Excise Tax Act — E-15 236.4
Election for residential complex 236.4 (1) A person may make an election in respect of a residential complex, or in respect of an addition to a multiple unit residential complex, for a particular reporting period of the person if (a) the person is the builder of the residential complex or addition; (b) the person is deemed under subsection 191(1), (3) or (4) to have made and received, at a particular time that is on or before February 26, 2008, a taxable supply by way of sale of the residential complex or addition and to have paid as a recipient and to have collected as a supplier a particular amount of tax in respect of that supply; (c) the person has not reported an amount as or on account of tax in respect of the taxable supply in the person’s return under this Division for any reporting period the return for which is filed on or before February 26, 2008 or is required under this Division to be filed on or before a day that is on or before February 26, 2008; (d) the person would be entitled to claim a rebate under subsection 256.2(3) in respect of the residential complex or addition that is determined based on the particular amount of tax if (i) section 256.2 were read without reference to subsection (7), and (ii) the amount determined for B in the first formula in subsection 256.2(3) for a qualifying residential unit, as defined in subsection 256.2(1), that forms part of the residential complex or addition were less than $450,000; (e) the person did not supply to another person by way of sale the residential complex or addition on or before February 26, 2008; (f) the particular reporting period ends on or before February 26, 2010; (g) the election is filed in prescribed form containing prescribed information not later than the day on or before which the return under this Division is required to be filed for the particular reporting period; and (h) the person has not made another election under this subsection in respect of the residential complex or addition. Adjustment to net tax (2) If a person makes an election under subsection (1) in respect of a residential complex, or in respect of an addition to a multiple unit residential complex, for a reporting period of the person, the person shall, in determining the net tax for that period, add the positive amount or deduct the negative amount determined by the formula (A - B) - C where A is the particular amount of tax referred to in paragraph (1)(b); B is the amount of the rebate that the person would be entitled, if section 256.2 were read without reference to subsection (7), to claim under subsection 256.2(3) in respect of the residential complex or addition that is determined based on the particular amount of tax; and C is the amount determined by the formula C 1 - C 2 where C 1 is the total of all amounts each of which is an input tax credit of the person (i) that is in respect of property or a service acquired, imported or brought into a participating province before the particular time referred to in paragraph (1)(b) for consumption or use for the purpose of making the supply referred to in that paragraph, and (ii) in respect of which the person satisfies the requirements of subsection 169(4) at the time the election under subsection (1) is filed, and C 2 is the total of all amounts each of which is an amount included in the determination of C 1 , but only to the extent that the amount can reasonably be regarded as an amount that (i) was claimed or included as an input tax credit or deduction in determining the net tax for the reporting period or a preceding reporting period of the person, (ii) has previously been rebated, refunded or remitted to the person, or that the person is entitled to obtain as a rebate, refund or remission, under this or any other Act of Parliament, or (iii) is included in an adjustment, refund or credit for which a credit note referred to in subsection 232(3) has been received by the person or a debit note referred to in that subsection has be