1990, c. 45,
s. 12(1);
1993, c. 27,
s. 203 (Sch. I,
item 1(b))
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(3) Subsection 228(3) of the Act is
replaced by the following:
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Selected listed
financial
institutions -
interim return
and
remittance
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(2.1) Where a person who is a selected listed
financial institution is required to file an
interim return for a reporting period under
subsection 238(2.1),
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Selected listed
financial
institutions -
interim
returns in the
first fiscal
year
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(2.2) For the purposes of paragraph (2.1)(a),
where a person becomes a selected listed
financial institution during a reporting period
of the person that ends in a fiscal year of the
person that begins on or after April 1, 1997,
the interim net tax for each reporting period in
the fiscal year is the amount that would be the
net tax of the person for the reporting period
if the description of C in the formula in
subsection 225.2(2) read ``is the financial
institution's percentage for the participating
province for the immediately preceding
reporting period, determined in accordance
with the prescribed rules that apply to
financial institutions of that class''.
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Selected listed
financial
institutions -
final return
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(2.3) Where a person who is a selected listed
financial institution is required to file a final
return under subsection 238(2.1) for a
reporting period,
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Interim refund
for selected
listed
financial
institutions
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(2.4) Where the amount determined in
accordance with paragraph (2.1)(a) for a
reporting period of a person who is a selected
listed financial institution is a negative
amount, the person may claim that amount, in
the interim return for that reporting period
filed before the day on or before which the
final return for the period is required to be
filed, as an interim net tax refund for the
period payable to the person by the Minister.
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Net tax refund
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(3) Where the net tax for a reporting period
of a person is a negative amount,
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A - B
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(4) Subsections 228(6) and (7) of the Act,
as enacted by subsection 47(2), are replaced
by the following:
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Set-off of
refunds or
rebates
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(6) Where at any time a person files a
particular return under this Part in which the
person reports an amount (in this subsection
referred to as the ``remittance amount'') that
is required to be remitted under subsection (2)
or (2.3) or paid under subsection (2.1) or (4) or
Division IV or IV.1 by the person and the
person claims a refund or rebate payable to the
person at that time under this Part (other than
Division III) in the particular return or in
another return, or in an application, filed
under this Part with the particular return, the
person is deemed to have remitted at that time
on account of the person's remittance amount,
and the Minister is deemed to have paid at that
time on account of the refund or rebate, an
amount equal to the lesser of the remittance
amount and the amount of the refund or rebate.
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Refunds and
rebates of
another
person
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(7) A person may, in prescribed
circumstances and subject to prescribed
conditions and rules, reduce or offset the tax
that is required to be remitted under
subsection (2) or (2.3) or paid under
subsection (2.1) or (4) or Division IV or IV.1
by that person at any time by the amount of
any refund or rebate to which another person
may at that time be entitled under this Part.
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(5) Subsections (1) to (4) apply to
reporting periods that end after March
1997.
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1990, c. 45,
s. 12(1);
1993, c. 27,
s. 203 (Sch. I,
item 1(c))
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211. (1) Subsection 229(2) of the Act is
replaced by the following:
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Restriction
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(2) A net tax refund for a reporting period of
a person shall not be paid to the person under
subsection (1) until such time as
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(2) Subsection (1) comes into force on
April 1, 1997.
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212. (1) Subsection 230(1) of the Act, as
enacted by subsection 48(1), is replaced by
the following:
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Refund of
payment
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230. (1) Where a person has paid
instalments or interim net tax for a reporting
period of the person, or any other amounts on
account of the person's net tax for the period,
that exceed the amount of the net tax
remittable by the person for the period and the
person claims a refund of the excess in a return
(other than an interim return) for the period
filed under this Division by the person, the
Minister shall refund the excess to the person
with all due dispatch after the return is filed.
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(2) Subsection (1) comes into force on
April 1, 1997.
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1993, c. 27,
s. 94(1)
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213. (1) Paragraph 233(2)(a) of the Act is
replaced by the following:
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(A/B) x C
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A x 100%/B
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(C/D) x E
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1993, c. 27,
s. 94(4)
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(2) Subsections 233(4) and (5) are
replaced by the following:
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Time for
election
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(4) An election made under subparagraph
(i) of the description of C in paragraph (2)(a)
or under subsection (3) by a person shall be
made before any patronage dividend is paid by
the person in the fiscal year of the person in
which the election is to take effect.
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Revocation of
election
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(5) An election made under subparagraph
(i) of the description of C in paragraph (2)(a)
or under subsection (3) by a person may be
revoked by the person before any dividend is
paid by the person in the fiscal year of the
person in which the revocation is to take
effect.
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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214. (1) Section 234 of the Act is amended
by adding the following after subsection (2):
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Deduction in
respect of
supply in a
participating
province
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(3) Where a registrant makes a supply in a
participating province and the registrant pays
to, or credits in favour of, the recipient of the
supply a prescribed amount in respect of the
supply, the registrant may deduct that amount
in determining the net tax of the registrant for
the reporting period of the registrant in which
the amount was paid or credited.
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Restriction on
input tax
credits etc. for
amounts paid
or credited
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(4) No amount of tax under any of
subsection 165(2), sections 212.1 and 218.1
and Division IV.1 shall be included in
determining any input tax credit, rebate,
refund or remission under this or any other Act
of Parliament where the amount is prescribed
for the purposes of subsection (3).
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Deduction for
rebate payable
to segregated
fund
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(5) Where, in the circumstances described
in subsection 261.31(5), an insurer pays to, or
credits in favour of, a segregated fund of the
insurer an amount on account of a rebate
referred to therein and transmits the
application of the segregated fund for the
rebate to the Minister in accordance with
subsection 261.31(6), the insurer may deduct
the amount in determining the net tax of the
insurer for the reporting period of the insurer
in which the amount was paid or credited.
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(2) Subsection (1) comes into force on
April 1, 1997.
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1993, c. 27,
s. 96(1)
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215. (1) The portion of subsection 235(1)
of the Act before paragraph (b) is replaced
by the following:
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Net tax where
passenger
vehicle leased
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235. (1) Where, in a taxation year of a
registrant, tax becomes payable, or is paid
without having become payable, by the
registrant in respect of supplies of a passenger
vehicle made under a lease and
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exceeds
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(2) Subsection (1) comes into force on
April 1, 1997.
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1993, c. 27,
s. 98(1)
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216. (1) Subsection 237(1) of the Act is
replaced by the following:
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Instalments
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237. (1) Where the reporting period of a
registrant is a fiscal year or a period
determined under subsection 248(3), the
registrant shall, within one month after the end
of each fiscal quarter of the registrant ending
in the reporting period, pay to the Receiver
General an instalment equal to
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1990, c. 45,
s. 12(1)
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(2) Subsection 237(5) of the Act is
replaced by the following:
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Selected listed
financial
institution -
Instalments in
first fiscal
year
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(5) For the purposes of subsection (1),
where a person becomes a selected listed
financial institution during a reporting period
of the person that begins on or after April 1,
1997, the instalment to be paid within one
month after the end of each fiscal quarter in
the reporting period is
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A + B
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C x D
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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217. (1) Section 238 of the Act is amended
by adding the following after subsection (2):
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Filing by
certain
selected listed
financial
institutions
|
(2.1) Notwithstanding paragraph (1)(b) and
subsection (2), where a selected listed
financial institution's reporting period is a
fiscal month or fiscal quarter, the financial
institution shall
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