Excise Tax Act — E-15 173
etermined in prescribed manner in respect of the participating province or, in the absence of a percentage determined in prescribed manner in respect of the participating province, the total of 4% and the tax rate for the participating province, and (II) in any other case, 4%, B is the total of 100% and the percentage determined for A, and C is the total consideration. (vii) that tax is deemed to have become collectible, and to have been collected, by the registrant (A) except where clause (B) applies, on the last day of February of the year following the taxation year, and (B) where the benefit amount is or would, if no reimbursements were paid, be required under subsection 15(1) of that Act to be included in computing the individual’s income and relates to the provision of the property or service in a taxation year of the registrant, on the last day of that taxation year. Election in respect of passenger vehicle or aircraft (2) Where (a) in a reporting period of a registrant other than a financial institution, the registrant acquires a passenger vehicle or aircraft by way of lease for use otherwise than primarily in commercial activities of the registrant or the registrant uses, otherwise than primarily in commercial activities of the registrant, a passenger vehicle or aircraft that was last acquired by the registrant by way of lease, or (b) in a reporting period of a registrant that is a financial institution, the registrant acquires a passenger vehicle or aircraft by way of purchase or lease or uses a passenger vehicle or aircraft that was last so acquired by the registrant, the registrant may make an election under this subsection in respect of the vehicle or aircraft to take effect on the first day of that reporting period of the registrant. Effect of election (3) For the purposes of this Part, where an election made by a registrant under subsection (2) in respect of property becomes effective on a day in a particular reporting period of the registrant, (a) notwithstanding paragraph (1)(c), the registrant is deemed to have begun, on that day, to use the property exclusively in activities of the registrant that are not commercial activities and, at all times thereafter until the registrant next disposes of or ceases to lease the property, the registrant is deemed to use the property exclusively in activities of the registrant that are not commercial activities; (b) where the property was last supplied to the registrant by way of lease, (i) there shall not be included, in determining an input tax credit claimed by the registrant in the return under section 238 for the particular or any subsequent reporting period, tax calculated on consideration, or a part thereof, for that supply that is reasonably attributable to a period after that day, and (ii) where an amount in respect of any tax referred to in subparagraph (i) was included in determining an input tax credit claimed by the registrant in a return under section 238 for a reporting period ending before the particular reporting period, that amount shall be added in determining the net tax of the registrant for the particular reporting period; (c) where the property was last supplied to the registrant by way of sale, the registrant is a financial institution and the cost of the property to the registrant did not exceed $50,000, (i) there shall not be included, in determining an input tax credit claimed by the registrant in the return under section 238 for the particular or any subsequent reporting period, tax that is calculated on consideration or part thereof, for that supply or that is in respect of an improvement to the property acquired, imported or brought into a participating province by the registrant after the property was last so acquired, imported or brought in, as the case may be, and (ii) where an amount in respect of any tax referred to in subparagraph (i) was included in determining an input tax credit claimed by the registrant in a return under section 238