Excise Tax Act — E-15 256.2
taxable supply by way of sale of the complex or addition and to have paid tax at a particular time in respect of that supply, (d) in the case of a multiple unit residential complex or an addition to such a complex, the complex or addition, as the case may be, includes, at the particular time, one or more qualifying residential units of the person, (e) the person is not entitled to include the tax deemed to have been paid by the person in determining an input tax credit of the person, and (f) in the case of an exempt supply by way of sale of a single unit residential complex or a residential condominium unit, the recipient of that supply is entitled to claim a rebate under subsection 254.1(2) in respect of the complex or unit, the Minister shall, subject to subsections (7) and (8), pay a rebate to the person equal to the total of all amounts each of which is an amount, in respect of a residential unit that forms part of the complex or addition, as the case may be, and is, in the case of a multiple unit residential complex or an addition to such a complex, a qualifying residential unit of the person at the particular time, determined by the formula [A × ($450,000 - B)/$100,000] - C where A is the lesser of $6,300 and the amount determined by the formula A 1 × A 2 where A 1 is 36% of the tax under subsection 165(1) that is deemed to have been paid by the person at the particular time, and A 2 is (i) if the unit is a single unit residential complex or a residential condominium unit, 1, and (ii) in any other case, the unit’s percentage of total floor space, B is the greater of $350,000 and (i) if the unit is a single unit residential complex or a residential condominium unit, the fair market value of the unit at the particular time, and (ii) in any other case, the amount determined by the formula B 1 × B 2 where B 1 is the unit’s percentage of total floor space, and B 2 is the fair market value at the particular time of the residential complex or addition, as the case may be, and C is the total of (i) the amount of the rebate, if any, under subsection 254.1(2) that the recipient of the exempt supply by way of sale is entitled to claim in respect of the complex or unit, and (ii) the amount of the rebate, if any, under subsection 254.1(2.1) that the recipient of the exempt supply by way of sale is entitled to claim in respect of the complex or unit. Rebate for cooperative housing corporation (5) If (a) a cooperative housing corporation (in this subsection referred to as the “cooperative”) (i) is the recipient of a taxable supply by way of sale (in this subsection referred to as the “purchase from the supplier”) from another person of a residential complex or of an interest in a residential complex and is not a builder of the complex, or (ii) is a builder of a residential complex, or of an addition to a multiple unit residential complex, who makes an exempt supply by way of lease included in section 6 of Part I of Schedule V that results in the cooperative being deemed under section 191 to have made and received a taxable supply by way of sale (in this subsection referred to as the “deemed purchase”) of the complex or addition and to have paid tax in respect of that supply, (b) the cooperative is not entitled to include the tax in respect of the purchase from the supplier, or the tax in respect of the deemed purchase, in determining an input tax credit of the cooperative, and (c) at any time at which a residential unit included in the complex is a qualifying residential unit of the cooperative, the cooperative first gives occupancy of the unit after its construction or last substantial renovation under an agreement for a supply of that unit that is an exempt supply included in section 6 of Part I of Schedule V, the Minister shall, subject to subsections (7) and (8), pay a rebate to the cooperative in respect of that unit equal to the amount determined by the formula [A × ($450,000 - B)/$100,000] - C where A is the lesser of $6,300 and