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

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.