The definitions in this section apply in these Regulations.
Act means the Excise Tax Act. (Loi)
bank in respect of a fiscal year does not include a person that is at any time in the fiscal year an insurer. (banque)
insurer in respect of a fiscal year means a person that is an insurer (as defined in subsection 123(1) of the Act) and that carries on at any time in the fiscal year an insurance business as the principal business of the person in Canada. (assureur)
securities dealer in respect of a fiscal year means a person that
carries on at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities as the principal business of the person in Canada;
is registered under the laws of Canada or a province to carry on in Canada at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities; and
is not a bank or an insurer at any time in the fiscal year. (courtier en valeurs mobilières)
The following classes of financial institutions are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(3), (8), (9), (24) and (30) of the Act:
banks;
insurers; and
securities dealers.
The following amounts are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsection 141.02(24) of the Act:
in the case of banks, $500,000;
in the case of insurers, $500,000; and
in the case of securities dealers, $500,000.
The following percentages are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(8), (9) and (30) of the Act:
in the case of banks, 12%;
in the case of insurers, 10%; and
in the case of securities dealers, 15%.