Filing of
election
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(4) An election made under subsection (3)
by an insurer and a segregated fund of the
insurer shall be filed with the Minister in
prescribed manner on or before the day the
insurer files a return of the insurer under
Division V for a reporting period of the insurer
in which the insurer pays or credits a rebate
under subsection (2) to or in favour of the
segregated fund.
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Application to
insurer
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(5) Where
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the insurer may pay or credit the amount of the
rebate to or in favour of the segregated fund.
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Forwarding of
application by
insurer
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(6) Where an application of a segregated
fund of an insurer for a rebate under
subsection (2) is submitted to the insurer in the
circumstances described in subsection (5),
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Joint and
several
liability
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(7) Where an insurer, in determining its net
tax for a reporting period, deducts an amount
under subsection 234(5) that the insurer paid
or credited to a segregated fund of the insurer
on account of a rebate under subsection (2)
and the insurer knows or ought to know that
the segregated fund is not entitled to the rebate
or that the amount paid or credited exceeds the
rebate to which the segregated fund is entitled,
the insurer and the segregated fund are jointly
and severally liable to pay the amount of the
rebate or excess to the Receiver General under
section 264.
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Restriction
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261.4 A rebate shall not be paid under any
of sections 261.1 to 261.31 unless
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Restriction -
Selected listed
financial
institutions
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261.5 Notwithstanding sections 261.1 to
261.31, a rebate shall not be paid to a selected
listed financial institution under any of these
sections unless the rebate is in respect of an
amount of tax that is prescribed for the
purposes of paragraph (a) of the description of
F in subsection 225.2(2).
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(2) Subsection (1) comes into force on
April 1, 1997.
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1993, c. 27,
s. 118(1)
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230. (1) The portion of section 263 of the
Act before paragraph (a) is replaced by the
following:
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Restriction on
rebate
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263. A rebate of an amount under
subsection 215.1(1) or (2) or 216(6) or any of
sections 252 to 261.31 or a refund of an
amount that, because of subsection 215.1(3)
or 216(7), is payable under section 69, 73, 74
or 76 of the Customs Act, shall not be paid to
a person to the extent that it can reasonably be
regarded that
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(2) Subsection (1) comes into force on
April 1, 1997.
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231. (1) Section 269 of the Act, as enacted
by subsection 73(1), is replaced by the
following:
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Distribution
by trust
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269. For the purposes of this Part, where a
trustee of a trust distributes property of the
trust to one or more persons, the distribution
of the property is deemed to be a supply of the
property made by the trust at the place at
which the property is delivered or made
available to the persons and for consideration
equal to the amount determined under the
Income Tax Act to be the proceeds of
disposition of the property.
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(2) Subsection (1) comes into force on
April 1, 1997.
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232. (1) Paragraph 272.1(2)(a) of the Act,
as enacted by subsection 76(1), is replaced
by the following:
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(2) Subsection (1) comes into force on
April 1, 1997.
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1993, c. 27,
s. 124(1)
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233. (1) Paragraph 273(1)(a) of the Act is
replaced by the following:
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1993, c. 27,
s. 124(1)
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(2) Subsection 273(1.1) of the Act is
replaced by the following:
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Exception
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(1.1) Paragraph (1)(a) does not apply to the
acquisition, importation or bringing into a
participating province of property or a service
by an operator on behalf of a co-venturer
where the property or service is so acquired,
imported or brought into the province for
consumption, use or supply in the course of
activities that are not commercial activities
and the operator
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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234. The Act is amended by adding the
following after section 277:
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Definition of
``harmonized
tax system''
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277.1 (1) In this section, ``harmonized tax
system'' means the system established under
this Part for the payment, collection and
remittance of tax imposed under subsection
165(2) and sections 212.1, 218.1, 220.05,
220.06, 220.07 and 220.08 and of allowing
input tax credits, rebates and refunds in
respect of any such tax paid or deemed to be
paid.
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Temporary
regulations
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(2) For the purpose of facilitating the
administration and enforcement of the
harmonized tax system or the transition to the
harmonized tax system, the Governor in
Council may, at any time before May 1999,
make regulations
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Retroactivity
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(3) Every regulation made under this
section, other than a regulation made under
paragraph (2)(d), ceases to have effect, and is
deemed to be repealed, on May 1, 2000.
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235. (1) Section 280 of the Act is amended
by adding the following after subsection (1):
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Penalty and
interest on net
tax of selected
listed
financial
institutions
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(1.1) Notwithstanding subsection (1),
where a selected listed financial institution
that is required to pay an amount under
paragraph 228(2.1)(a) on account of the
financial institution's net tax for a reporting
period fails to pay all of that amount within the
time specified in subsection 228(2.1) , the
financial institution shall pay, on the amount
not paid,
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computed for the period beginning on the first
day following that time and ending on the
earlier of
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(2) Section 280 of the Act is amended by
adding the following after subsection (4):
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Unpaid
penalty and
interest
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(4.01) Where a selected listed financial
institution is required to pay a penalty or
interest under subsection (1.1) in respect of an
amount required under paragraph 228(2.1)(a)
to be paid within the time specified in that
paragraph and the penalty or interest, as the
case may be, has not been paid on or before the
day on or before which the financial
institution is required under subsection
238(2.1) to file a final return for that reporting
period, the penalty or interest, as the case may
be, is deemed, for the purposes of this Part, to
be an amount required to be remitted by the
financial institution or before that day that has
not been remitted on or before that day.
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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1993, c. 27,
s. 128(3);
1996, c. 23,
par. 187(b)
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236. Subparagraphs 295(5)(d)(ii) and (iii)
of the Act are replaced by the following:
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1990, c. 45,
s. 12(1)
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237. (1) Paragraph 296(1)(b) of the Act is
replaced by the following:
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1993, c. 27,
s. 129(1)
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(2) Paragraph 296(1)(d) of the Act is
replaced by the following:
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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238. (1) Subsection 298(1) of the Act is
amended by adding the following after
paragraph (a):
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(2) Subsection 298(1) of the Act is
amended by adding the following after
paragraph (d):
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(3) Subsections (1) and (2) come into force
on April 1, 1997.
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1990, c. 45,
s. 12(1)
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239. (1) Subsection 323(1) of the Act is
replaced by the following:
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Liability of
directors
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323. (1) Where a corporation fails to remit
an amount of net tax as required under
subsection 228(2) or (2.3), the directors of the
corporation at the time the corporation was
required to remit the amount are jointly and
severally liable, together with the corporation,
to pay that amount and any interest thereon or
penalties relating thereto.
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(2) Subsection (1) comes into force on
April 1, 1997.
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1990, c. 45,
s. 12(1)
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240. (1) Subsection 337(9) of the Act is
repealed.
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(2) Subsection (1) comes into force on
April 1, 1997.
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241. The Act is amended by adding the
following after section 347:
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