Excise Tax Act — E-15 225.4
consideration in section 217, any outlay made, or expense incurred, by the financial institution during the fiscal year in respect of plan members of the financial institution that are not resident in Canada is deemed to be applicable to a Canadian activity of the financial institution; and (d) no amount of tax in respect of a business input of the financial institution that becomes payable by the financial institution during the fiscal year or that is paid by the financial institution during the fiscal year without having become payable is to be included in determining an input tax credit of the financial institution if the business input is not an exclusive input of the financial institution. Election — stratified investment plans (6) A stratified investment plan may make an election in respect of a series of the investment plan to have subsection (3) not apply to the series, and that election is to be effective from the first day of a fiscal year of the investment plan. Election — other investment plans (7) A person that is a non-stratified investment plan, a pension entity or a private investment plan may make an election to have subsection (4) or (5), as the case may be, not apply to the person, and that election is to be effective from the first day of a fiscal year of the person. Form of election (8) An election made under subsection (6) or (7) by a person is to (a) be made in prescribed form containing prescribed information; (b) set out the first fiscal year of the person during which the election is to be in effect; and (c) be filed with the Minister in prescribed manner on or before the first day of that first fiscal year or any later day that the Minister may allow. Cessation (9) An election made under subsection (6) or (7) by a person ceases to have effect on the earliest of (a) the first day of the fiscal year of the person in which the person ceases to be a selected listed financial institution, (b) in the case of an election made under subsection (6), the first day of the fiscal year of the person in which the person ceases to be a stratified investment plan, (c) in the case of an election made under subsection (7), the first day of the fiscal year of the person in which the person ceases to be a non-stratified investment plan, a pension entity or a private investment plan, as the case may be, and (d) the day on which a revocation of the election becomes effective. Revocation (10) A person that has made an election under subsection (6) or (7) may revoke the election, effective on the first day of a fiscal year of the person that begins at least five years after the election becomes effective, or on the first day of any earlier fiscal year as the Minister may allow on application by the person, by filing with the Minister in prescribed manner a notice of revocation in prescribed form containing prescribed information no later than the day on which the revocation is to become effective. Restriction (11) If a revocation of an election made under subsection (6) or (7) by a person becomes effective on a particular day, any subsequent election under that subsection is not a valid election unless the first day of the fiscal year of the person set out in the subsequent election is a day that is at least five years after the particular day or any earlier day as the Minister may allow on application by the person. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 80