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Subdivision d
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Special cases
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Definitions
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362. (1) In this section, ``Advisory Group'',
``Crossing'' and ``Developer'' have the
meanings assigned by section 1 of the
Northumberland Strait Crossing Act, S.N.B.
1993, c. N-8.1.
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Construction
of
Northumber-
land Strait
Crossing
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(2) No tax is payable under subsection
165(2) in respect of a supply of property or
services that are acquired by the recipient of
the supply for consumption or use exclusively
in the construction of the Crossing.
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Exemption
certificate
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(3) Subsection (2) does not apply to a supply
made to a recipient who is not the Developer
unless the recipient provides the supplier with
a valid exemption certificate in respect of the
supply issued by the Advisory Group.
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Instalment
base
following
implementa-
tion
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363. (1) Notwithstanding subsection
237(2), where a registrant (other than a
selected listed financial institution) to whom
subsection 237(1) applies is resident in a
participating province and a reporting period
of the registrant begins during the calendar
year in which the province becomes a
participating province, for the purpose of
determining the amount of instalment
payments under subsection 237(1), if any, that
become payable after the first fiscal quarter of
the registrant beginning on or after the
implementation date for the province, the
registrant's instalment base for the reporting
period is equal to the lesser of
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(a) the amount determined under paragraph
237(2)(a); and
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(b) 200% of the amount determined under
paragraph 237(2)(b).
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Selected listed
financial
institutions -
instalments in
transitional
year
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(2) Notwithstanding subsection 237(1),
where a particular reporting period of a
selected listed financial institution ends in a
particular fiscal year ending in a taxation year
of the financial institution and the particular
fiscal year begins before April 1, 1997 and
ends on or after that day, the instalment to be
paid under that subsection within one month
after the end of each fiscal quarter ending on
or after that day in the particular reporting
period is the amount determined under
whichever of the following paragraphs the
financial institution has elected in prescribed
form to determine the instalments for those
fiscal quarters under:
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(i) 1/4 of the amount determined under
paragraph 237(2)(a), and
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(ii) the amount determined by the
formula
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A + (B/4)
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A is the total of all amounts, each of
which is determined, for a
participating province, by the formula
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C x D x (E/F) x G/365
H
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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,
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D 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,
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E is the tax rate for the participating
province,
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G is the number of days in the
particular reporting period after
March 1997, and
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H is the number of fiscal quarters
ending on or after April 1, 1997 and
in the particular reporting period,
and
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B 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;
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(b) the amount determined by the formula
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A + ( B/4)
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A is the total of all amounts, each of which
is determined, for a participating
province, by the formula
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C x D x (E/F) x G/365
H
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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,
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D is the financial institution's percentage
for the participating province for the
immediately preceding taxation year,
determined in accordance with the
prescribed rules that apply to that
financial institution,
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E is the tax rate for the participating
province,
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G is the number of days in the particular
reporting period after March 1997, and
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H is the number of fiscal quarters ending
on or after April 1, 1997 and in the
particular reporting period, and
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B 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;
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(i) 1/4 of the amount determined under
paragraph 237(2)(a), and
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(ii) the amount determined by the
formula
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(A + B) + C/4
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A is the total of all amounts, each of
which is determined, for a
participating province, by the formula
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[(D - E) x F x (G/H) x I/365] - K
J
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(A) 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,
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(B) all amounts each of which is
tax (other than an amount of tax
prescribed for the purposes of
paragraph (a) of the description
of A in subsection 225.2(2))
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
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(C) 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,
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(A) 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
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(B) all amounts each of which
would be an input tax credit
(other than an input tax credit 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 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,
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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,
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G is the tax rate for the participating
province,
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I is the number of days in the
particular reporting period after
March 1997,
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J is the number of fiscal quarters
ending on or after April 1, 1997 and
in the particular reporting period,
and
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(A) 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
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(B) 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,
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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
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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
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(d) the amount determined by the formula
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(A + B) + C/4
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A is the total of all amounts, each of which
is determined, for a participating
province, by the formula
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[(D - E) x F x (G/H) x I/365] - K
J
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D is the total of all amounts each of
which is
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(i) 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 a
reporting period (in this paragraph
referred to as the ``earlier reporting
period'') of the financial institution
ending in the twelve-month period
immediately preceding the
particular reporting period or that
was paid by the financial institution
during the earlier reporting period
without having become payable,
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(ii) all amounts each of which is tax
(other than an amount of tax
prescribed for the purposes of
paragraph (a) of the description of A
in subsection 225.2(2)) under
subsection 165(1) in respect of a
supply (other than a supply to which
subparagraph (iii) 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
earlier reporting period, and
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(iii) all amounts each of which is an
amount, in respect of a supply made
during the earlier 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,
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(i) 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 earlier 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 earlier
reporting period, and
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(ii) all amounts each of which would
be an input tax credit (other than an
input tax credit 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 earlier reporting period of the
financial institution in respect of
property or a service if tax became
payable during the earlier reporting
period in respect of the supply of the
property or service equal to the
amount included for the earlier
reporting period under
subparagraph (ii) or (iii) of the
description of D in respect of the
supply,
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F is the financial institution's percentage
for the participating province for the
immediately preceding taxation year,
determined in accordance with the
prescribed rules that apply to that
financial institution,
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G is the tax rate for the participating
province,
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I is the number of days in the particular
reporting period after March 1997,
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J is the number of fiscal quarters ending
on or after April 1, 1997 and in the
particular reporting period, and
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(i) 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
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(ii) 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
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,
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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
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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.
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Information
requirements
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(3) For the purposes of this section,
subsections 169(4) and (5) and 223(2) apply
with respect to any amount that is included in
the description of K in paragraphs (2)(c) and
(d) as if that amount were an input tax credit.
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