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

Marginal note:Net premiums

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

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

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

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

• Marginal note:Determination of the percentage

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

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

  is of

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

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

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

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

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