Excise Tax Act — E-15 149
itution throughout the part of that taxation year that is after that time. Exclusion of interest and dividend (4) In determining a total for a person under paragraph (1)(b) or (c), there shall not be included interest, or any dividend, from (a) if the person is a partnership, a corporation that is controlled by (i) the person, (ii) a corporation that is controlled by the person, (iii) a corporation that is related to a corporation described in subparagraph (ii), or (iv) a combination of persons described in subparagraphs (i) to (iii); or (b) in any other case, a corporation related to the person. Exclusion — sales of precious metals (4.01) In determining an amount of financial revenue, there shall not be included a separate fee or charge for a financial service the supply of which is a zero-rated supply described by section 3 of Part IX of Schedule VI. Exclusion of interest (4.02) In determining a total under paragraph (1)(c) for a person (in this subsection and subsection (4.03) referred to as the “depositor”), interest from another person in respect of a deposit of money received or held by the other person in the usual course of its deposit-taking business is not to be included if (a) the other person is (i) a bank, (ii) a credit union, (iii) a corporation authorized under the laws of Canada or a province to carry on the business of offering to the public its services as a trustee, or (iv) a corporation authorized under the laws of Canada or a province to accept deposits from the public and that carries on the business of lending money on the security of real property or investing in indebtedness on the security of mortgages or hypothecs on real property; and (b) the other person is obligated, or may by the demand of the depositor become obligated, to repay the money on or before the particular day that is 364 days after the day on which the deposit of money is made. Repayment obligation — special cases (4.03) For the purpose of paragraph (4.02)(b), in determining whether the other person is obligated, or may by the demand of the depositor become obligated, to repay the money on or before the particular day that is 364 days after the day on which the deposit of money is made, the following rules apply: (a) if the other person is obligated to repay the money to the depositor on a fixed day and also is or may become obligated to repay the money on an earlier day by virtue of a right of withdrawal, reinvestment or other right afforded to the depositor by the terms under which the money was solicited or received or is held, then only the obligation to repay on the fixed day is to be considered, whether or not the right is exercised; and (b) if the other person is obligated to repay the money to the depositor on a fixed day and also is or may become obligated to repay the money on a later day by virtue of a right afforded to any person to extend the term of the deposit at a rate or rates of interest determined at the time the money was solicited or received, then only the obligation to repay on the later day is to be considered, whether or not the right is exercised. Charities, municipalities, etc. (4.1) Paragraphs (1)(b) and (c) do not apply for the purpose of determining if a person is a financial institution throughout a particular taxation year where the person is (a) at the beginning of the particular year, (i) a charity, municipality, school authority, hospital authority, public college or university, or (ii) a non-profit organization that operated, otherwise than for profit, a health care facility within the meaning of paragraph (c) of the definition of that expression in section 1 of Part II of Schedule V; or (b) on the last day of the taxation year of the person preceding the particular year, a qualifying non-profit organization (within the meaning of subsection 259(2)). Meaning of investment plan (5) In this section, investment plan means (a) a trust governed by (i) a registered pension plan, (i.1) a pooled registered