that were converted, by any means, into units of the particular investment plan by virtue of the plan merger; and
- (b) if the plan merger occurs on or after September 30 of the calendar year in which the transitional fiscal year begins, the particular investment plan’s percentage for a participating province and for the particular period in which the transitional fiscal year ends is equal to the particular amount referred to in paragraph (a).

SOR/2013-71, s. 2

Exchange-traded Funds

Marginal note:Percentage — exchange-traded series

33 (1) If a selected listed financial institution is a stratified investment plan and an exchange-traded fund in a particular period in which a fiscal year of the financial institution ends, the financial institution’s percentage for an exchange-traded series of the financial institution, for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the series for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)] + [(1 – A₃) – (A₄/A₂)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the selected province on the attribution point,
  A₂
  is the total value of the units of the series other than units held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the person is resident in Canada on the attribution point, or
  (ii) knows that the person is resident in Canada on the attribution point but does not know the province in which the person is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the person is resident on the attribution point, and
  B
  is the number of attribution points in respect of the series for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the series for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the participating province on the attribution point,
  A₂
  is the total value of the units of the series other than units held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the person is resident in Canada on the attribution point, or
  (ii) knows that the person is resident in Canada on the attribution point but does not know the province in which the person is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value of the units of the series held, on the attribution point, by a person resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the person is resident on the attribution point, and
  B
  is the number of attribution points in respect of the series for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of a series of an investment plan for a particular period in which a fiscal year of the investment plan ends, the total of all amounts — each of which is the total value of the particular units of the series held on the attribution point by a person in respect of which the investment plan knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the person is resident in Canada on the attribution point and, in the case of persons resident in Canada, the province in which the person is resident on the attribution point — is less than 50% of the total value of the units of the series on the attribution point, the following rules apply:
- (a) the units of the series, other than the particular units, are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the series and for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year that the particular individual is, on the attribution point, resident in Canada and in the selected province.
Marginal note:Plan mergers
(3) Despite subsection (1), if a plan merger between two or more investment plans (each of which is referred to in this subsection as a “predecessor”) occurs on a particular day to form a particular stratified investment plan that is a selected listed financial institution and a particular series, other than a provincial series, of the particular investment plan is an exchange-traded series, the following rules apply:
- (a) if no election under section 50 is in effect throughout the fiscal year of the particular investment plan (in this subsection referred to as the “transitional fiscal year”) that includes the particular day, the particular investment plan’s percentage for the particular series, for a participating province and for the particular period (in this subsection referred to as the “preceding period”) that precedes the particular period in which the transitional fiscal year ends is equal to the particular amount that is the total of all amounts, each of which is determined for a particular predecessor by the formula
  A × B/C
  where
  A
  is
  (i) if the particular predecessor is a stratified investment plan, the total of all amounts, each of which is determined by the following formula for a series of the particular predecessor (in this subparagraph referred to as a “predecessor series”), units of which were converted, by any means, into units of the particular series:
  A₁ × A₂/A₃
  where
  A₁
  is
  (A) if an election under section 49 or 64 is in effect in respect of the predecessor series immediately before the plan merger, the particular predecessor’s percentage for the predecessor series and for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (B) in any other case, the particular predecessor’s percentage for the predecessor series, for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  A₂
  is the total value immediately before the plan merger of the units of the predecessor series that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  A₃
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a series of the particular predecessor (including the predecessor series) that were converted, by any means, into units of the particular series by virtue of the plan merger,
  (ii) if the particular predecessor is a non-stratified investment plan in respect of which an election under section 49 or 61 is in effect immediately before the plan merger, the particular predecessor’s percentage for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (iii) in any other case, the particular predecessor’s percentage for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  B
  is the total value immediately before the plan merger of the units of the particular predecessor that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  C
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a predecessor (including the particular predecessor) that were converted, by any means, into units of the particular series by virtue of the plan merger; and
- (b) if the plan merger occurs on or after September 30 of the calendar year in which the transitional fiscal year begins, the particular investment plan’s percentage for the particular series, for a participating province and for the particular period in which the transitional fiscal year ends is equal to the particular amount referred to in paragraph (a).

SOR/2013-71, s. 2

Marginal note:Percentage — non-stratified exchange-traded funds

34 (1) If a selected listed financial institution is a non-stratified investment plan and an exchange-traded fund in a particular period in which a fiscal year of the financial institution ends, the financial institution’s percentage for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)] + [(1 – A₃) – (A₄/A₂)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the selected province on the attribution point,
  A₂
  is the total value of the units of the financial institution other than units held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the person is resident in Canada on the attribution point, or
  (ii) knows that the person is resident in Canada on the attribution point but does not know the province in which the person is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the person is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)]
  where
  A₁
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the participating province on the attribution point,
  A₂
  is the total value of the units of the financial institution other than units held, on the attribution point, by a person that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the person is resident in Canada on the attribution point, or
  (ii) knows that the person is resident in Canada on the attribution point but does not know the province in which the person is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value of the units of the financial institution held, on the attribution point, by a person resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the person is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of unit holders to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of an investment plan for a particular period in which a fiscal year of the investment plan ends, the total of all amounts — each of which is the total value of the particular units of the investment plan held on the attribution point by a person in respect of which the investment plan knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the person is resident in Canada on the attribution point and, in the case of persons resident in Canada, the province in which the person is resident on the attribution point — is less than 50% of the total value of the units of the investment plan on the attribution point, the following rules apply:
- (a) the units of the investment plan, other than the particular units, are deemed to be held on the attribution point by a particular individual and not by any other person;
- (b) the particular individual is deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (c) the investment plan is deemed to know on December 31 of the calendar year that the particular individual is, on the attribution point, resident in Canada and in the selected province.
Marginal note:Plan mergers
(3) Despite subsection (1), if a plan merger occurs between two or more investment plans (each of which is referred to in this subsection as a “predecessor”) occurs on a particular day to form a particular non-stratified investment plan that is an exchange-traded fund and a selected listed financial institution, the following rules apply:
- (a) if no election under section 50 is in effect throughout the fiscal year of the particular investment plan (in this subsection referred to as the “transitional fiscal year”) that includes the particular day, the particular investment plan’s percentage for a participating province and for the particular period (in this subsection referred to as the “preceding period”) that precedes the particular period in which the transitional fiscal year ends is equal to the particular amount that is the total of all amounts, each of which is determined for a particular predecessor by the formula
  A × B/C
  where
  A
  is
  (i) if the particular predecessor is a stratified investment plan, the total of all amounts, each of which is determined by the following formula for a series of the particular predecessor (in this subparagraph referred to as a “predecessor series”), units of which were converted, by any means, into units of the particular series:
  A₁ × A₂/A₃
  where
  A₁
  is
  (A) if an election under section 49 or 64 is in effect in respect of the predecessor series immediately before the plan merger, the particular predecessor’s percentage for the predecessor series and for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (B) in any other case, the particular predecessor’s percentage for the predecessor series, for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  A₂
  is the total value immediately before the plan merger of the units of the predecessor series that were converted, by any means, into units of the particular series by virtue of the plan merger, and
  A₃
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a series of the particular predecessor (including the predecessor series) that were converted, by any means, into units of the particular series by virtue of the plan merger,
  (ii) if the particular predecessor is a non-stratified investment plan in respect of which an election under section 49 or 61 is in effect immediately before the plan merger, the particular predecessor’s percentage for the participating province as of the last day on which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, before the plan merger, and
  (iii) in any other case, the particular predecessor’s percentage for the participating province and for the last particular period of the particular predecessor ending before the plan merger,
  B
  is the total value immediately before the plan merger of the units of the particular predecessor that were converted, by any means, into units of the particular investment plan by virtue of the plan merger, and
  C
  is the total of all amounts, each of which is the total value immediately before the plan merger of the units of a predecessor (including the particular predecessor) that were converted, by any means, into units of the particular investment plan by virtue of the plan merger; and
- (b) if the plan merger occurs on or after September 30 of the calendar year in which the transitional fiscal year begins, the particular investment plan’s percentage for a participating province and for the particular period in which the transitional fiscal year ends is equal to the particular amount referred to in paragraph (a).

SOR/2013-71, s. 2

Pension Plans and Private Investment Plans

Marginal note:Percentage — defined contribution plans, profit sharing plans and retirement compensation arrangements

35 (1) If a selected listed financial institution is, in a particular period in which a fiscal year of the financial institution ends, an investment plan and a pension entity of a particular defined contribution pension plan (other than a pension entity described in section 38) or a private investment plan that is a trust governed by a particular deferred profit sharing plan, a particular employees profit sharing plan or a particular retirement compensation arrangement, the financial institution’s percentage for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)] + [(1 – A₃) – (A₄/A₂)]
  where
  A₁
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the selected province on the attribution point,
  A₂
  is the total value, on the attribution point, of the assets of the particular plan or arrangement other than the assets that are reasonably attributable to plan members of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)]
  where
  A₁
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the participating province on the attribution point,
  A₂
  is the total value, on the attribution point, of the assets of the particular plan or arrangement other than the assets that are reasonably attributable to plan members of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member of the financial institution resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of plan members to a participating province
(2) For the purposes of subsection (1), if a selected listed financial institution is a pension entity of a particular pension plan or is a private investment plan that is a trust governed by a particular deferred profit sharing plan, a particular employees profit sharing plan or a particular retirement compensation arrangement and if, for any attribution point in respect of the financial institution for a particular period in which a fiscal year of the financial institution ends, the total of all amounts — each of which is the total value, on the attribution point, of the assets of the particular plan or arrangement that are reasonably attributable to a plan member (in this subsection referred to as a “known member”) of the financial institution in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the plan member is resident in Canada on the attribution point and, in the case of plan members resident in Canada, the province in which the plan member is resident on the attribution point — is less than 50% of the total value, on the attribution point, of the assets of the particular plan or particular arrangement, the following rules apply:
- (a) the total value on the attribution point of the assets of the particular plan or particular arrangement, other than the assets of the particular plan or particular arrangement that are reasonably attributable to the known members, is deemed to be attributable to a particular person and not to any other person;
- (b) the particular person is deemed to be a plan member of the financial institution and to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (c) the financial institution is deemed to know on December 31 of the calendar year that the particular person is, on the attribution point, resident in Canada and in the selected province.

SOR/2013-71, s. 2

Marginal note:Percentage — defined benefits plans

36 (1) If a selected listed financial institution is an investment plan and a pension entity of a defined benefits pension plan (other than a pension entity described in section 38) in a particular period in which a fiscal year of the financial institution ends, the financial institution’s percentage for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)] + [(1 – A₃) – (A₄/A₂)]
  where
  A₁
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the selected province on the attribution point,
  A₂
  is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan other than actuarial liabilities that are reasonably attributable to plan members of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)]
  where
  A₁
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, is resident in the participating province on the attribution point,
  A₂
  is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan other than actuarial liabilities that are reasonably attributable to plan members of the financial institution that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution in respect of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total of all amounts, each of which is the total value, on the attribution point, of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to a plan member of the financial institution resident in Canada on the attribution point in respect of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of plan members to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of a pension entity of a defined benefits pension plan for a particular period in which a fiscal year of the pension entity ends, the total of all amounts — each of which is the total value, on the attribution point, of the actuarial liabilities of the pension plan that are reasonably attributable to a plan member (in this subsection referred to as a “known member”) of the pension entity in respect of which the pension entity knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the plan member is resident in Canada on the attribution point and, in the case of plan members resident in Canada, the province in which the plan member is resident on the attribution point — is less than 50% of the total value, on the attribution point, of the actuarial liabilities of the pension plan, the following rules apply:
- (a) the total value on the attribution point of the actuarial liabilities of the pension plan, other than the actuarial liabilities of the pension plan that are reasonably attributable to the known members, is deemed to be attributable to a particular person and not to any other person;
- (b) the particular person is deemed to be a plan member of the pension entity and to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (c) the pension entity is deemed to know on December 31 of the calendar year that the particular person is, on the attribution point, resident in Canada and in the selected province.

SOR/2013-71, s. 2

Marginal note:Percentage — employee benefit plans

37 (1) If a selected listed financial institution is a private investment plan that is an employee life and health trust or a trust governed by an employee benefit plan, an employee trust or a registered supplementary unemployment benefit plan in a particular period in which a fiscal year of the financial institution ends, the financial institution’s percentage for a participating province and for the particular period is
- (a) in the case of any one participating province (in this section referred to as the “selected province”) having the highest tax rate on the first day of the fiscal year, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)] + [(1 – A₃) – (A₄/A₂)]
  where
  A₁
  is the total number of plan members of the investment plan that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are resident in the selected province on the attribution point,
  A₂
  is the total number of plan members of the investment plan other than plan members of the investment plan that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total number of plan members of the investment plan in respect of each of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total number of plan members of the investment plan resident in Canada on the attribution point in respect of each of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period;
- (b) in the case of a participating province (other than the selected province) in which the financial institution has a permanent establishment in the particular period, the percentage determined by the formula
  A/B
  where
  A
  is the total of all amounts, each of which is determined for an attribution point in respect of the financial institution for the particular period by the formula
  (A₁/A₂) + [A₃ × (A₁/A₄)]
  where
  A₁
  is the total number of plan members of the investment plan that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are resident in the participating province on the attribution point,
  A₂
  is the total number of plan members of the investment plan other than plan members of the investment plan that the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, are not resident in Canada on the attribution point,
  A₃
  is the lesser of 0.1 and the amount determined by the formula
  C/D
  where
  C
  is the total number of plan members of the investment plan in respect of each of which the financial institution, on December 31 of the calendar year in which the fiscal year ends,
  (i) does not know whether or not the plan member is resident in Canada on the attribution point, or
  (ii) knows that the plan member is resident in Canada on the attribution point but does not know the province in which the plan member is resident on the attribution point, and
  D
  is the amount determined for A₂, and
  A₄
  is the total number of plan members of the investment plan resident in Canada on the attribution point in respect of each of which the financial institution knows, on December 31 of the calendar year in which the fiscal year ends, the province in which the plan member is resident on the attribution point, and
  B
  is the number of attribution points in respect of the financial institution for the particular period; and
- (c) in the case of any other participating province, nil.
Marginal note:Attribution of plan members to a participating province
(2) For the purposes of subsection (1), if, for any attribution point in respect of an investment plan for a particular period in which a fiscal year of the investment plan ends, the total number of plan members (in this subsection referred to as the “known members”) of the investment plan in respect of each of which the investment plan knows, on December 31 of the calendar year in which the fiscal year ends, whether or not the plan member is resident in Canada on the attribution point and, in the case of plan members resident in Canada, the province in which the plan member is resident on the attribution point is less than 50% of the total number of plan members of the investment plan on the attribution point, the following rules apply:
- (a) the plan members of the investment plan, other than the known members, are deemed to be resident on the attribution point in Canada and in the selected province referred to in subsection (1) for the particular period; and
- (b) the investment plan is deemed to know on December 31 of the calendar year that the plan members of the investment plan, other than the known members, are, on the attribution point, resident in Canada and in the selected province.

SOR/2013-71, s. 2

Marginal note:Percentage — mixed pension plans

38 If a selected listed financial institution is an investment plan and a pension entity of a pension plan, part of which is a defined contribution pension plan and the remaining part of which is a defined benefits pension plan, in a particular period in which a fiscal year of the financial institution ends, the financial institution’s percentage for a participating province and for the particular period is the amount determined by the formula

[A × (B/C)] + [D × (C – B)/C]

where

A: is the financial institution’s percentage determined for the participating province and for the particular period by applying section 35 to the part of the pension plan that is the defined contribution pension plan;
B: is the value of the assets of the defined contribution pension plan held by pension entities of the pension plan on a particular attribution point in respect of the financial institution for the particular period that is the last such attribution point required to be used in the determination of the percentage referred to in the description of A, or such other amount that the Minister may allow on application by the investment plan;
C: is the total value of the assets of the pension plan held by pension entities of the pension plan on the particular attribution point, or such other amount that the Minister may allow on application by the investment plan; and
D: is the financial institution’s percentage determined for the participating province and for the particular period by applying section 36 to the part of the pension plan that is the defined benefits pension plan.

SOR/2013-71, s. 2

Divided Businesses

Marginal note:Agreement with the Minister — weighted average

39 If one or more parts of the business of a particular selected listed financial institution, other than a financial institution described in any of sections 24 to 26, for a particular period consist of operations normally conducted by any of the types of financial institutions referred to in any of sections 24 to 26 and 29 to 38, the particular financial institution and the Minister may agree that the particular financial institution’s percentage for a participating province and for the particular period is the weighted average of the percentages determined

(a) by applying to each of those parts 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 23 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.

SOR/2013-71, s. 2

PART 3Prescribed Amounts of Tax

Marginal note:Amounts not included in net tax adjustment formula

40 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;
(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;
(c) any amount of tax that became payable by a stratified investment plan, or that was paid by a stratified investment plan without having become payable, in respect of property or a service, to the extent that the property or service was acquired, imported or brought into a participating province for consumption, use or supply in the course of the activities relating to a provincial series of the stratified investment plan;
(d) any particular amount of tax that became payable or was paid by a selected listed 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 a reporting period of the financial institution that ends before July 2010, 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; and
(e) any particular amount of tax that became payable or was paid by a selected listed 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 a reporting period of the financial institution that ends before April 2013, 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.

SOR/2013-71, s. 2
SOR/2013-197, s. 1

Marginal note:Section 220.04 of Act

41 For the purposes of section 220.04 of the Act, a prescribed amount of tax is any amount of tax that

(a) is prescribed for the purposes of paragraph (a) of the description of F in subsection 225.2(2) of the Act; or
(b) is in respect of property or a service brought into a participating province or acquired, otherwise than for consumption, use or supply in the course of an endeavour, as defined in subsection 141.01(1) of the Act, of the person referred to in section 220.04 of the Act.

SOR/2013-71, s. 2

PART 4Prescribed Amounts

Marginal note:Definitions

42 (1) The following definitions apply in this Part.
eligible roadway
eligible roadway has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (voie admissible)
excluded property or service
excluded property or service means property or a service that is
- (a) specified energy that is acquired or imported for consumption or use exclusively in the heating of asphalt to be used directly in the construction or maintenance of an eligible roadway;
- (b) property or a service described in any of paragraphs (e) to (g) of the definition specified property or service that is acquired or imported by the organizer or sponsor of a convention for consumption or use exclusively at the convention;
- (c) a 1-800, 1-866, 1-877 or 1-888 telephone service or a similar toll-free telephone service or a service described in paragraph (f) or (g) of the definition specified property or service that is related to a 1-800, 1-866, 1-877 or 1-888 telephone service or a similar toll-free telephone service;
- (d) access to the Internet;
- (e) a web-hosting service;
- (f) a taxi, the operation and custody of which is entrusted to a person by the holder of a taxi permit for the taxi; or
- (g) property or a service that is acquired or imported exclusively for the purpose of
  - (i) being supplied by a person,
  - (ii) becoming a component of tangible personal property that is to be supplied by a person, or
  - (iii) in the case of property or a service described in paragraph (f) or (g) of the definition specified property or service acquired by a person operating a telecommunication service, being used directly and solely in the making of a taxable supply of a telecommunication service by the person. (bien ou service exclu)
farming
farming has the meaning assigned by subsection 248(1) of the Income Tax Act. (agriculture)
large business
large business, at any time, means a person that is, at that time, a prescribed person for the purposes of the definition large business in subsection 236.01(1) of the Act. (grande entreprise)
motor vehicle
motor vehicle has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (véhicule automobile)
qualifying energy
qualifying energy means specified energy, other than qualifying heating oil, that is a specified property or service. (forme d’énergie admissible)
qualifying food, beverages and entertainment
qualifying food, beverages and entertainment means food, beverages or entertainment that is a specified property or service. (aliments, boissons et divertissements admissibles)
qualifying fuel
qualifying fuel means motive fuel that is a specified property or service. (carburant admissible)
qualifying heating oil
qualifying heating oil has the same meaning as in section 1 of the Deduction for Provincial Rebate (GST/HST) Regulations. (huile de chauffage admissible)
qualifying motor vehicle
qualifying motor vehicle means
- (a) a selected motor vehicle that is a specified property or service; and
- (b) property (other than motive fuel) or a service, in respect of a selected motor vehicle, that is a specified property or service. (véhicule automobile admissible)
qualifying telecommunications services
qualifying telecommunications services means a specified property or service described in paragraph (f) or (g) of the definition specified property or service. (service de télécommunication admissible)
recapture rate
recapture rate applicable at a time in respect of a province means
- (a) if the province is Ontario,
  - (i) in the case of a time that is on or after July 1, 2010 and before July 1, 2015, 100%,
  - (ii) in the case of a time that is on or after July 1, 2015 and before July 1, 2016, 75%,
  - (iii) in the case of a time that is on or after July 1, 2016 and before July 1, 2017, 50%,
  - (iv) in the case of a time that is on or after July 1, 2017 and before July 1, 2018, 25%, and
  - (v) in the case of a time that is on or after July 1, 2018, 0%;
- (b) if the province is British Columbia,
  - (i) in the case of a time that is on or after July 1, 2010 and before April 1, 2013, 100%, and
  - (ii) in the case of a time that is on or after April 1, 2013, 0%; and
- (c) if the province is Prince Edward Island,
  - (i) in the case of a time that is on or after April 1, 2013 and before April 1, 2018, 100%,
  - (ii) in the case of a time that is on or after April 1, 2018 and before April 1, 2019, 75%,
  - (iii) in the case of a time that is on or after April 1, 2019 and before April 1, 2020, 50%,
  - (iv) in the case of a time that is on or after April 1, 2020 and before April 1, 2021, 25%, and
  - (v) in the case of a time that is on or after April 1, 2021, 0%. (taux de récupération)
selected motor vehicle
selected motor vehicle means a motor vehicle that is licensed, or required to be licensed, for use on a public highway under the laws of a province relating to the licensing of motor vehicles and that weighs, while carrying its maximum capacity of fuel, lubricant and coolant, less than 3,000 kilograms at the time when the motor vehicle is first licensed, or first required to be licensed, under those laws. (véhicule automobile désigné)
specified energy
specified energy has the same meaning as in section 26 of the New Harmonized Value-added Tax System Regulations, No. 2. (forme d’énergie déterminée)
specified extent
specified extent of property or a service in respect of a specified class of specified property or service, for a province that is Ontario, British Columbia or Prince Edward Island and for a reporting period of a person, means the percentage that is equal to
- (a) in the case where the specified class is qualifying telecommunications services, the property or service includes qualifying telecommunications services and other property or services that are not specified property or services (each of which is referred to in this paragraph as an “element”) and the consideration for the specified property or service and each element is not separately identified,
  - (i) if the province is British Columbia, 95%, and
  - (ii) if the province is Ontario or Prince Edward Island and the specified property or service is provided to the person together with
    (A) an element that is a service, 96%,
    (B) an element that is property, 89%, and
    (C) an element that is a service and an element that is property, 86%;
- (b) if paragraph (a) does not apply and the property or service is a specified property or service (other than farming property or service of the person for the reporting period) of the specified class, 100%; and
- (c) in any other case, 0%. (mesure déterminée)
specified property or service
specified property or service means property or a service (other than excluded property or service) that is
- (a) a selected motor vehicle;
- (b) motive fuel, other than diesel fuel, that is acquired or imported for consumption or use in the engine of a selected motor vehicle;
- (c) property (other than property for maintenance or repair) that is acquired or imported by a person for consumption or use in respect of a selected motor vehicle acquired or imported by the person, if the acquisition or importation of the property occurs within 365 days of the acquisition or importation of the selected motor vehicle;
- (d) a service (other than a service for maintenance or repair) that is acquired by a person for consumption or use in respect of a selected motor vehicle acquired or imported by the person, if the acquisition of the service occurs within 365 days of the acquisition or importation of the motor vehicle;
- (e) specified energy;
- (f) a service described in paragraph (a) of the definition telecommunication service in subsection 123(1) of the Act;
- (g) access to a telecommunications circuit, line, frequency, channel or partial channel, or to other similar means of transmitting a telecommunication (but not including a satellite channel), for use in providing a service described in paragraph (a) of the definition telecommunication service in subsection 123(1) of the Act; or
- (h) food, beverages or entertainment acquired by a person in respect of which subsection 67.1(1) of the Income Tax Act applies or would apply if the person were a taxpayer under that Act. (bien ou service déterminé)
specified salary and wages
specified salary and wages has the same meaning as in subsection 31(1) of the New Harmonized Value-added Tax System Regulations, No. 2. (rémunération déterminée)
specified year
specified year has the same meaning as in section 217 of the Act. (année déterminée)
total A amounts
total A amounts for a reporting period of a selected listed financial institution means
- (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period, the total of all amounts, each of which is the total for A₁ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a day in the reporting period;
- (b) if the financial institution is a stratified investment plan, the total of
  - (i) all amounts, each of which is the total for A₁ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for a day in the reporting period, and
  - (ii) all amounts, each of which is the total for A₄ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for the reporting period; and
- (c) in any other case, the total for A in subsection 225.2(2) of the Act for the reporting period. (valeur A)
total B amounts
total B amounts for a reporting period of a selected listed financial institution means
- (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period, the total of all amounts, each of which is the total for A₂ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a day in the reporting period;
- (b) if the financial institution is a stratified investment plan, the total of
  - (i) all amounts, each of which is the total for A₂ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for a day in the reporting period, and
  - (ii) all amounts, each of which is the total for A₅ in subsection 225.2(2) of the Act, as adapted by these Regulations, for a series of the financial institution and for the reporting period; and
- (c) in any other case, the total for B in subsection 225.2(2) of the Act for the reporting period. (valeur B)
total F amounts
total F amounts for a reporting period of a selected listed financial institution means
- (a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the reporting period or if the financial institution is a stratified investment plan, the total for D in subsection 225.2(2) of the Act, as adapted by these Regulations, for the reporting period; and
- (b) in any other case, the total for F in subsection 225.2(2) of the Act for the reporting period. (valeur F)
Marginal note:Specified classes
(2) For the purposes of this section and paragraph 46(d), the following are specified classes of specified property or service:
- (a) qualifying energy;
- (b) qualifying food, beverages and entertainment;
- (c) qualifying fuel;
- (c.1) qualifying heating oil;
- (d) qualifying motor vehicles; and
- (e) qualifying telecommunications services.
Marginal note:Farming property or service
(3) For the purposes of this section and paragraph 46(d), specified property or service of a person is farming property or service of the person for a particular reporting period of the person if the chief source of income for the taxation year of the person preceding the particular reporting period was farming and if the specified property or service is primarily consumed or used in the person’s farming activities.
Marginal note:Tax recovery rate
(4) For the purposes of paragraph 46(d), the tax recovery rate of a financial institution for a specified class of specified property or service for a reporting period of the financial institution is
- (a) if the specified class is qualifying fuel, the tax recovery rate of the financial institution for qualifying motor vehicles for the reporting period, as determined under paragraph (b);
- (a.1) if the specified class is qualifying energy or qualifying heating oil, the percentage that would be the tax recovery rate of the financial institution for qualifying energy for the reporting period if the definition qualifying energy in subsection (1) were read without reference to “other than qualifying heating oil” and if the tax recovery rate were determined under paragraph (b); and
- (b) for any other specified class,
  - (i) if an election under section 43 is in effect throughout the reporting period, the percentage determined by the formula
    A/B
    where
    A
    is the total of all amounts, each of which is an input tax credit of the financial institution for the reporting period in respect of an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
    B
    is the total of 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 became payable by the financial institution during the reporting period without having been paid before the reporting period or was paid by the financial institution during the reporting period without having become payable, and
  - (ii) in any other case, the percentage determined by the formula
    C/D
    where
    C
    is the total of all amounts, each of which is an input tax credit of the financial institution for the reporting period in respect of a specified property or service of the specified class and in respect of an amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act, and
    D
    is the total of 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 in respect of a supply of a specified property or service of the specified class that became payable by the financial institution during the reporting period without having been paid before the reporting period or was paid by the financial institution during the reporting period without having become payable.

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

Marginal note:Election — subsection 42(4)

43 (1) Subject to subsection (4), a financial institution may make an election for the purposes of paragraph 42(4)(b) that is effective from the first day of the first reporting period of the financial institution that meets the following criteria:
- (a) the reporting period ends after June 2010;
- (b) throughout the reporting period the financial institution is a selected listed financial institution; and
- (c) during the reporting period the financial institution is, at any time, a large business.
Marginal note:Form of election
(2) An election made under subsection (1) by a financial institution is to
- (a) be made in prescribed form containing prescribed information; and
- (b) be filed with the Minister in prescribed manner on or before the first day of the first reporting period referred to in subsection (1) or any later day that the Minister may allow.
Marginal note:Revocation
(3) A financial institution that has made an election under subsection (1) may revoke the election by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the day on which the revocation is to become effective or any later day that the Minister may allow.
Marginal note:Restriction
(4) If a financial institution has made an election under subsection (1) and has revoked the election under subsection (3), no other election under subsection (1) may be made by the financial institution.

SOR/2013-71, s. 2

Meaning of specified percentage

44 For the purposes of applying section 46 to determine prescribed amounts for a particular reporting period in a fiscal year that ends in a particular taxation year of a selected listed financial institution and for a participating province, the specified percentage of the financial institution for the participating province and for the particular reporting period is

(a) if the financial institution is a non-stratified investment plan and an election under section 49 or 61 in respect of the financial institution is in effect throughout the fiscal year, the financial institution’s percentage for the participating province as of the earliest day in the particular reporting period for which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, or, if no such day exists, as of the last day before the particular reporting period for which that percentage is required to be determined for those purposes;
(b) if the financial institution is a stratified investment plan, the total of all amounts, each of which is determined for a series of the financial institution by the formula
A × (B/C)
where
A
is
- (i) if an election under section 49 or 64 in respect of the series is in effect throughout the fiscal year, the financial institution’s percentage for the series and for the participating province as of the earliest day in the particular reporting period for which that percentage is required to be determined for the purposes of subsection 225.2(2) of the Act, as adapted by these Regulations, or, if no such day exists, as of the last day before the particular reporting period for which that percentage is required to be determined for those purposes,
- (ii) if an election under section 50 is in effect throughout the fiscal year and the prescribed amounts are determined for purposes other than calculating, under paragraph 228(2.1)(a) of the Act, the interim net tax of the financial institution for the particular reporting period, the financial institution’s percentage for the series, for the participating province and for the particular taxation year, and
- (iii) in any other case, the financial institution’s percentage for the series, for the participating province and for the taxation year that precedes the particular taxation year,
B
is the total value of the units of the series as of the first business day in the particular reporting period, and
C
is the total value of the units of the financial institution as of the first business day in the particular reporting period;
(c) if the financial institution is an investment plan and neither paragraph (a) nor (b) applies,
- (i) if an election under section 50 is in effect throughout the fiscal year and the prescribed amounts are determined for a purpose other than calculating, under paragraph 228(2.1)(a) of the Act, the interim net tax of the financial institution for the particular reporting period, the financial institution’s percentage for the participating province and for the particular taxation year, and
- (ii) in any other case, the financial institution’s percentage for the participating province and for the taxation year that precedes the particular taxation year; and
(d) in any other case,
- (i) if the prescribed amounts are determined 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,
  - (A) 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 and for the reporting period preceding the particular reporting period, and
  - (B) in any other case, the lesser of the financial institution’s percentage for the participating province and for the particular taxation year and the financial institution’s percentage for the participating province and for the taxation year that precedes the particular taxation year, and
- (ii) in any other case, the financial institution’s percentage for the participating province and for the particular taxation year.

SOR/2013-71, s. 2

Marginal note:Restriction

45 Any amount included in the determination of the value of G₁ in paragraph 46(a), the value of G₁₂ in paragraph 46(b) or the value of G₁₈ in paragraph 46(c) in determining a prescribed amount in accordance with section 46 for a reporting period of a selected listed financial institution and for a participating province is not to be included in determining a prescribed amount in accordance with that section for the reporting period and for any other participating province.

SOR/2013-71, s. 2

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) except if subparagraph (ii) or (iii) applies, the tax rate for the participating province,
- (ii) if the participating province is British Columbia, 7%, and
- (iii) if the particular reporting period includes October 1, 2016 and the participating province is Prince Edward Island, the percentage determined by the formula
  9% + (1% × A/B)
  where
  A
  is
  (A) if the financial institution is a distributed investment plan, the total of all amounts, each of which is determined by the formula
  C x D
  where
  C
  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 a particular specified year of the financial institution, and
  D
  is
  (I) in the case of an amount of tax described in subclause (I) of the description of C, the extent to which the property is delivered or made available, or the service is rendered, before October 1, 2016, and
  (II) in the case of an amount of tax described in subclause (II) of the description of C, the amount determined by the formula
  E/F
  where
  E
  is the number of days in the particular specified year before October 1, 2016, and
  F
  is the number of days in the particular specified year, and
  (B) in any other case, the number of days in the particular reporting period before October 1, 2016, and
  B
  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,
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;
(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;
(i) if the particular reporting period includes July 1, 2016 and the participating province is New Brunswick or Newfoundland and Labrador, the positive or negative amount determined by the formula
–1 × (G₄₄ – G₄₅) × G₄₆ × (2%/G₄₇) × (G₄₈/G₄₉)
where
G₄₄
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),
G₄₅
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),
G₄₆
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₄₇
is the rate set out in subsection 165(1) of the Act,
G₄₈
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 July 1, 2016, 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 July 1, 2016, 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 July 1, 2016, and
G₄₉
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; and
(j) if the particular reporting period includes October 1, 2016 and the participating province is Prince Edward Island, the positive or negative amount determined by the formula
–1 × (G₅₀ – G₅₁) × G₅₂ × (1%/G₅₃) × (G₅₄/G₅₅)
where
G₅₀
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),
G₅₁
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),
G₅₂
is the specified percentage of the financial institution for the participating province and for the particular reporting period,
G₅₃
is the rate set out in subsection 165(1) of the Act,
G₅₄
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 October 1, 2016, 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 October 1, 2016, 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 October 1, 2016, and
G₅₅
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.

SOR/2013-71, s. 2
SOR/2013-197, s. 3
SOR/2016-119, s. 8
SOR/2016-212, s. 8

PART 5Investment Plans

Interpretation

Marginal note:Definitions

47 (1) For the purposes of this Part,
- (a) plan merger and specified investor have the same meanings as in subsection 16(1); and
- (b) attribution point
  - (i) if an election under subsection 18(1) is in effect, has the same meaning as in subsection 18(3), and
  - (ii) in any other case, has the same meaning as in subsection 16(1).
Marginal note:Investor percentage
(2) For the purposes of this Part, the investor percentage of a person for a participating province as of a particular day is the investor percentage of the person for the participating province as of that day as determined under section 28.

SOR/2013-71, s. 2

Net Tax Adjustment for Investment Plans

Marginal note:Adaptation of subsection 225.2(2) of Act — stratified plans

48 (1) In applying subsection 225.2(2) of the Act for the determination of the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a stratified investment plan, the formula in that subsection and the descriptions for that formula are adapted as follows:
[A × (B/C)] – D + E
where
A
is the total of all amounts, each of which is the amount determined for a series of the financial institution (other than a provincial series of the financial institution for the fiscal year) and is equal to
(a) if an election under section 49 or 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations is in effect in respect of the series throughout the particular reporting period, the total of all amounts, each of which is the positive or negative amount determined for a particular day in the particular reporting period, by the formula
(A₁ – A₂) × A₃
where
A₁
is the total of
(i) all amounts of tax (other than an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 of those Regulations) in respect of a supply or importation of property or a service that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 by the financial institution on the particular day or that was paid by the financial institution on the particular day without having become payable, to the extent that the property or service was acquired or imported for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations,
(ii) all amounts each of which is tax under subsection 165(1) in respect of a supply (other than a supply to which subparagraph (iii) applies) of property or a service made by a person to the financial institution that would, in the absence of an election made under section 150, have become payable by the financial institution on the particular day, to the extent that the property or service was acquired for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations, and
(iii) all amounts each of which is an amount, in respect of a supply made on the particular day of property or a service to which an election made by the financial institution and another person under subsection (4) 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 this Part, to the extent that the property or service was acquired for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations,
A₂
is the total of
(i) all amounts each of which is the amount determined by the formula
F × G
where
F
is an input tax credit (other than an input tax credit in respect of an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 of those Regulations) of the financial institution for the particular reporting period or preceding reporting periods of the financial institution in respect of the acquisition or importation of property or a service that is claimed by the financial institution in the return under this Division filed by the financial institution for the particular reporting period, to the extent that the property or service was acquired or imported for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations, and
G
is the extent (expressed as a percentage) to which the amount determined for F was not included in the determination of A₂ for any other day in the particular reporting period, and
(ii) all amounts each of which would be an input tax credit of the financial institution for the particular reporting period of the financial institution in respect of property or a service if tax became payable during the particular reporting period in respect of the supply of the property or service and that tax were equal to the amount included for the series for any day in the particular reporting period under subparagraph (ii) or (iii) of the description of A₁ in respect of the supply, to the extent that the amount was not included in the determination of A₂ for any other day in the particular reporting period, and
A₃
is the financial institution’s percentage for the series and for the participating province, determined for financial institutions of that class in accordance with those Regulations,
(i) as of the first business day of the calendar quarter that includes the particular day, or any other day of that quarter that the Minister may allow on application by the financial institution, if the election under section 49 or 64 of those Regulations indicates that the financial institution’s percentages are to be determined on a quarterly basis,
(ii) as of the first business day of the calendar month that includes the particular day, or any other day of that month that the Minister may allow on application by the financial institution, if the election under section 49 or 64 of those Regulations in respect of the series indicates that the financial institution’s percentages for the series are to be determined on a monthly basis,
(iii) as of the first business day of the week that includes the particular day, or any other day of that week that the Minister may allow on application by the financial institution, if the election under section 49 or 64 of those Regulations in respect of the series indicates that the financial institution’s percentages for the series are to be determined on a weekly basis, or
(iv) as of the particular day in any other case, or
(b) if no election under section 49 or 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations is in effect in respect of the series throughout the particular reporting period, the positive or negative amount determined by the formula
(A₄ – A₅) × A₆
where
A₄
is the total of
(i) all amounts of tax (other than an amount of tax that is prescribed under any of section 40, paragraphs 55(2)(a) and 63(a) and section 67 of those Regulations) in respect of a supply or importation of property or a service that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 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, to the extent that the property or service was acquired or imported for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations,
(ii) all amounts each of which is tax under subsection 165(1) in respect of a supply (other than a supply to which subparagraph (iii) applies) of property or a service made by a person to the financial institution that would, in the absence of an election made under section 150, have become payable by the financial institution during the particular reporting period, to the extent that the property or service was acquired for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations, and
(iii) 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 (4) 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 this Part, to the extent that the property or service was acquired for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations,
A₅
is the total of
(i) all amounts, each of which is an input tax credit (other than an input tax credit in respect of an amount of tax that is prescribed under any of section 40, paragraphs 55(2)(a) and 63(a) and section 67 of those Regulations) of the financial institution for the particular reporting period or preceding reporting periods of the financial institution in respect of the acquisition or importation of property or a service that is claimed by the financial institution in the return under this Division filed by the financial institution for the particular reporting period, to the extent that the property or service was acquired or imported for consumption, use or supply in the course of the activities relating to the series, as determined under section 51 of those Regulations, and
(ii) all amounts each of which would be an input tax credit of the financial institution for the particular reporting period of the financial institution in respect of property or a service if tax became payable during the particular reporting period in respect of the supply of the property or service and that tax were equal to the amount included for the particular reporting period under subparagraph (ii) or (iii) of the description of A₄ in respect of the supply, and
A₆
is
(i) if an election under section 50 of those Regulations is in effect throughout the particular reporting period, the financial institution’s percentage for the series, for the participating province and for the taxation year, determined for financial institutions of that class in accordance with those Regulations, and
(ii) in any other case, the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with those Regulations;
B
is the tax rate for the participating province;
C
is the rate set out in subsection 165(1);
D
is the total of
(a) all amounts, each of which is an amount of tax (other than an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 and of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations) under subsection 165(2) in respect of a supply made in the participating province to the financial institution, or under section 212.1 that was calculated at the tax rate for the participating province, that
(i) became payable, or was paid without having become payable, during
(A) the particular reporting period, or
(B) any other reporting period of the financial institution that precedes the particular reporting period, provided that
(I) the particular reporting period ends within two years after the end of the financial institution’s fiscal year that includes the other reporting period, and
(II) the financial institution was a selected listed financial institution throughout the other reporting period,
(ii) was not deducted in determining an amount that, under this subsection, is required to be added to or may be deducted from the net tax for any reporting period of the financial institution other than the particular reporting period, and
(iii) is claimed by the financial institution in a return under this Division filed by the financial institution for the particular reporting period, and
(b) 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 (4) applies, equal to tax payable by the other person under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and
E
is the total of all amounts, each of which is a positive or negative amount that is prescribed for the purpose of the description of G of this subsection if this subsection were read without reference to any adaptation made to it under the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.
Marginal note:Adaptation of subsection 225.2(2) of Act — non-stratified plans with real-time
(2) In applying subsection 225.2(2) of the Act for the determination of the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a non-stratified investment plan and throughout which an election under section 49 or 61 is in effect, the formula in that subsection and the descriptions for that formula are adapted as follows:
[A × (B/C)] – D + E
where
A
is the total of all positive or negative amounts, each of which is determined for a particular day in the particular reporting period by the formula
(A₁ – A₂) × A₃
where
A₁
is the total of
(a) all amounts of tax (other than an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations) in respect of a supply or importation of property or service that became payable under any of subsection 165(1) and sections 212, 218 and 218.01 by the financial institution on the particular day or that was paid by the financial institution on the particular day without having become payable,
(b) all amounts each of which is tax under subsection 165(1) in respect of a supply (other than a supply to which paragraph (c) applies) of property or a service made by a person to the financial institution that would, in the absence of an election made under section 150, have become payable by the financial institution on the particular day, and
(c) all amounts each of which is an amount, in respect of a supply made on the particular day of property or a service to which an election made by the financial institution and another person under subsection (4) 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 this Part,
A₂
is the total of
(a) all amounts, each of which is an input tax credit (other than an input tax credit in respect of an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations) of the financial institution for the particular reporting period or preceding reporting periods of the financial institution claimed by the financial institution in the return under this Division filed by the financial institution for the particular reporting period, to the extent that the amount was not included in the determination of A₂ for any other day in the particular reporting period, and
(b) all amounts each of which would be an input tax credit of the financial institution for the particular reporting period of the financial institution in respect of property or a service if tax became payable during the particular reporting period in respect of the supply of the property or service and that tax were equal to the amount included for any day in the particular reporting period under paragraph (b) or (c) of the description of A₁ in respect of the supply, to the extent that the amount was not included in the determination of A₂ for any other day in the particular reporting period, and
A₃
is the financial institution’s percentage for the participating province, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations,
(a) as of the first business day of the calendar quarter that includes the particular day, or any other day of that quarter that the Minister may allow on application by the financial institution, if the election under section 49 or 61 of those Regulations indicates that the financial institution’s percentages are to be determined on a quarterly basis,
(b) as of the first business day of the calendar month that includes the particular day, or any other day of that month that the Minister may allow on application by the financial institution, if the election under section 49 or 61 of those Regulations indicates that the financial institution’s percentages are to be determined on a monthly basis,
(c) as of the first business day of the week that includes the particular day, or any other day of that week that the Minister may allow on application by the financial institution, if the election under section 49 or 61 of those Regulations indicates that the financial institution’s percentages are to be determined on a weekly basis, or
(d) as of the particular day in any other case;
B
is the tax rate for the participating province;
C
is the rate set out in subsection 165(1);
D
is the total of
(a) all amounts, each of which is an amount of tax (other than an amount of tax that is prescribed under any of section 40, paragraph 55(2)(a) and section 67 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations) under subsection 165(2) in respect of a supply made in the participating province to the financial institution, or under section 212.1 that was calculated at the tax rate for the participating province, that
(i) became payable, or was paid without having become payable, during
(A) the particular reporting period, or
(B) any other reporting period of the financial institution that precedes the particular reporting period, provided that
(I) the particular reporting period ends within two years after the end of the financial institution’s fiscal year that includes the other reporting period, and
(II) the financial institution was a selected listed financial institution throughout the other reporting period,
(ii) was not deducted in determining an amount that, under this subsection, is required to be added to or may be deducted from the net tax for any reporting period of the financial institution other than the particular reporting period, and
(iii) is claimed by the financial institution in a return under this Division filed by the financial institution for the particular reporting period, and
(b) 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 (4) applies, equal to tax payable by the other person under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and
E
is the total of all amounts, each of which is a positive or negative amount that is prescribed for the purpose of the description of G of this subsection if this subsection were read without reference to any adaptation made to it under the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.
Marginal note:Adaptation of C in subsection 225.2(2) of Act
(3) If a selected listed financial institution is an investment plan, neither subsection (1) nor (2) applies in respect of a particular reporting period in a fiscal year that ends in a taxation year of the financial institution and no election under section 50 is in effect throughout the fiscal year, in determining the net tax for the particular reporting period, the description of C in the formula in subsection 225.2(2) of the Act is adapted to be read as “is the financial institution’s percentage for the participating province and for the preceding taxation year, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations;”.
Marginal note:Adaptation of subsection 225.2(7) of Act
(4) In determining the net tax for a reporting period in respect of which subsection (1) or (2) applies, the reference in subsection 225.2(7) of the Act to “the description of F in subsection (2)” is adapted to be read as a reference to “the description of D in subsection (2) as adapted by section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”.
Marginal note:Instalment base — investment plan with real-time
(5) If an investment plan is a non-stratified investment plan and an election under section 49 or 61 is in effect throughout a fiscal year of the investment plan or if an investment plan is a stratified investment plan and an election under section 49 or 64 is in effect in respect of every series of the investment plan throughout a fiscal year of the investment plan, subsection 237(1) of the Act is adapted as follows for each reporting period of the investment plan in the fiscal year:
- 237 (1) If the reporting period of a registrant is a fiscal year or a period determined under subsection 248(3), the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to the amount that would be the net tax of the registrant for the fiscal quarter if the fiscal quarter were a reporting period of the registrant.
Marginal note:Instalment base — stratified plan
(6) If an investment plan is a stratified investment plan, if subsection (5) does not apply in respect of a reporting period of the investment plan and if an election under section 50 is in effect throughout the reporting period, the following rules apply:
- (a) the description of A in the formula in subparagraph 237(2)(a)(i) of the Act is adapted for the reporting period to be read as “is the amount that would be the net tax for the particular reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, were read as “is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”, and”; and
- (b) subparagraph 237(2)(a)(ii) of the Act is adapted as follows for the reporting period:
  - (ii) in any other case, the amount that would be the net tax for the particular reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, were read as “is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”, and
Marginal note:Instalment base — other investment plans
(7) If neither subsection (5) nor (6) applies in respect of a reporting period of an investment plan and an election under section 50 is in effect throughout the reporting period, the following rules apply:
- (a) the description of A in the formula in subparagraph 237(2)(a)(i) of the Act is adapted for the reporting period to be read as “is the amount that would be the net tax for the particular reporting period if the description of C in subsection 225.2(2) were read as “is the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”, and”; and
- (b) subparagraph 237(2)(a)(ii) of the Act is adapted as follows for the reporting period:
  - (ii) in any other case, the amount that would be the net tax of the person for the particular reporting period if the description of C in subsection 225.2(2) were read as “is the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”, and
Marginal note:Interim remittance — real-time
(8) If no election under section 50 is in effect throughout a fiscal year of an investment plan, if an election under section 49 or 61 is in effect throughout a fiscal year of a non-stratified investment plan or if an election under section 49 or 64 is in effect in respect of every series of a stratified investment plan throughout a fiscal year of the investment plan, paragraph 228(2.1)(a) of the Act is adapted as follows for each reporting period of the investment plan in the fiscal year:
- (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that is the net tax of the person for the reporting period; and
Marginal note:Interim remittance — stratified plans
(9) If an investment plan is a stratified investment plan and neither subsection (8) nor paragraph 62(b) apply in respect of a reporting period of the investment plan, paragraph 228(2.1)(a) of the Act is adapted as follows for the reporting period:
- (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, were read as “is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations”; and
Marginal note:Interim remittance — other cases
(10) If none of subsections (8) and (9) and paragraph 59(b) apply in respect of a reporting period of an investment plan, paragraph 228(2.1)(a) of the Act is adapted as follows for the reporting period:
- (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of C in subsection 225.2(2) were read as “is the financial institution’s percentage for the participating province and for the preceding taxation year, determined in accordance with the prescribed rules that apply to financial institutions of that class”; and
Marginal note:First fiscal year — instalment base and interim remittance
(11) In respect of each reporting period in a fiscal year of an investment plan, subsections 228(2.2) and 237(5) of the Act do not apply.

SOR/2013-71, s. 2

Marginal note:Election for real-time calculation — stratified plans

49 (1) A stratified investment plan (other than a mortgage investment corporation) that is a selected listed financial institution may make an election in respect of a series of the plan (other than an exchange-traded series) for the purposes of these Regulations and subsection 225.2(2) of the Act, as adapted by subsection 48(1), and that election is to be effective from the first day of a fiscal year of the investment plan.
Marginal note:Election for real-time calculation — non-stratified plans
(2) A non-stratified investment plan (other than an exchange-traded fund or a mortgage investment corporation) that is a selected listed financial institution may make an election in respect of the plan for the purposes of these Regulations and subsection 225.2(2) of the Act, as adapted by subsection 48(2), and that election is to be effective from the first day of a fiscal year of the investment plan.
Marginal note:Restriction
(3) An election made under subsection (1) in respect of a series of an investment plan or under subsection (2) in respect of an investment plan is not to become effective if
- (a) on the day on which the election is to come into effect,
  - (i) an election under subsection 18(1) or section 64 in respect of the series, or an election under subsection 18(2) or section 61 in respect of the investment plan, is in effect, or
  - (ii) an election under section 50 by the investment plan is in effect; or
- (b) on September 30 immediately preceding the day on which the election is to come into effect, less than 90% of the total value of the units of the series or of the investment plan is held by individuals or specified investors in the investment plan.
Marginal note:Form of election
(4) An election made under subsection (1) in respect of a series of an investment plan or under subsection (2) in respect of an investment plan is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the first fiscal year of the investment plan during which the election is to be in effect; and
- (c) indicate whether the investment plan’s percentages, or the investment plan’s percentages for the series, are to be determined on a daily basis, a weekly basis, a monthly basis or a quarterly basis.
Marginal note:Cessation
(5) An election made by a person that is an investment plan under subsection (1) in respect of a series of the investment plan or under subsection (2) in respect of the investment plan ceases to have effect on the earliest of
- (a) if, on a day in a particular fiscal year of the person, subsection 29(3) applies in respect of the series or subsection 31(3) applies in respect of the investment plan, the first day of the fiscal year of the person immediately following the particular fiscal year,
- (b) the first day of the fiscal year of the person in which the person ceases to be an investment plan or a selected listed financial institution or becomes a mortgage investment corporation,
- (c) in the case of an election under subsection (1), the first day of the fiscal year of the person in which the series becomes an exchange-traded series,
- (d) in the case of an election under subsection (2), the first day of the fiscal year of the person in which the person becomes an exchange-traded fund, and
- (e) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(6) An investment plan that has made an election under subsection (1) or (2) may, in prescribed form containing prescribed information, revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective.
Marginal note:Restriction
(7) If a particular election made under subsection (1) or (2) ceases to have effect on a particular day, any subsequent election under subsection (1) or (2) is not a valid election unless the first day of the fiscal year set out in the subsequent election is at least three years after the particular day.

SOR/2013-71, s. 2

Marginal note:Election for reconciliation

50 (1) An investment plan that is a selected listed financial institution may make an election for the purposes of section 48 and subsection 225.2(2) of the Act, as adapted by subsection 48(1), and that election is to be effective from the first day of a fiscal year of the investment plan.
Marginal note:Restriction
(2) An election made under subsection (1) by an investment plan is not to become effective if, on the day on which the election is to come into effect, an election under subsection 49(1) or section 64 in respect of a series of the investment plan, or an election under subsection 49(2) or section 61 in respect of the investment plan, is in effect.
Marginal note:Form of election
(3) An election made under subsection (1) by an investment plan is to
- (a) be made in prescribed form containing prescribed information; and
- (b) set out the first fiscal year of the investment plan during which the election is to be in effect.
Marginal note:Cessation
(4) An election made under subsection (1) by a person that is an investment plan ceases to have effect on the earlier of
- (a) the first day of the fiscal year of the person in which the person ceases to be an investment plan or a selected listed financial institution, and
- (b) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(5) An investment plan that has made an election under subsection (1) may, in prescribed form containing prescribed information, revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective.
Marginal note:Restriction
(6) If a particular election made under subsection (1) ceases to have effect on a particular day, any subsequent election under that subsection is not a valid election unless the first day of the fiscal year set out in the subsequent election is at least three years after the particular day.

SOR/2013-71, s. 2

Allocation of Expenses to a Series

Marginal note:Allocation of expenses to series

51 (1) For the purposes of these Regulations, the New Harmonized Value-added Tax System Regulations, No. 2 and subsection 225.2(2) of the Act, as adapted by subsection 48(1), and subject to subsections (2) and (3), for every property or service that a stratified investment plan acquires, imports or brings into a participating province, the stratified investment plan must determine the extent to which the property or service is acquired, imported or brought in for consumption, use or supply in the course of the activities relating to each series of the stratified investment plan.
Marginal note:Requirement
(2) For every property or service that is acquired, imported or brought into a participating province by a stratified investment plan, the total of all amounts, each of which is an extent, expressed as a percentage, in respect of the property or service determined in accordance with this section, must equal 100%.
Marginal note:Method of allocating expenses
(3) The methods used by a stratified investment plan to determine the extent to which properties or services are acquired, imported or brought into a participating province for consumption, use or supply in the course of the activities relating to each of its series must be fair and reasonable and must be used consistently throughout a fiscal year of the stratified investment plan.

SOR/2013-71, s. 2

Information Sharing

Marginal note:Definitions

52 (1) The definitions in this subsection apply in this section.
affiliated group
affiliated group means a group of investment plans, each member of which is affiliated with each other member of the group. (groupe affilié)
qualifying investor
qualifying investor, in a particular investment plan for a calendar year, means a person that is an investment plan and a selected investor in the particular investment plan for the calendar year and that
- (a) is neither a qualifying small investment plan for the purposes of Part 1 for the fiscal year of the person that includes September 30 of the calendar year nor an investment plan in respect of which section 13 applies throughout that fiscal year;
- (b) is a selected listed financial institution throughout the fiscal year referred to in paragraph (a); or
- (c) is a member of an affiliated group,
  - (i) the members of which together hold units of the particular investment plan with a total value of $10,000,000 or more as of September 30 of the calendar year, or
  - (ii) any member of which is a selected listed financial institution throughout the fiscal year of the member that includes September 30 of the calendar year. (investisseur admissible)
selected investor
selected investor, in a particular investment plan for a calendar year, means a person (other than an individual or a distributed investment plan) that is resident in Canada and that meets the following criteria:
- (a) if the person is an investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000 as of September 30 of the calendar year; and
- (b) in any other case, as of September 30 of the calendar year,
  - (i) if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, and
  - (ii) if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000. (investisseur désigné)
selected non-stratified investment plan
selected non-stratified investment plan means a non-stratified investment plan that is a selected listed financial institution and not an exchange-traded fund. (régime de placement non-stratifié désigné)
selected stratified investment plan
selected stratified investment plan means a stratified investment plan that is a selected listed financial institution. (régime de placement stratifié désigné)
Marginal note:Affiliated persons
(2) For the purposes of this section, persons affiliated with each other are
- (a) pension entities of the same pension plan;
- (b) trusts governed by the same deferred profit sharing plan, employee benefit plan, registered supplementary unemployment benefit plan, employees profit sharing plan, retirement compensation arrangement or employee trust;
- (c) employee life and health trusts established for the same employees; or
- (d) related persons.
Marginal note:Production of investor percentage — non-stratified investment plan
(3) Every person (other than an individual) that holds units of a selected non-stratified investment plan and that is not a specified investor in the investment plan must, if the investment plan makes a written request during a calendar year, provide to the investment plan the person’s investor percentage for each participating province as of September 30 of that calendar year and the number of units held on that day by the person in the investment plan on or before the particular day that is the later of
- (a) November 15 of that calendar year, and
- (b) the day that is 45 days after the day on which the person receives the request.
Marginal note:Production of investor percentage — stratified investment plans
(4) Every person (other than an individual) that holds units of a series (other than an exchange-traded series) of a selected stratified investment plan and that is not a specified investor in the investment plan must, if the investment plan makes a written request during a calendar year, provide to the investment plan the person’s investor percentage for each participating province as of September 30 of that calendar year and the number of units held on that day by the person in each series (other than an exchange-traded series) of the investment plan on or before the particular day that is the later of
- (a) November 15 of that calendar year, and
- (b) the day that is 45 days after the day on which the person receives the request.
Marginal note:Production of address — non-stratified investment plans
(5) Every person that holds units of a selected non-stratified investment plan and that is a selected investor in the investment plan for a calendar year must, if the investment plan makes a written request during the calendar year, provide to the investment plan the person’s address that determines in accordance with section 5 the province in which the person is resident on September 30 of that calendar year and the number of units held on that day by the person in the investment plan on or before the particular day that is the later of
- (a) November 15 of that calendar year, and
- (b) the day that is 45 days after the day on which the person receives the request.
Marginal note:Production of address — stratified investment plan
(6) Every person that holds units of a series (other than an exchange-traded series) of a selected stratified investment plan and that is a selected investor in the investment plan for a calendar year must, if the investment plan makes a written request during the calendar year, provide to the investment plan the person’s address that determines in accordance with section 5 the province in which the person is resident on September 30 of that calendar year and the number of units held on that day by the person in each series (other than an exchange-traded series) of the investment plan on or before the particular day that is the later of
- (a) November 15 of that calendar year, and
- (b) the day that is 45 days after the day on which the person receives the request.
Marginal note:Non-application of subsections (5) and (6)
(7) A person is not required to provide the information described in subsection (5) or (6) to an investment plan if the person
- (a) is a qualifying investor in the investment plan for the calendar year; and
- (b) provides the information described in subsection (9) or (10), as applicable, to the investment plan on or before November 15 of the calendar year.
Marginal note:Production of address — securities dealers
(8) Every person that sells or distributes units of a selected non-stratified investment plan or that sells or distributes units of a series (other than an exchange-traded series) of a selected stratified investment plan must, if the investment plan makes a written request during a calendar year, provide, for each participating province, the number of units of the investment plan, in the case of a non-stratified investment plan, or the number of units of each series (other than an exchange-traded series) of the investment plan, in the case of a stratified investment plan, held by clients of the person resident in the participating province on September 30 of that calendar year and the number of units of the investment plan, in the case of a non-stratified investment plan, or the number of units of each series (other than an exchange-traded series) of the investment plan, in the case of a stratified investment plan, held by clients of the person resident in Canada on that day, on or before the particular day that is the later of
- (a) November 15 of that calendar year, and
- (b) the day that is 45 days after the day on which the person receives the request.
Marginal note:Qualifying investor status — non-stratified investment plans
(9) Every person that holds units of a selected non-stratified investment plan and that is a qualifying investor in the investment plan for a calendar year must provide to the investment plan, on or before November 15 of the calendar year,
- (a) notice that the person is a qualifying investor in the investment plan for the calendar year;
- (b) the number of units held on September 30 of the calendar year by the person in the investment plan; and
- (c) the person’s investor percentage for each participating province as of September 30 of the calendar year.
Marginal note:Qualifying investor status — stratified investment plans
(10) Every person that holds units of a series (other than an exchange-traded series) of a selected stratified investment plan and that is a qualifying investor in the investment plan for a calendar year must provide to the investment plan, on or before November 15 of the calendar year,
- (a) notice that the person is a qualifying investor in the investment plan for the calendar year;
- (b) the number of units held on September 30 of the calendar year by the person in each series (other than an exchange-traded series) of the investment plan; and
- (c) the person’s investor percentage for each participating province as of September 30 of the calendar year.
Marginal note:Use of information
(11) A distributed investment plan that obtains any information in respect of a person in accordance with any of subsections (3) to (6) and (8) to (10) must not knowingly use, communicate, or allow to be used or communicated, otherwise than as required or authorized under the Act, these Regulations or any other regulation made under the Act, the information without the written consent of that person.
Marginal note:Penalty — failure to provide information
(12) Every person that fails to provide, on request made by a distributed investment plan under any of subsections (3) to (6) and (8), the information described in that subsection to the investment plan on or before the particular day described in that subsection, or that misstates such information to the investment plan, is liable to a penalty, for each such failure, equal to the lesser of $10,000 and 0.01% of the total value, on September 30 of the calendar year set out in the request, of the units of the investment plan in respect of which that person was required to provide information to the investment plan in accordance with that subsection.
Marginal note:Penalty — failure to provide notice
(13) Every person that is required by subsection (9) or (10) to provide the information described in that subsection to a distributed investment plan on or before November 15 of a calendar year and that fails to do so is liable to a penalty, for each such failure, equal to the lesser of $10,000 and 0.01% of the total value, on September 30 of that calendar year, of the units of the distributed investment plan held by the person on that day.

SOR/2013-71, s. 2

Reporting Elections

Marginal note:Reporting entity election

53 (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to have the manager file the returns of the investment plan under Division V of Part IX of the Act.
Marginal note:Effect of election
(2) Despite section 238 of the Act, if an election made by a manager and an investment plan under subsection (1) is in effect on the particular day on or before which an interim or final return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed, the return must be filed with the Minister by the manager and the investment plan is not required to file the return.
Marginal note:Form and filing of election
(3) An election made under subsection (1) by a manager and an investment plan is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the day on which the election is to come into effect; and
- (c) be filed with the Minister in prescribed manner before that day or any later day that the Minister may allow.
Marginal note:Cessation
(4) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of
- (a) the day on which the particular person ceases to be the manager of the other person,
- (b) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the other person in which the other person ceases to be an investment plan,
- (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the other person throughout which the other person is a selected listed financial institution, and
- (d) the day on which a revocation of the election becomes effective.
Marginal note:Investment plan ceasing to exist
(5) If an election made under subsection (1) by an investment plan and the manager of the investment plan is in effect immediately before the time at which the investment plan ceases to exist, the following returns must be filed with the Minister by the manager:
- (a) the interim return under Division V of Part IX of the Act for the last reporting period of the investment plan; and
- (b) the final returns under Division V of Part IX of the Act for the reporting periods of the investment plan that are included in the last fiscal year of the investment plan.
Marginal note:Revocation
(6) An investment plan that has made an election under subsection (1) may revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.
Marginal note:Revocation — restriction
(7) A revocation made by an investment plan under subsection (6) of a joint election is effective only if the investment plan notifies, before the day on which the revocation is to come into effect, the manager that made the joint election.
Marginal note:Joint and several liability
(8) If an election made under subsection (1) by a manager and an investment plan is in effect on the particular day on or before which a return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed or if a manager of an investment plan files a return under Division V of Part IX of the Act for a reporting period of the investment plan on a day on which an election made under subsection (1) by the manager and the investment plan is in effect, the manager and the investment plan are jointly and severally, or solidarily, liable for
- (a) the net tax for the reporting period; and
- (b) any interest or penalties in respect of the net tax for the reporting period or in respect of the return.

SOR/2013-71, s. 2

Marginal note:Consolidated filing election

54 (1) A manager and any two or more investment plans with which the manager has jointly made an election under subsection 53(1) may jointly elect to file the returns of those investment plans on a consolidated basis.
Marginal note:Addition of investment plan
(2) If a particular investment plan has made a joint election under subsection 53(1) with the manager of the particular investment plan and the manager has made a particular joint election under subsection (1) with two or more other investment plans, the particular investment plan and the manager may jointly elect to include the particular investment plan in the particular joint election.
Marginal note:Withdrawal from election
(3) If a joint election under subsection (1) is in effect between a manager and two or more investment plans, one of those investment plans may elect to withdraw from the joint election.
Marginal note:Deemed withdrawal from election
(4) If a joint election under subsection (1) is in effect between a manager, a particular investment plan and one or more other investment plans, the particular investment plan is deemed to have withdrawn from the joint election effective on the earliest of
- (a) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the particular investment plan immediately before the first reporting period in a fiscal year of the particular investment plan that does not coincide with the reporting periods of the other investment plans, if those reporting periods do not coincide for a reason other than the application of subsection 244.1(2) of the Act in respect of the fiscal year,
- (b) the day on which the manager ceases to be the manager of the particular investment plan,
- (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the particular investment plan in which the particular investment plan ceases to be an investment plan, and
- (d) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the particular investment plan throughout which the particular investment plan is a selected listed financial institution.
Marginal note:Restriction
(5) A joint election under subsection (1) by two or more investment plans and a manager that is to come into effect on a particular day in a fiscal year of one of those investment plans may only be made if the end of the respective reporting periods of those investment plans in the fiscal year of each of those investment plans are reasonably expected to coincide with each other.
Marginal note:Restriction
(6) An election under subsection (2) by a particular investment plan and a manager to include the particular investment plan in a joint election made by the manager and two or more other investment plans that is to come into effect on a particular day in a fiscal year of the particular investment plan may only be made if the end of the respective reporting periods of the particular investment plan and of the other investment plans in the fiscal year of each of those investment plans are reasonably expected to coincide with each other.
Marginal note:Restriction
(7) A particular election under subsection (3) by a particular investment plan to withdraw from a joint election made by a manager, the particular investment plan and one or more other investment plans may only come into effect on or after the particular day on which the manager and the other investment plans are notified of the particular election by the particular investment plan.
Marginal note:Effect of election
(8) Despite section 238 of the Act, if an election made by two or more investment plans and a manager under subsection (1) is in effect on the particular day on or before which the interim or final returns under Division V of Part IX of the Act for a reporting period of those investment plans would be required to be filed in the absence of this subsection, the manager must file in prescribed manner with the Minister on or before that day a single joint interim or final return, as the case may be, for the reporting period in prescribed form containing prescribed information on behalf of those investment plans and those investment plans are each not required to file their respective return under that Division for the reporting period.
Marginal note:Effect of election
(9) For the purposes of this section and section 56, if an election was made by a particular investment plan and a manager under subsection (2) to join, as of a particular day, a particular election made by the manager and two or more other investment plans under subsection (1), the following rules apply:
- (a) the particular election ceases to have effect on the particular day; and
- (b) an election is deemed to have been made under subsection (1) by the manager, the particular investment plan and the other investment plans and that election is deemed to have come into effect on the particular day.
Marginal note:Effect of withdrawal
(10) For the purposes of this section and section 56, if a particular investment plan withdraws from, as of a particular day and under subsection (3) or (4), a particular joint election made under subsection (1) by the particular investment plan, a manager and one or more other investment plans, the following rules apply:
- (a) the particular joint election ceases to have effect on the particular day; and
- (b) if the particular joint election was made by the particular investment plan, the manager and two or more other investment plans, an election is deemed to have been made under subsection (1) by the manager and those other investment plans and that election is deemed to have come into effect on the particular day.
Marginal note:Investment plan ceasing to exist
(11) If a joint election made under subsection (1) by a manager, a particular investment plan and one or more other investment plans is in effect immediately before the particular time at which the particular investment plan ceases to exist, the following rules apply:
- (a) if the joint election was made by the particular investment plan, the manager and one other investment plan, the joint election ceases to have effect on the day that includes the particular time; and
- (b) in any other case,
  - (i) if a joint election made under subsection (1) by the manager and two or more of the other investment plans is in effect on the day on or before which a single joint interim return is required to be filed under subsection (8) for the particular reporting period of those other investment plans that begins on the same day as the last reporting period of the particular investment plan, the joint interim return must include prescribed information concerning the last reporting period of the particular investment plan, and
  - (ii) if a joint election made under subsection (1) by the manager and two or more of the other investment plans is in effect on the day on or before which a single joint final return is required to be filed under subsection (8) for a particular reporting period of those other investment plans that is included in the fiscal year of those other investment plans that begins on the same day as the last fiscal year of the particular investment plan, the joint final return must include prescribed information concerning the reporting period of the particular investment plan that begins on the same day as the particular reporting period.
Marginal note:Form and filing of elections
(12) An election made under any of subsections (1) to (3) is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the day on which the election is to come into effect; and
- (c) be filed with the Minister in prescribed manner before that day or any later day that the Minister may allow.
Marginal note:Cessation
(13) An election made under subsection (1) made by a person ceases to have effect on the earliest of
- (a) the day the election ceases to have effect under paragraph (9)(a), (10)(a) or (11)(a), and
- (b) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(14) The investment plans that have jointly made an election under subsection (1) may jointly revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.
Marginal note:Revocation — restriction
(15) A revocation made by two or more investment plans under subsection (14) of a joint election is effective only if one of those investment plans notifies, before the day on which the revocation is to come into effect, the manager that made the joint election.
Marginal note:Joint and several liability
(16) If an election made under subsection (1) by a manager and two or more investment plans is in effect on the day on or before which the returns under Division V of Part IX of the Act for the reporting periods of those investment plans would be required to be filed in the absence of subsection (8) or if a manager of two or more investment plans files a joint return referred to in subsection (8) for the reporting periods of those investment plans on a day on which an election made under subsection (1) by the manager and those investment plans is in effect, the manager and those investment plans are jointly and severally, or solidarily, liable for
- (a) the net tax and interim net tax for those reporting periods; and
- (b) any interest or penalties in respect of the net tax or interim net tax for those reporting periods or in respect of the joint returns referred to in subsection (8).

SOR/2013-71, s. 2

Marginal note:Tax adjustment transfer election

55 (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to transfer, in accordance with subsection (2), the investment plan’s adjustments to net tax under subsection 225.2(2) of the Act to the manager.
Marginal note:Effect of election
(2) If a manager has made joint elections with one or more investment plans (each of which is referred to in this subsection as a “qualifying investment plan”) under subsection (1) that are in effect at any time in a particular reporting period of the manager (in this subsection referred to as the “manager’s reporting period”), the following rules apply:
- (a) for each qualifying investment plan, any amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of A, and any amount of tax under any of subsection 165(2) and sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of F in subsection 225.2(2) of the Act, if the amount of tax
  - (i) is in respect of a supply made by the manager to the qualifying investment plan, and
  - (ii) became payable by the qualifying investment plan or was paid by the qualifying investment plan without having become payable at a particular time that is
    - (A) during the manager’s reporting period,
    - (B) at a time when an election under subsection (1) is in effect between the qualifying investment plan and the manager, and
    - (C) at a time when no election under subsection 53(1) is in effect between the manager and the qualifying investment plan;
- (b) for each qualifying investment plan,
  - (i) if an election under subsection (1) and an election under subsection 53(1) are both in effect between the qualifying investment plan and the manager throughout the reporting period (referred to in this subsection as the “real reporting period”) of the qualifying investment plan in which the manager’s reporting period ends, subsection 225.2(2) of the Act does not apply for the purpose of determining the net tax of the qualifying investment plan for the real reporting period, and
  - (ii) if subparagraph (i) does not apply and an election under subsection 53(1) is in effect at any time in the real reporting period, the positive or negative amount determined by the following formula is a prescribed amount for the purpose of the description of G in subsection 225.2(2) of the Act for the real reporting period
    –1 × A
    where
    A
    is
    (A) if the manager is a selected listed financial institution throughout the manager’s reporting period, the amount determined under paragraph (c) and subsection (3) in respect of the manager’s reporting period, and
    (B) in any other case, the amount determined under subsection 225.2(2) of the Act, as adapted by paragraph (d), in respect of the manager’s reporting period;
- (c) if the manager is a selected listed financial institution throughout the manager’s reporting period, the total of all particular amounts is a prescribed amount for the manager’s reporting period for the purpose of the description of G in subsection 225.2(2) of the Act, each of those particular amounts being the positive amount that a qualifying investment plan would be required to add, or the negative amount (in subsection (3) referred to as the “negative adjustment amount”) that the qualifying investment plan would be able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a particular reporting period of the qualifying investment plan if
  - (i) the beginning of the particular reporting period coincided with the later of the beginning of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection (1) between the manager and the qualifying investment plan becomes effective,
  - (ii) the end of the particular reporting period coincided with the earlier of the end of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection (1) between the manager and the qualifying investment plan ceases to have effect,
  - (iii) paragraphs (a) and (b) did not apply in respect of the particular reporting period, and
  - (iv) if, at any time in the particular reporting period, no election under subsection 53(1) is in effect between the manager and the qualifying investment plan, an amount of tax that became payable by the qualifying investment plan, or that was paid by the qualifying investment plan without having become payable, at that time is included in determining that positive or negative amount only if the amount of tax is in respect of a supply made by the manager to the qualifying investment plan; and
- (d) if the manager is not a selected listed financial institution throughout the manager’s reporting period, subsection 225.2(2) of the Act is adapted in respect of the manager’s reporting period as follows:
  - (2) In determining the net tax for a reporting period of a manager (in this subsection referred to as the “manager’s reporting period”) that has made joint elections with one or more investment plans (each of which is referred to in this subsection as a “qualifying investment plan”) under subsection 55(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations that are in effect at any time in the manager’s reporting period, the manager shall add all positive amounts, and may, if the manager has paid or credited the negative amount to the qualifying investment plan, deduct any such negative amounts, each of which is the positive amount that a qualifying investment plan would be required to add, or the negative amount that the qualifying investment plan would be able to deduct, in determining its net tax under this subsection, having regard to any applicable adaptations to this subsection made under those Regulations, for a particular reporting period of the qualifying investment plan if
    (a) the beginning of the particular reporting period coincided with the later of the beginning of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection 55(1) of those Regulations between the manager and the qualifying investment plan becomes effective;
    (b) the end of the particular reporting period coincided with the earlier of the end of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection 55(1) of those Regulations between the manager and the qualifying investment plan ceases to have effect;
    (c) paragraphs 55(2)(a) and (b) of those Regulations did not apply in respect of the particular reporting period; and
    (d) if at any time in the particular reporting period of the qualifying investment plan no election under subsection 53(1) of those Regulations is in effect between the manager and the qualifying investment plan, an amount of tax that became payable by the qualifying investment plan, or that was paid by the qualifying investment plan without having become payable, at that time is included in determining the positive or negative amount only if the amount of tax is in respect of a supply made by the manager to the qualifying investment plan.
Marginal note:Restriction
(3) Despite paragraph (2)(c), a negative adjustment amount in respect of an investment plan is not to be included in determining, in accordance with that paragraph, a prescribed amount in respect of a reporting period of a manager for the purpose of the description of G in subsection 225.2(2) of the Act unless the manager has paid or credited the negative adjustment amount to the investment plan.
Marginal note:Form and filing of election
(4) An election made under subsection (1) by a manager and an investment plan is to
- (a) be made in prescribed form containing prescribed information;
- (b) set out the first day on which the election is to be in effect; and
- (c) be filed with the Minister in prescribed manner before that first day or any later day that the Minister may allow.
Marginal note:Cessation
(5) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of
- (a) the day on which the particular person ceases to be the manager of the other person,
- (b) the day on which the other person ceases to be an investment plan or a selected listed financial institution, and
- (c) the day on which a revocation of the election becomes effective.
Marginal note:Revocation
(6) If a manager and an investment plan have jointly made an election under subsection (1), the manager or the investment plan may revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow.
Marginal note:Revocation — restriction
(7) A revocation made by a person under subsection (6) of a joint election is effective only if the person notifies, before the day on which the revocation is to come into effect, the other person that made the joint election.
Marginal note:Joint and several liability
(8) If an election made under subsection (1) by a manager and an investment plan is in effect at any time in a reporting period of the manager, the manager and the investment plan are jointly and severally, or solidarily, liable for the net tax for the reporting period and any interest or penalties in respect of that net tax.

SOR/2013-71, s. 2

Marginal note:Requirement to register

56 (1) If a selected listed financial institution makes an election under either of sections 53 and 55 that comes into effect on a particular day and no election made by the financial institution under subsection 54(1) is in effect on the particular day,
- (a) for the purposes of subsection 240(1.2) of the Act, the financial institution is a prescribed financial institution; and
- (b) for the purposes of paragraph 240(2.1)(a.1) of the Act, the prescribed day is the particular day.
Marginal note:Requirement to register
(2) If, under any of subsection 54(3), (4) and (14), a selected listed financial institution withdraws from or revokes an election made under subsection 54(1) by the financial institution and an election made by the financial institution under either of sections 53 and 55 is in effect on the particular day that the withdrawal or revocation comes into effect,
- (a) for the purposes of subsection 240(1.2) of the Act, the financial institution is a prescribed financial institution; and
- (b) for the purposes of paragraph 240(2.1)(a.1) of the Act, the prescribed day is the particular day.
Marginal note:Requirement to register as a group
(3) If two or more selected listed financial institutions and a manager of those financial institutions have jointly made an election under subsection 54(1) that comes into effect on a particular day,
- (a) for the purposes of subsection 240(1.3) of the Act, those financial institutions are a prescribed group;
- (b) for the purposes of subsection 240(1.3)(b) of the Act, the manager is a person that is prescribed in respect of the prescribed group referred to in paragraph (a) and the prescribed day is the day that is 30 days after the particular day;
- (c) for the purposes of subsection 242(1.2) of the Act, a prescribed circumstance is
  - (i) the cessation of the joint election under paragraph 54(10)(a) on a particular day, if no election by the manager and two or more of those financial institutions under subsection 54(1) is deemed to come into effect on the particular day under paragraph 54(10)(b), or
  - (ii) the cessation of the joint election under paragraph 54(11)(a) or (13)(b); and
- (d) for the purposes of subsection 242(1.4) of the Act, a prescribed circumstance in respect of one of those financial institutions is the withdrawal of the financial institution from the joint election under subsection 54(3) or (4).

SOR/2013-71, s. 2

New Investment Plans

Marginal note:First fiscal year — deemed fiscal and taxation years

57 For the purposes of these Regulations and for the purposes of subsection 225.2(2) and sections 228 and 237 of the Act, as adapted by these Regulations, if, in the absence of this section, a particular fiscal year is the first fiscal year of an investment plan that is a selected listed financial institution, the following rules apply:

(a) the investment plan is deemed to have
- (i) another fiscal year that immediately precedes the particular fiscal year, and
- (ii) another taxation year that immediately precedes the taxation year of the investment plan in which the particular fiscal year ends; and
(b) the other fiscal year referred to in subparagraph (a)(i) is deemed to end in the other taxation year referred to in subparagraph (a)(ii).

SOR/2013-71, s. 2

Marginal note:New non-stratified investment plan — attribution point

58 (1) Despite the meaning of attribution point as set out in subsections 16(1) and 18(3), if units of a non-stratified investment plan are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan and, immediately before the issuance, distribution or offering for sale, no units of the investment plan are issued and outstanding, for the purposes of Part 2 and this Part the following rules apply:
- (a) attribution point in respect of the investment plan for the taxation year of the investment plan that precedes the particular taxation year means the day that is the earlier of
  - (i) the day that is
    - (A) one of the following days, as determined by the investment plan:
      - (I) the particular day that is 91 days after the first day (referred to in this clause as the “issuance date”) in the particular fiscal year on which units of the investment plan are issued and before which no units of the investment plan are issued and outstanding,
      - (II) the last business day in the calendar month that includes the particular day described in subclause (I),
      - (III) the particular day that is 91 days after the earlier of
        1 the first day after the issuance date on which units of the investment plan are distributed or offered for sale, and
        2 the day that is 60 days after the issuance date, and
      - (IV) the last business day of the calendar month that includes the particular day described in subclause (III), or
    - (B) in the absence of a determination under clause (A) by the investment plan, the particular day described in subclause (A)(I), and
  - (ii) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs; and
- (b) attribution point in respect of the investment plan for the particular taxation year means the particular day that is the attribution point in respect of the investment plan for the taxation year of the investment plan that precedes the particular taxation year, as determined in accordance with paragraph (a), if the particular day is after September 30 of the calendar year in which the particular fiscal year ends.
Marginal note:New series — attribution point
(2) Despite the meaning of attribution point as set out in subsections 16(1) and 18(3), if units of a series of an investment plan are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan and, immediately before the issuance, distribution or offering for sale, no units of the series are issued and outstanding, for the purposes of Part 2 and this Part the following rules apply:
- (a) attribution point in respect of the series for the taxation year of the investment plan that precedes the particular taxation year means the day that is the earlier of
  - (i) the day that is
    - (A) one of the following days, as determined by the investment plan:
      - (I) the particular day that is 91 days after the first day (referred to in this clause as the “issuance date”) in the particular fiscal year on which units of the series are issued and before which no units of the series are issued and outstanding,
      - (II) the last business day in the calendar month that includes the particular day described in subclause (I),
      - (III) the particular day that is 91 days after the earlier of
        1 the first day after the issuance date on which units of the series are distributed or offered for sale, and
        2 the day that is 60 days after the issuance date, and
      - (IV) the last business day of the calendar month that includes the particular day described in subclause (III), or
    - (B) in the absence of a determination under clause (A) by the investment plan, the particular day described in subclause (A)(I), and
  - (ii) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs; and
- (b) attribution point in respect of the series for the particular taxation year means the particular day that is the attribution point in respect of the series for the taxation year of the investment plan that precedes the particular taxation year, as determined in accordance with paragraph (a), if the particular day is after September 30 of the calendar year in which the particular fiscal year ends.

SOR/2013-71, s. 2

Marginal note:New non-stratified investment plan — reconciliation method

59 If units of a non-stratified investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under section 49, 60 or 61 in respect of the investment plan and the particular fiscal year, the following rules apply:

(a) for the purposes of this section,
- (i) the preceding taxation year is the taxation year of the investment plan preceding the particular taxation year, and
- (ii) the reconciliation day is the day that is the earlier of
  - (A) the day that is 30 days after the attribution point in respect of the investment plan for the preceding taxation year, and
  - (B) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs;
(b) for each reporting period of the investment plan that precedes the reporting period of the investment plan that includes the reconciliation day, paragraph 228(2.1)(a) of the Act is adapted as follows:
- (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is an estimate of the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution”; and
(c) for each fiscal quarter of the investment plan that precedes the fiscal quarter of the investment plan that includes the reconciliation day, subsection 237(1) of the Act is adapted as follows:
- 237 (1) Where the reporting period of a registrant is a fiscal year, the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to 1/4 of the amount that would be the net tax for the reporting period if the description of C in the formula in subsection 225.2(2) were read as “is an estimate of the financial institution’s percentage for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution”.
(d) if the reconciliation day is not included in the particular fiscal year,
- (i) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the preceding taxation year is equal to whichever of the following is applicable:
  - (A) the estimate of that percentage that was used for the purposes of paragraph 228(2.1)(a) of the Act, as adapted by paragraph (b), in determining the interim net tax for the reporting periods of the investment plan that are included in the particular fiscal year, or
  - (B) the estimate of that percentage that was used for the purposes of subsection 237(1) of the Act, as adapted by paragraph (c), in determining the instalments for the fiscal quarters of the investment plan ending in the particular fiscal year,
- (ii) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends is equal to
  - (A) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the participating province and for the preceding taxation year, or
  - (B) if no election under section 50 is in effect throughout the particular fiscal year, the percentage that would be the investment plan’s particular percentage for the participating province and for the preceding taxation year if the particular percentage were determined in accordance with the rules set out in
    - (I) paragraph 60.1(b), if the investment plan has elected in prescribed form containing prescribed information to have that paragraph apply, or
    - (II) paragraph 60.1(c), in any other case, and
- (iii) for the purposes of the description of G in subsection 225.2(2) of the Act, for the reporting period of the investment plan that includes the reconciliation day, the positive or negative amount determined by the following formula is a prescribed amount:
  A – B
  where
  A
  is the total of all amounts, each of which is an amount that would be the net tax for a reporting period of the investment plan that is included in the particular fiscal year if
  (A) when no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the preceding taxation year were determined in accordance with the rules set out in section 60.1, and
  (B) when an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for a participating province and for the taxation year in which the particular fiscal year ends were determined in accordance with the rules set out in section 60.1, and
  B
  is the total of all amounts, each of which is the net tax for a reporting period of the investment plan that is included in the particular fiscal year.

SOR/2013-71, s. 2
SOR/2013-197, s. 4

Marginal note:New non-stratified investment plan — elected method

60 If units of a non-stratified investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under section 49 or 61 in respect of the investment plan and in respect of the particular fiscal year, the investment plan may elect in prescribed form containing prescribed information to have the following rules apply:

(a) for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act, any amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that became payable by the investment plan on or before the attribution point (referred to in this section as the “first attribution point”) in respect of the investment plan for the taxation year (in this subsection referred to as the “preceding taxation year”) immediately preceding the particular taxation year or that was paid by the investment plan on or before the first attribution point without having become payable is a prescribed amount of tax; and
(b) for the purposes of the description of G in subsection 225.2(2) of the Act, for each reporting period in the particular fiscal year that ends after the first attribution point and for each reporting period in the fiscal year of the investment plan that follows the particular fiscal year, the amount determined, for each participating province, by the following formula is a prescribed amount:
[(A – B)/C] × D × (E/F)
where
A
is the total of all amounts of tax prescribed for the purposes of paragraph (a),
B
is the total of all input tax credits of the investment plan that are in respect of an amount of tax prescribed for the purposes of paragraph (a),
C
is the total of
- (i) the total number of reporting periods in the particular fiscal year that end after the first attribution point, and
- (ii) the total number of reporting periods in the fiscal year of the investment plan that immediately follows the particular fiscal year,
D
is
- (i) if no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the participating province and for the preceding taxation year, and
- (ii) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the participating province and for the particular taxation year,
E
is the tax rate for the participating province, and
F
is the rate set out in subsection 165(1) of the Act.

SOR/2013-71, s. 2

Marginal note:New non-stratified investment plan — percentage

60.1 If units of a non-stratified investment plan that is a selected listed financial institution and not an exchange-traded fund are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding, if no election is in effect under section 49 or 61 in respect of the investment plan throughout the particular fiscal year and if paragraph 59(d) does not apply to the investment plan, the following rules apply:

(a) for the purposes of this section,
- (i) the particular attribution point is the attribution point in respect of the investment plan for the taxation year of the investment plan that precedes the particular taxation year (in this section referred to as the “preceding taxation year”), and
- (ii) the particular calendar year is the calendar year that includes the particular attribution point;
(b) if the investment plan has elected in prescribed form containing prescribed information to have this paragraph apply, subsections 32(1) and (2) apply for the purpose of determining the investment plan’s percentage for a participating province and for the preceding taxation year, except that the description of C in paragraph 32(1)(a) and the description of C in paragraph 32(1)(b) are each to be read without reference to subparagraph (ii);
(c) if paragraph (b) does not apply,
- (i) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for the preceding taxation year and for any one participating province (in this paragraph referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year is the percentage determined by the formula
  (A/B) + (C × A/D) + [(1 – C) – (D/B)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is resident in the selected province on the particular attribution point,
  B
  is the total value, on the particular attribution point, of the units of the investment plan other than units held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is not resident in Canada on the particular attribution point,
  C
  is the lesser of 0.1 and the amount determined by the formula
  C₁/C₂
  where
  C₁
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person in respect of which the investment plan does not know, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point or, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point, and
  C₂
  is the amount determined for B, and
  D
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person resident in Canada on the particular attribution point and in respect of which the investment plan knows, on December 31 of the particular calendar year, the province in which the person is resident on the particular attribution point,
- (ii) for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for the preceding taxation year and for a participating province (other than the selected province) in which the investment plan has a permanent establishment in the particular taxation year is the percentage determined by the formula
  (A/B) + (C × A/D)
  where
  A
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is resident in the participating province on the particular attribution point,
  B
  is the total value, on the particular attribution point, of the units of the investment plan other than units held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is not resident in Canada on the particular attribution point,
  C
  is the lesser of 0.1 and the amount determined by the formula
  C₁/C₂
  where
  C₁
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person in respect of which the investment plan does not know, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point or, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point, and
  C₂
  is the amount determined for B, and
  D
  is the total of all amounts, each of which is the total value of the units of the investment plan held, on the particular attribution point, by a person resident in Canada on the particular attribution point and in respect of which the investment plan knows, on December 31 of the particular calendar year, the province in which the person is resident on the particular attribution point, and
- (iii) for the purposes of subparagraphs (i) and (ii), if, for the particular attribution point, the total of all amounts — each of which is the total value of the particular units of the investment plan held on the particular attribution point by a person in respect of which the investment plan knows, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point and knows, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point — is less than 50% of the total value of the units of the investment plan on the particular attribution point,
  - (A) the units of the investment plan, other than the particular units, are deemed to be held on the particular attribution point by a particular person and not by any other person,
  - (B) the particular person is deemed to be resident on the particular attribution point in Canada and in the selected province referred to in subparagraph (i) for the preceding taxation year, and
  - (C) the investment plan is deemed to know on December 31 of the particular calendar year that the particular person is, on the particular attribution point, resident in Canada and in the selected province; and
(d) if the particular attribution point is after September 30 of the calendar year in which the particular fiscal year ends, for the purposes of these Regulations and the description of C in subsection 225.2(2) of the Act and despite sections 19 and 32, the investment plan’s percentage for a participating province and for the particular taxation year is equal to the investment plan’s percentage for the participating province and for the preceding taxation year.

SOR/2013-197, s. 5

Marginal note:New non-stratified investment plan — modified real-time election

61 If units of a non-stratified investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a fiscal year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under section 49 or 60 in respect of the investment plan and in respect of the fiscal year, then the investment plan may elect in prescribed form containing prescribed information to have subsection 31(4) apply in respect of the fiscal year. The election is to indicate whether the investment plan’s percentages are to be determined by using investor percentages and whether the investment plan’s percentages are to be determined on a daily basis, a weekly basis, a monthly basis or a quarterly basis .

SOR/2013-71, s. 2

Marginal note:New series — reconciliation method

62 If units of a series of an investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding and if no election is in effect under section 49, 63 or 64 in respect of the series and the particular fiscal year, the following rules apply:

(a) for the purposes of this section,
- (i) the preceding taxation year is the taxation year of the investment plan preceding the particular taxation year, and
- (ii) the reconciliation day is the day that is the earlier of
  - (A) the day that is 30 days after the attribution point in respect of the series for the preceding taxation year, and
  - (B) the day preceding the day on which a plan merger of the investment plan and one or more other investment plans first occurs;
(b) for each reporting period of the investment plan that precedes the reporting period of the investment plan that includes the reconciliation day, paragraph 228(2.1)(a) of the Act is adapted as follows:
- (a) the person shall calculate in the interim return the amount (in this Part referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations, were read as “in the case of a series of the financial institution in respect of which section 62 of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations applies for the fiscal year, is an estimate of the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution, and, in the case of any other series of the financial institution, is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with those Regulations”; and
(c) for each fiscal quarter of the investment plan that precedes the fiscal quarter of the investment plan that includes the reconciliation day, subsection 237(1) of the Act is adapted as follows:
- 237 (1) Where the reporting period of a registrant is a fiscal year, the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to 1/4 of the amount that would be the net tax for the reporting period if the description of A₆ in subsection 225.2(2), as adapted by subsection 48(1) of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations, were read as “in the case of a series of the financial institution in respect of which section 62 of the Selected Listed Financial Institution Attribution Method (GST/HST) Regulations applies for the fiscal year, is an estimate of the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, as determined by the financial institution, and, in the case of any other series of the financial institution, is the financial institution’s percentage for the series, for the participating province and for the preceding taxation year of the financial institution, determined for financial institutions of that class in accordance with those Regulations”.
(d) if the reconciliation day is not included in the particular fiscal year,
- (i) for the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), and despite sections 19 and 30, the investment plan’s percentage for the series, for a participating province and for the preceding taxation year is equal to whichever of the following is applicable:
  - (A) the estimate of that percentage that was used for the purposes of paragraph 228(2.1)(a) of the Act, as adapted by paragraph (b), in determining the interim net tax for the reporting periods of the investment plan that are included in the particular fiscal year, or
  - (B) the estimate of that percentage that was used for the purposes of subsection 237(1) of the Act, as adapted by paragraph (c), in determining the instalments for the fiscal quarters of the investment plan ending in the particular fiscal year,
- (ii) for the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), and despite sections 19 and 30, the investment plan’s percentage for the series, for a participating province and for the taxation year in which the particular fiscal year ends is equal to
  - (A) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the series, for the participating province and for the preceding taxation year, or
  - (B) if no election under section 50 is in effect throughout the particular fiscal year, the percentage that would be the investment plan’s particular percentage for the series, for the participating province and for the preceding taxation year if the particular percentage were determined in accordance with the rules set out in
    - (I) paragraph 63.1(b), if the investment plan has elected in prescribed form containing prescribed information to have that paragraph apply to the series, or
    - (II) paragraph 63.1(c), in any other case, and
- (iii) for the purposes of the description of G in subsection 225.2(2) of the Act, for the reporting period of the investment plan that includes the reconciliation day, the positive or negative amount determined by the following formula is a prescribed amount:
  A – B
  where
  A
  is the total of all amounts, each of which is an amount that would be the net tax for a reporting period of the investment plan that is included in the particular fiscal year if
  (A) when no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the series, for a participating province and for the preceding taxation year were determined in accordance with the rules set out in section 63.1, and
  (B) when an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the series, for a participating province and for the taxation year in which the particular fiscal year ends were determined in accordance with the rules set out in section 63.1, and
  B
  is the total of all amounts, each of which is the net tax for a reporting period of the investment plan that is included in the particular fiscal year.

SOR/2013-71, s. 2
SOR/2013-197, s. 6

Marginal note:New series — elected method

63 If units of a series of an investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding and if no election is in effect under section 49 or 64 in respect of the series and the particular fiscal year, the investment plan may elect in prescribed form containing prescribed information to have the following rules apply:

(a) for the purposes of paragraph (a) of the description of A in subsection 225.2(2) of the Act, a prescribed amount of tax is any amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act that became payable by the investment plan on or before the attribution point (referred to in this subsection as the “first attribution point”) in respect of the series for the taxation year (in this subsection referred to as the “preceding taxation year”) immediately preceding the particular taxation year, or that was paid by the investment plan on or before the first attribution point without having become payable, in respect of property or a service, but only to the extent that the property or service was acquired or imported for consumption, use or supply in the course of the activities relating to the series; and
(b) for the purposes of the description of G in subsection 225.2(2) of the Act, for each reporting period in the particular fiscal year that ends after the first attribution point and for each reporting period in the fiscal year of the investment plan that follows the particular fiscal year, the amount determined, for each participating province, by the following formula is a prescribed amount:
[(A – B)/C] × D × (E/F)
where
A
is the total of all amounts of tax prescribed for the purposes of paragraph (a),
B
is the total of all input tax credits of the investment plan that are in respect of an amount of tax prescribed for the purposes of paragraph (a),
C
is the total of
- (i) the total number of reporting periods in the particular fiscal year that end after the first attribution point, and
- (ii) the total number of reporting periods in the fiscal year of the investment plan that immediately follows the particular fiscal year,
D
is
- (i) if no election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the series, for the participating province and for the preceding taxation year, and
- (ii) if an election under section 50 is in effect throughout the particular fiscal year, the investment plan’s percentage for the series, for the participating province and for the particular taxation year,
E
is the tax rate for the participating province, and
F
is the rate set out in subsection 165(1) of the Act.

SOR/2013-71, s. 2
SOR/2013-197, s. 7

Marginal note:New series — percentage

63.1 If units of a series (other than an exchange-traded series) of an investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding, if no election is in effect under section 49 or 64 in respect of the series throughout the particular fiscal year and if paragraph 62(d) does not apply to the series, the following rules apply:

(a) for the purposes of this section,
- (i) the particular attribution point is the attribution point in respect of the series for the taxation year of the investment plan that precedes the particular taxation year (in this section referred to as “the preceding taxation year”), and
- (ii) the particular calendar year is the calendar year that includes the particular attribution point;
(b) if the investment plan has elected in prescribed form containing prescribed information to have this paragraph apply to the series, subsections 30(1) and (2) apply for the purpose of determining the investment plan’s percentage for the series, for a participating province and for the preceding taxation year, except that the description of C in paragraph 30(1)(a) and the description of C in paragraph 30(1)(b) are each to be read without reference to subparagraph (ii);
(c) if paragraph (b) does not apply,
- (i) for the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), and despite sections 19 and 30, the investment plan’s percentage for the preceding taxation year, for the series and for any one participating province (in this paragraph referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year is the percentage determined by the formula
  (A/B) + (C × A/D) + [(1 – C) – (D/B)]
  where
  A
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is resident in the selected province on the particular attribution point,
  B
  is the total value, on the particular attribution point, of the units of the series other than units held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is not resident in Canada on the particular attribution point,
  C
  is the lesser of 0.1 and the amount determined by the formula
  C₁/C₂
  where
  C₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person in respect of which the investment plan does not know, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point or, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point, and
  C₂
  is the amount determined for B, and
  D
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person resident in Canada on the particular attribution point and in respect of which the investment plan knows, on December 31 of the particular calendar year, the province in which the person is resident on the particular attribution point,
- (ii) for the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), and despite sections 19 and 30, the investment plan’s percentage for the preceding taxation year, for the series and for a participating province (other than the selected province) in which the investment plan has a permanent establishment in the particular taxation year is the percentage determined by the formula
  (A/B) + (C × A/D)
  where
  A
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is resident in the participating province on the particular attribution point,
  B
  is the total value, on the particular attribution point, of the units of the series other than units held, on the particular attribution point, by a person that the investment plan knows, on December 31 of the particular calendar year, is not resident in Canada on the particular attribution point,
  C
  is the lesser of 0.1 and the amount determined by the formula
  C₁/C₂
  where
  C₁
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person in respect of which the investment plan does not know, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point or, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point, and
  C₂
  is the amount determined for B, and
  D
  is the total of all amounts, each of which is the total value of the units of the series held, on the particular attribution point, by a person resident in Canada on the particular attribution point and in respect of which the investment plan knows, on December 31 of the particular calendar year, the province in which the person is resident on the particular attribution point, and
- (iii) for the purposes of subparagraphs (i) and (ii), if, for the particular attribution point, the total of all amounts — each of which is the total value of the particular units of the series held on the particular attribution point by a person in respect of which the investment plan knows, on December 31 of the particular calendar year, whether or not the person is resident in Canada on the particular attribution point and knows, in the case of persons resident in Canada, the province in which the person is resident on the particular attribution point — is less than 50% of the total value of the units of the series on the particular attribution point,
  - (A) the units of the series, other than the particular units, are deemed to be held on the particular attribution point by a particular person and not by any other person,
  - (B) the particular person is deemed to be resident on the particular attribution point in Canada and in the selected province referred to in subparagraph (i) for the series and for the preceding taxation year, and
  - (C) the investment plan is deemed to know on December 31 of the particular calendar year that the particular person is, on the particular attribution point, resident in Canada and in the selected province; and
(d) if the particular attribution point is after September 30 of the calendar year in which the particular fiscal year ends, for the purposes of these Regulations and the description of A₆ in subsection 225.2(2) of the Act, as adapted by subsection 48(1), and despite sections 19 and 30, the investment plan’s percentage for the series, for a participating province and for the particular taxation year is equal to the investment plan’s percentage for the series, for the participating province and for the preceding taxation year.

SOR/2013-197, s. 8

Marginal note:New series — modified real-time election

64 If units of a series of an investment plan that is a selected listed financial institution are issued, distributed or offered for sale in a fiscal year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding and if no election is in effect under section 49 or 63 in respect of the series and the fiscal year, the investment plan may elect in prescribed form containing prescribed information to have subsection 29(4) apply in respect of the series and the fiscal year. The election is to indicate whether the investment plan’s percentages for the series are to be determined by using investor percentages and whether the investment plan’s percentages for the series are to be determined on a daily basis, a weekly basis, a monthly basis or a quarterly basis.

SOR/2013-71, s. 2

Mergers

Marginal note:Prescribed circumstance and day

65 For the purposes of subsection 244.1(2) of the Act,

(a) the occurrence of a plan merger to form an investment plan is a prescribed circumstance; and
(b) the day on which the plan merger occurs is the prescribed day in relation to the investment plan.

SOR/2013-71, s. 2

Marginal note:Investment plan merger

66 If a plan merger occurs to form an investment plan that is, immediately after the plan merger, a selected listed financial institution, the following rules apply:

(a) for the purposes of these Regulations, subsection 225.2(1) of the Act, subsection 225.2(2) of the Act as adapted by these Regulations and section 225.3 of the Act, the fiscal year of the investment plan (in this section referred to as the “preceding fiscal year”) that precedes the fiscal year of the investment plan (in this section referred to as the “merger fiscal year”) that includes the day on which the plan merger occurs and the merger fiscal year are each deemed to end in a different taxation year of the investment plan and both of those taxation years are deemed to immediately follow each other in the same order as the corresponding fiscal years; and
(b) if an election made by the investment plan under section 50 is in effect throughout the preceding fiscal year and the plan merger occurs on or before September 30 of the calendar year in which the preceding fiscal year ends, for the purposes of Part 2 and this Part and despite the meaning of attribution point as set out in subsections 16(1) and 18(3), attribution point in respect of a series of the investment plan or in respect of the investment plan, as the case may be, and for the taxation year in which the preceding fiscal year ends means
- (i) if an election under subsection 18(1) in respect of the series or an election under subsection 18(2) in respect of the investment plan is in effect throughout the preceding fiscal year,
  - (A) each day, if any, that would be an attribution point, in the absence of this paragraph, in respect of the series or the investment plan, as the case may be, and for the taxation year under subsection 18(3), and
  - (B) the day preceding the day on which the plan merger occurs,
- (ii) if the series is an exchange-traded series or if the investment plan is an exchange-traded fund,
  - (A) each day, if any, that would be an attribution point, in the absence of this paragraph, in respect of the series or the particular investment plan, as the case may be, and for the taxation year under subparagraph (a)(i) or (b)(ii), as applicable, of the definition attribution point in section 16, and
  - (B) the last day of the month preceding the month that includes the day on which the plan merger occurs, and
- (iii) in any other case, the day preceding the day on which the plan merger occurs.

SOR/2013-71, s. 2

2010 Transitional Rules for Investment Plans

New Selected Listed Financial Institutions

Marginal note:Exclusion from subsection 225.2(2) formula

67 If an investment plan is a selected listed financial institution throughout the particular reporting period of the investment plan that includes July 1, 2010 and was not a selected listed financial institution throughout the reporting period of the investment plan that precedes the particular reporting period, 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, any amount of tax under Part IX of the Act that became payable by the investment plan before that day or that was paid by the investment plan before that day without having become payable is a prescribed amount of tax.

SOR/2013-71, s. 2

Attribution Point

Marginal note:Attribution point — series of stratified investment plan

68 (1) For the purposes of Part 2 and section 69 and despite the meaning of attribution point as set out in subsections 16(1) and 58(2), if an investment plan is a stratified investment plan and no election under subsection 18(1) is in effect in respect of a series of the investment plan throughout any fiscal year of the investment plan that ends after June 30, 2010 and before January 1, 2011, attribution point in respect of the series for all taxation years of the investment plan in which any such fiscal year ends and for the taxation year preceding the earliest of those taxation years means the day determined by the investment plan that is on or after July 1, 2009 and before July 1, 2010.
Marginal note:Attribution point — non-stratified investment plan
(2) For the purposes of Part 2 and section 70 and despite the meaning of attribution point as set out in subsections 16(1) and 58(1), if an investment plan is a non-stratified investment plan and no election under subsection 18(2) is in effect in respect of the investment plan throughout any fiscal year of the investment plan that ends after June 30, 2010 and before January 1, 2011, attribution point in respect of the investment plan for all taxation years of the investment plan in which any such fiscal year ends and for the taxation year preceding the earliest of those taxation years means the day determined by the investment plan that is on or after July 1, 2009 and before July 1, 2010.

SOR/2013-71, s. 2

Percentages for Distributed Investment Plans

Marginal note:Stratified investment plan

69 Despite section 30, if a selected listed financial institution is a stratified investment plan, no election under section 49 or 64 is in effect in respect of any series of the financial institution throughout a particular fiscal year of the financial institution that ends after June 2010 and before January 2011, no election is in effect under section 50 throughout the particular fiscal year and the financial institution has elected in prescribed form containing prescribed information to have this section apply to each series, other than an exchange-traded series, of the financial institution, the financial institution’s percentage for each of those series, for each participating province and for each specified taxation year — being the taxation year of the financial institution in which the particular fiscal year ends and the taxation year of the financial institution preceding that taxation year — is the percentage that would be the financial institution’s percentage determined under section 30 for the series, for the participating province and for the specified taxation year if

(a) where, on an attribution point in respect of the series for the specified taxation year, less than 10% of the total value of the units of the series are held by persons (in this section referred to as “institutional investors”) that are neither individuals nor specified investors in the financial institution for the particular fiscal year, all units of the series held, on the attribution point, by unknown institutional investors — each of which is an institutional investor in respect of which the financial institution does not know, on December 31, 2010, the institutional investor’s investor percentage for each participating province as of the attribution point — did not exist on the attribution point;
(b) where paragraph (a) does not apply in respect of an attribution point in respect of the series for the specified taxation year and, on the attribution point, less than 10% of the total value of the units of the series held by institutional investors are held by particular institutional investors in respect of which the financial institution does not know, on December 31, 2010, the institutional investor’s investor percentage for each participating province as of the attribution point, all units of the series held, on the attribution point, by the particular institutional investors did not exist on the attribution point;
(c) where paragraphs (a) and (b) do not apply in respect of an attribution point in respect of the series for the specified taxation year, any institutional investor that holds, on the attribution point, units of the series were an individual;
(d) any reference in section 30 to “October 15 of the calendar year” were a reference to “December 31, 2010”; and
(e) any reference in section 30 to “December 31 of the calendar year” were a reference to “December 31, 2010”.

SOR/2013-71, s. 2

Marginal note:Non-stratified investment plans

70 Despite section 32, if a selected listed financial institution is a non-stratified investment plan (other than an exchange-traded fund) in respect of which no election under any of sections 49, 50 and 61 is in effect throughout a particular fiscal year of the financial institution that ends after June 2010 and before January 2011 and the financial institution has elected in prescribed form containing prescribed information to have this section apply, the financial institution’s percentage for each participating province and for each specified taxation year — being the taxation year of the financial institution in which the particular fiscal year ends and the taxation year of the financial institution preceding that taxation year — is the percentage that would be the financial institution’s percentage determined under section 32 for the participating province and for the specified taxation year if

(a) where, on an attribution point in respect of the financial institution for the specified taxation year, less than 10% of the total value of the units of the financial institution are held by persons (in this section referred to as “institutional investors”) that are neither individuals nor specified investors in the financial institution for the particular fiscal year, all units of the financial institution held, on the attribution point, by unknown institutional investors — each of which is an institutional investor in respect of which the financial institution does not know, on December 31, 2010, the institutional investor’s investor percentage for each participating province as of the attribution point — did not exist on the attribution point;
(b) where paragraph (a) does not apply in respect of an attribution point in respect of the financial institution for the specified taxation year and, on the attribution point, less than 10% of the total value of the units of the financial institution held by institutional investors are held by particular institutional investors in respect of which the financial institution does not know, on December 31, 2010, the institutional investor’s investor percentage for each participating province as of the attribution point, all units of the financial institution held, on the attribution point, by the particular institutional investors did not exist on the attribution point;
(c) where paragraphs (a) and (b) do not apply in respect of an attribution point in respect of the financial institution for the specified taxation year, any institutional investor that holds, on the attribution point, units of the financial institution were an individual;
(d) any reference in section 32 to “October 15 of the calendar year” were a reference to “December 31, 2010”; and
(e) any reference in section 32 to “December 31 of the calendar year” were a reference to “December 31, 2010”.

SOR/2013-71, s. 2

Marginal note:Production of address

71 (1) Every person that is resident in Canada, that holds units in a non-stratified investment plan (other than an exchange-traded fund) that is a selected listed financial institution or in a series (other than an exchange-traded series) of a stratified investment plan that is a selected listed financial institution and that is neither an individual nor a specified investor in the investment plan must, if the investment plan makes a written request, provide to the investment plan the person’s address that determines in accordance with section 5 the province in which the person is resident on a day that is on or after July 1, 2009 and before July 1, 2010 and that is set out in the request and the number of units held on that day by the person in the non-stratified investment plan, or in each series (other than an exchange-traded series) of the stratified investment plan, on or before the particular day that is 45 days after the day on which the person received the request.
Marginal note:Use of information
(2) A distributed investment plan that obtains any information in respect of a person in accordance with subsection (1) must not knowingly use, communicate or allow to be used or communicated, otherwise than as required or authorized under the Act, these Regulations or any other regulation made under the Act, the information without the written consent of that person.
Marginal note:Penalty — failure to provide information
(3) Every person that fails to provide, on request made by a distributed investment plan under subsection (1), the information described in that subsection to the investment plan on or before the particular day described in that subsection, or that misstates such information to the investment plan, is liable to a penalty, for each such failure, equal to the lesser of $10,000 and 0.01% of the total value, on the day set out in the request, of the units of the investment plan in respect of which that person was required to provide information to the investment plan in accordance with that subsection.

SOR/2013-71, s. 2

Marginal note:Transition — Ontario and British Columbia

72 For the purposes of applying sections 67 to 70, Ontario and British Columbia are deemed to be participating provinces at any time.

SOR/2013-71, s. 2

Transitional Rules for Investment Limited Partnerships

Marginal note:Investment limited partnerships — 2019

73 (1) A particular investment limited partnership to which subparagraph 149(1)(a)(ix) of the Act does not apply is deemed to be an investment plan that is a distributed investment plan for the following purposes:
- (a) the purposes of determining under section 30 the percentage for a series of a selected listed financial institution or of another investment limited partnership described in subsection (2), for a participating province and for a particular period (as defined in subsection 16(1)) of the selected listed financial institution or other investment limited partnership and the purposes of determining under section 32 the percentage for a participating province and for a particular period (as defined in subsection 16(1)) of a selected listed financial institution or of another investment limited partnership described in subsection (2), but only if the percentage is to be used in the determination of
  - (i) the positive amount that the financial institution or other investment limited partnership is required to add, or the negative amount that the financial institution or other investment limited partnership is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019,
  - (ii) the instalment base under subsection 237(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019,
  - (iii) the interim net tax under subsection 228(2.1) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the financial institution or other investment limited partnership that begins in 2019, or
  - (iv) if a joint election made under section 55 by the financial institution or other investment limited partnership and the manager of the financial institution or other investment limited partnership is in effect at any time in a fiscal year of the manager that begins in 2019,
    - (A) an amount that, under paragraph 55(2)(c), is a prescribed amount for the purposes of the description of G in subsection 225.2(2) of the Act for a reporting period in the fiscal year, or
    - (B) the positive amount that the manager is required to add, or the negative amount that the manager is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to the adaptations made to that subsection under paragraph 55(2)(d), for a reporting period in the fiscal year;
- (b) the purposes of determining under section 28 an investor percentage of the particular investment limited partnership as of a day in 2018; and
- (c) the purposes of applying section 52 to the particular investment limited partnership in respect of any information that is requested under that section by a selected listed financial institution or by another investment limited partnership described in subsection (2), but only if the information is required for
  - (i) the determination of a percentage referred to in paragraph (a) of the financial institution or other investment limited partnership that is to be used in the determination of an amount described in any of subparagraphs (a)(i) to (iv), or
  - (ii) the determination under section 28 of an investor percentage of the financial institution or other investment limited partnership as of a day in 2018.
Marginal note:Investment limited partnerships — 2019
(2) If an investment limited partnership is a selected listed financial institution throughout the reporting period of the investment limited partnership that includes January 1, 2019 but is not a selected listed financial institution throughout the preceding reporting period of the investment limited partnership, the following rules apply:
- (a) for the purposes of determining under section 28 an investor percentage of the investment limited partnership as of a day in 2018, the investment limited partnership is deemed to be a selected listed financial institution;
- (b) the investment limited partnership is deemed to be, throughout 2018, a selected listed financial institution and an investment plan that is a distributed investment plan for the purposes of determining under section 30 or 33 the investment limited partnership’s percentage for a series of the investment limited partnership, for a participating province and for a particular period (as defined in subsection 16(1)) of the investment limited partnership and for the purposes of determining under section 32 or 34 the investment limited partnership’s percentage for a participating province and for a particular period (as defined in subsection 16(1)) of the investment limited partnership, but only if the percentage is to be used in the determination of
  - (i) the positive amount that the investment limited partnership is required to add, or the negative amount that the investment limited partnership is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019,
  - (ii) the instalment base under subsection 237(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019,
  - (iii) the interim net tax under subsection 228(2.1) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a reporting period in a fiscal year of the investment limited partnership that begins in 2019, or
  - (iv) if a joint election made under section 55 by the investment limited partnership and the manager of the investment limited partnership is in effect at any time in a fiscal year of the manager that begins in 2019,
    - (A) an amount that, under paragraph 55(2)(c), is a prescribed amount for the purposes of the description of G in subsection 225.2(2) of the Act for a reporting period in the fiscal year, or
    - (B) the positive amount that the manager is required to add, or the negative amount that the manager is able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to the adaptations made to that subsection under paragraph 55(2)(d), for a reporting period in the fiscal year; and
- (c) for the purposes of section 52, the investment limited partnership is deemed to be
  - (i) if the units of the investment limited partnership are issued in two or more series, a selected stratified investment plan throughout 2018, or
  - (ii) in any other case, a selected non-stratified investment plan throughout 2018.

2018, c. 27, s. 59

Date modified:: 2024-11-13

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