Versions of s. 203(1)

E-15 — Excise Tax Act · 2 versions · View current text

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

2004-05-14 to present available View Source

~~Where~~If a ~~registrant,~~registrant (other than a municipality), at a particular time in a reporting period of the registrant, makes a taxable supply by way of sale of a passenger vehicle (other than a vehicle that is designated municipal property of a person designated at the particular time to be a municipality for the purposes of section 259) that, immediately before the particular time, was used as capital property in commercial activities of the registrant, the registrant may, ~~notwithstanding~~despite section 170, ~~paragraphs~~paragraph 199(2)(a) and ~~(4)(a)~~subsections 199(4) and ~~subsection~~ 202(1), claim an input tax credit for that period equal to the amount determined by the formula A × (B - C)/B where A is the basic tax content of the vehicle at the particular time; B is the total of the tax that was payable by the registrant in respect of the last acquisition or importation of the vehicle by the registrant, where the registrant brought the vehicle into a participating province after it was last acquired or imported by the registrant, the tax that was payable by the registrant in respect of bringing it into that province, and the tax that was payable by the registrant in respect of improvements to the vehicle acquired, imported or brought into a participating province by the registrant after the property was last acquired or imported; and C is the total of all input tax credits that the registrant was entitled to claim in respect of any tax included in the total for B.

Full text

If a registrant (other than a municipality), at a particular time in a reporting period of the registrant, makes a taxable supply by way of sale of a passenger vehicle (other than a vehicle that is designated municipal property of a person designated at the particular time to be a municipality for the purposes of section 259) that, immediately before the particular time, was used as capital property in commercial activities of the registrant, the registrant may, despite section 170, paragraph 199(2)(a) and subsections 199(4) and 202(1), claim an input tax credit for that period equal to the amount determined by the formula A × (B - C)/B where A is the basic tax content of the vehicle at the particular time; B is the total of the tax that was payable by the registrant in respect of the last acquisition or importation of the vehicle by the registrant, where the registrant brought the vehicle into a participating province after it was last acquired or imported by the registrant, the tax that was payable by the registrant in respect of bringing it into that province, and the tax that was payable by the registrant in respect of improvements to the vehicle acquired, imported or brought into a participating province by the registrant after the property was last acquired or imported; and C is the total of all input tax credits that the registrant was entitled to claim in respect of any tax included in the total for B.
2003-01-01 to 2004-05-14 View Source

Where a registrant, at a particular time in a reporting period of the registrant, makes a taxable supply by way of sale of a passenger vehicle that, immediately before the particular time, was used as capital property in commercial activities of the registrant, the registrant may, notwithstanding section 170, paragraphs 199(2)(a) and (4)(a) and subsection 202(1), claim an input tax credit for that period equal to the amount determined by the formula A × (B - C)/B where A is the basic tax content of the vehicle at the particular time; B is the total of the tax that was payable by the registrant in respect of the last acquisition or importation of the vehicle by the registrant, where the registrant brought the vehicle into a participating province after it was last acquired or imported by the registrant, the tax that was payable by the registrant in respect of bringing it into that province, and the tax that was payable by the registrant in respect of improvements to the vehicle acquired, imported or brought into a participating province by the registrant after the property was last acquired or imported; and C is the total of all input tax credits that the registrant was entitled to claim in respect of any tax included in the total for B.