Excise Tax Act — E-15 232.02
tion 165(1) that became payable, or was paid without having become payable, to the person (otherwise than by the operation of section 172.1) by the master pension entity referred to in subsection (2) in respect of the actual pension supply on or before the particular day, and A 2 is the master pension factor in respect of the pension plan for the fiscal year of the master pension entity that includes the particular day, and B is the total of all amounts, each of which is the federal component amount of another tax adjustment note issued under subsection (2) on or before the particular day in respect of employer resources consumed or used for the purpose of making the actual pension supply; and (b) the provincial component amount shall not exceed the amount determined by the formula C – D where C is (i) if the taxable supplies referred to in paragraph (2)(a) are deemed to have been made under paragraph 172.1(6)(a), the lesser of (A) the total of all amounts, each of which is an amount determined for B in paragraph 172.1(6)(c) in determining an amount of tax that is in respect of one of those employer resources and that is deemed under paragraph 172.1(6)(b) to have become payable and to have been collected on or before the particular day, and (B) the total of all amounts, each of which is an amount of tax under subsection 165(2) that became payable, or was paid without having become payable, to the person (otherwise than by the operation of section 172.1) by the pension entity in respect of the actual pension supply on or before the particular day, and (ii) if the taxable supplies referred to in paragraph (2)(a) are deemed to have been made under paragraph 172.1(6.1)(a), the lesser of (A) the total of all amounts, each of which is an amount determined for the pension plan under the description of B in paragraph 172.1(6.1)(c) in determining an amount of tax that is in respect of one of those employer resources and that is deemed under paragraph 172.1(6.1)(b) to have become payable and to have been collected on or before the particular day, and (B) the amount determined by the formula C 1 × C 2 where C 1 is the total of all amounts, each of which is an amount of tax under subsection 165(2) that became payable, or was paid without having become payable, to the person (otherwise than by the operation of section 172.1) by the master pension entity referred to in subsection (2) in respect of the actual pension supply on or before the particular day, and C 2 is the master pension factor in respect of the pension plan for the fiscal year of the master pension entity that includes the particular day, and D is the total of all amounts, each of which is the provincial component amount of another tax adjustment note issued under subsection (2) on or before the particular day in respect of employer resources consumed or used for the purpose of making the actual pension supply. Effect of tax adjustment note (4) If a person issues a tax adjustment note to a pension entity under subsection (2) in respect of particular employer resources consumed or used for the purpose of making an actual pension supply, a supply of each of those particular employer resources (each of which in this subsection is referred to as a “particular supply”) is deemed to have been received by the pension entity under subparagraph 172.1(6)(d)(i) or (6.1)(d)(i) and tax (in this subsection referred to as “deemed tax”) in respect of each of the particular supplies is deemed to have been paid under subparagraph 172.1(6)(d)(ii) or (6.1)(d)(ii) or paragraph 172.1(8.01)(b) by the pension entity, the following rules apply: (a) the total tax amount of the tax adjustment note may be deducted in determining the net tax of the person for its reporting period that includes the day on which the tax adjustment note is issued; (b) the pension entity shall add, in determining its net tax for its reporting period that includes the day on which the tax adjustment note is issued, the amount