Versions of s. 172.2(3)

For the purposes of section 261.01, if a particular amount of tax becomes payable, or is paid without having become payable, by a master pension entity of one or more pension plans at any time in a fiscal year of the master pension entity and if the particular amount of tax is not an excluded amount of the master pension entity, then, for each of those pension plans, the designated pension entity of the pension plan at that time in respect of the master pension entity is deemed to have paid at that time an amount of tax equal to the amount determined by the formula A × B where A is if the designated pension entity is a selected listed financial institution and the particular amount of tax is payable under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1, zero, and in any other case, the amount determined by the formula A 1 − A 2 where A 1 is the particular amount of tax, and A 2 is the total of all amounts, each of which is included in the particular amount of tax and is an input tax credit that the master pension entity is entitled to claim in respect of the particular amount of tax, an amount for which it can reasonably be regarded that the master pension entity has obtained or is entitled to obtain a rebate, refund or remission under any other section of this Act or under any other Act of Parliament, or an amount that can reasonably be regarded as being included in an amount adjusted, refunded or credited to or in favour of the master pension entity for which a credit note referred to in subsection 232(3) has been received by the master pension entity or a debit note referred to in that subsection has been issued by the master pension entity; and B is the master pension factor in respect of the pension plan for the fiscal year of the master pension entity that includes that time.