← Historical versions

Versions of s. 363(2)(c)(ii)

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.

  1. 2003-01-01 to present available View Source

    the amount determined by the formula(A + B) + C/4 where A is the total of all amounts, each of which is determined, for a participating province, by the formula[[(D - E) × F × (G/H) × I/365] - K]/J where D is the total of all tax (other than an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A in subsection 225.2(2)) that became payable under any of subsection 165(1) and sections 212 and 218 by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable, all amounts each of which is tax under subsection 165(1) in respect of a supply (other than a supply to which clause (C) applies) made by a person other than a selected listed financial institution to the financial institution that would, but for an election made under section 150, have become payable by the financial institution during the particular reporting period, and all amounts each of which is an amount, in respect of a supply made during the particular reporting period of property or a service to which the financial institution and another person have elected to have paragraph (c) of the description of A in subsection 225.2(2) apply, equal to tax calculated on the cost to the other person of supplying the property or service to the financial institution excluding any remuneration to employees of the other person, the cost of financial services and tax under this Part, E is the total of all input tax credits (other than input tax credits in respect of an amount of tax that is prescribed for the purposes of paragraph (a) of the description of A in subsection 225.2(2)) of the financial institution for the particular reporting period or preceding reporting periods of the financial institution claimed by the financial institution in the return under Division V filed by the financial institution for the particular reporting period, and all amounts each of which would be an input tax credit of the financial institution for the particular reporting period of the financial institution in respect of property or a service if tax became payable during the particular reporting period in respect of the supply of the property or service equal to the amount included for the particular reporting period under clause (B) or (C) of the description of D in respect of the supply, F is the lesser of the financial institution’s percentage for the participating province for the taxation year and the financial institution’s percentage for the participating province for the immediately preceding taxation year, each determined in accordance with the prescribed rules that apply to that financial institution, G is the tax rate for the participating province, H is 7%, I is the number of days in the particular reporting period after March 1997, J is the number of fiscal quarters ending on or after April 1, 1997 and in the particular reporting period, and K is the total of all tax (other than an amount of tax that is prescribed for the purposes of paragraph (a) of the description of F in subsection 225.2(2)) under subsection 165(2) in respect of supplies made in the participating province to the financial institution or under section 212.1 in respect of goods imported by the financial institution for use in the participating province that became payable by the financial institution during the fiscal quarter or that was paid by the financial institution during the fiscal quarter without having become payable, and all amounts each of which is an amount, in respect of a supply made during the fiscal quarter of property or a service to which the financial institution and another person have elected to have paragraph (c) of the description of A in subsection 225.2(2) apply, equal to tax payable by the other person under any of subsection 165(2), 212.1, 218.1 or Division IV.1 that is included in the cost to the other person of supplying the property or service to the financial institution, B is the total of all amounts that became collectible and all other amounts collected by the financial institution in the fiscal quarter as or on account of tax under subsection 165(2), and C is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1; or