Excise Tax Act — E-15 336
an individual as a place of residence, and (ii) in any other case, for the purposes of determining an input tax credit of the person, the person shall be deemed to have paid, at that time, tax in respect of the supply equal to 4% of the consideration for the supply, and (g) the supplier shall be deemed to have collected, at that time, tax in respect of the supply equal to 4% of the consideration for the supply. Transfer of condominium complex after 1990 (4) Where (a) a taxable supply by way of sale of a condominium complex in Canada is made to a person under an agreement in writing entered into before October 14, 1989 between the supplier and the person, (b) ownership and possession of the complex are not transferred to the person under the agreement before 1991, and (c) at any time after 1990, ownership of the complex is transferred to the person under the agreement or the complex is registered as a condominium, the following rules apply: (d) no tax is payable by the person in respect of the supply, (e) subsection 191(1) does not apply in respect of any residential condominium unit located in the complex before ownership of the complex is transferred to the person, (f) where the person is a builder of the complex, (i) if the person is a builder of the complex only because of paragraph (d) of the definition builder in subsection 123(1), (A) the person shall be deemed not to be a builder of the complex or of any residential condominium unit located in the complex, and (B) for the purposes of determining whether any other person who, after that time, makes a supply of the complex, a residential condominium unit located in the complex or an interest in the complex or unit is a builder of the complex or of any unit located in the complex, the complex shall be deemed to have been registered at that time as a condominium and each of the units shall be deemed to have been occupied at that time by an individual as a place of residence, and (ii) in any other case, for the purposes of determining an input tax credit of the person, the person shall be deemed to have paid, at that time, tax in respect of the supply equal to 4% of the consideration for the supply, and (g) the supplier shall be deemed to have collected, on the earlier of (i) the day ownership of the complex is transferred to the person, and (ii) the day that is sixty days after the day the complex is registered as a condominium, tax in respect of the supply equal to 4% of the consideration for the supply. Self-supply of residential condominium unit by limited partnership (5) Where (a) an offering memorandum, in respect of an offer to sell interests in a limited partnership, is issued to prospective subscribers before October 14, 1989, (b) at the time the offering memorandum is issued, it is proposed that the limited partnership will exclusively engage in the activities of acquiring land or a beneficial interest therein, constructing a condominium complex on the land, owning residential condominium units located in the complex and supplying those units by way of lease, licence or similar arrangement for the purpose of their occupancy by individuals as places of residence, (c) the offering memorandum does not provide for an increase in the subscription prices of the interests in the partnership because of a change in the application of taxes and those subscription prices are not increased after October 13, 1989 and before the offer to sell the interests expires, (d) a particular interest in the limited partnership is transferred to a subscriber before 1991 in accordance with the offering memorandum, (e) the limited partnership, whether or not in concert with another person, (i) acquires ownership of land or a beneficial interest therein before 1991, and (ii) engages a person to construct a condominium complex on that land under agreements in writing entered into before October 14, 1989 or under agreements in writing entered into on or after that date that substantially confor