Versions of s. 172.1(7.1)(c)

E-15 — Excise Tax Act · 1 version · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the total of all amounts, each of which is determined for each particular pension plan in the master pension group by the formula A + B where A is the amount determined by the formula C × D × E where C is if the employer resource was consumed by the person during the particular fiscal year in the course of those pension activities, the product obtained when the fair market value of the employer resource at the time the person began consuming it in the particular fiscal year is multiplied by the extent to which that consumption (expressed as a percentage of the total consumption of the employer resource by the person during the particular fiscal year) occurred when the person was both a registrant and a participating employer of any pension plan in the master pension group, or otherwise, the product obtained when the fair market value of the use of the employer resource during the particular fiscal year as determined on the last day of the particular fiscal year is multiplied by the extent to which the employer resource was used during the particular fiscal year (expressed as a percentage of the total use of the employer resource by the person during the particular fiscal year) in the course of those pension activities when the employer was both a registrant and a participating employer of any pension plan in the master pension group, D is the rate set out in subsection 165(1), and E is the master pension factor in respect of the particular pension plan for the fiscal year of the master pension entity that includes the last day of the particular fiscal year, and B is the total of all amounts, each of which is determined for a participating province by the following formula F × G × H where F is the amount determined for C, G is the provincial factor in respect of the particular pension plan and the participating province for the particular fiscal year, and H is the master pension factor determined for E; and