Excise Tax Act — E-15 172.1
wise, the product obtained when the fair market value of the use of the employer resource during the particular fiscal year as determined on the last day of the particular fiscal year is multiplied by the extent to which the employer resource was used during the particular fiscal year (expressed as a percentage of the total use of the employer resource by the person during the particular fiscal year) for the purpose of making the pension supply when the person was both a registrant and a participating employer of the pension plan, and D is the rate set out in subsection 165(1), and B is the total of all amounts, each of which is determined for a participating province by the following formula E × F where E is the amount determined for C, and F is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year; and (d) for the purpose of determining an input tax credit of the pension entity under this Part and for the purposes of sections 232.01, 232.02 and 261.01, the pension entity is deemed (i) to have received a supply of the employer resource on the last day of the particular fiscal year, (ii) to have paid tax in respect of that supply on that day equal to the amount determined by the formula A − B where A is (A) if the pension entity is a selected listed financial institution on that day, the amount determined for A in paragraph (c), and (B) in any other case, the amount of tax determined under paragraph (c), and B is the total of all amounts, each of which is a part of the amount determined for A (A) that is not included in determining the person’s net tax for the reporting period that includes the last day of the particular fiscal year, or (B) that the person has recovered or is entitled to recover by way of rebate, refund or remission, or otherwise, under this or any other Act of Parliament, and (iii) to have acquired the employer resource for consumption, use or supply in the course of its commercial activities to the same extent that the property or service supplied in the pension supply was acquired by the pension entity for consumption, use or supply by the pension entity in pension activities in respect of the pension plan that are commercial activities of the pension entity. Employer resource for supply to master pension entity (6.1) If a person that is a registrant consumes or uses at any time in a particular fiscal year of the person an employer resource of the person for the purpose of making a supply of property or a service (in this subsection referred to as the “pension supply”) to a master pension entity for consumption, use or supply by the master pension entity in the course of pension activities in respect of any pension plan that is in the master pension group in respect of the person and the master pension entity at that time, if the person is not at that time a selected qualifying employer of any pension plan in the master pension group and if it is not the case that the employer resource is an excluded resource of the person in respect of any pension plan in the master pension group, the following rules apply: (a) for the purposes of this Part, the person is deemed to have made a taxable supply of the employer resource (in this subsection referred to as the “employer resource supply”) on the last day of the particular fiscal year; (b) for the purposes of this Part, tax in respect of the employer resource supply is deemed to have become payable on the last day of the particular fiscal year and the person is deemed to have collected that tax on that day; (c) for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the total of all amounts, each of which is determined for each pension plan in the master pension group by the formula A + B where A is the amount determined by the formula C × D × E where C is (i) if the employer resource was consumed by the person during the particular fiscal year for the purpose of maki