Excise Tax Act — E-15 363
Instalment base following implementation 363 (1) Notwithstanding subsection 237(2), where a registrant (other than a selected listed financial institution) to whom subsection 237(1) applies is resident in a participating province and a reporting period of the registrant begins during the calendar year in which the province becomes a participating province, for the purpose of determining the amount of instalment payments under subsection 237(1), if any, that become payable after the first fiscal quarter of the registrant beginning on or after the implementation date for the province, the registrant’s instalment base for the reporting period is equal to the lesser of (a) the amount determined under paragraph 237(2)(a); and (b) 200% of the amount determined under paragraph 237(2)(b). Selected listed financial institutions — instalments in transitional year (2) Notwithstanding subsection 237(1), where a particular reporting period of a selected listed financial institution ends in a particular fiscal year ending in a taxation year of the financial institution and the particular fiscal year begins before April 1, 1997 and ends on or after that day, the instalment to be paid under that subsection within one month after the end of each fiscal quarter ending on or after that day in the particular reporting period is the amount determined under whichever of the following paragraphs the financial institution has elected in prescribed form to determine the instalments for those fiscal quarters under: (a) the lesser of (i) 1/4 of the amount determined under paragraph 237(2)(a), and (ii) the amount determined by the formula A + (B/4) where A is the total of all amounts, each of which is determined, for a participating province, by the formula [C × D × (E/F) × G/365]/H where C is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1, D is the lesser of the financial institution’s percentage for the participating province for the taxation year and the financial institution’s percentage for the participating province for the immediately preceding taxation year, each determined in accordance with the prescribed rules that apply to that financial institution, E is the tax rate for the participating province, F is 7%, G is the number of days in the particular reporting period after March 1997, and H is the number of fiscal quarters ending on or after April 1, 1997 and in the particular reporting period, and B is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1; (b) the amount determined by the formula A + (B/4) where A is the total of all amounts, each of which is determined, for a participating province, by the formula [C × D × (E/F) × G/365]/H where C is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1, D is the financial institution’s percentage for the participating province for the immediately preceding taxation year, determined in accordance with the prescribed rules that apply to that financial institution, E is the tax rate for the participating province, F is 7%, G is the number of days in the particular reporting period after March 1997, and H is the number of fiscal quarters ending on or after April 1, 1997 and in the particular reporting period, and B is the financial institution’s instalment base for the