Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations — 49
Election for real-time calculation — stratified plans 49 (1) A stratified investment plan (other than a mortgage investment corporation) that is a selected listed financial institution may make an election in respect of a series of the plan (other than an exchange-traded series) for the purposes of these Regulations and subsection 225.2(2) of the Act, as adapted by subsection 48(1), and that election is to be effective from the first day of a fiscal year of the investment plan. Election for real-time calculation — non-stratified plans (2) A non-stratified investment plan (other than an exchange-traded fund or a mortgage investment corporation) that is a selected listed financial institution may make an election in respect of the plan for the purposes of these Regulations and subsection 225.2(2) of the Act, as adapted by subsection 48(2), and that election is to be effective from the first day of a fiscal year of the investment plan. Restriction (3) An election made under subsection (1) in respect of a series of an investment plan or under subsection (2) in respect of an investment plan is not to become effective if (a) on the day on which the election is to come into effect, (i) an election under subsection 18(1) or section 64 in respect of the series, or an election under subsection 18(2) or section 61 in respect of the investment plan, is in effect, or (ii) an election under section 50 by the investment plan is in effect; or (b) on September 30 immediately preceding the day on which the election is to come into effect, less than 90% of the total value of the units of the series or of the investment plan is held by individuals or specified investors in the investment plan. Form of election (4) An election made under subsection (1) in respect of a series of an investment plan or under subsection (2) in respect of an investment plan is to (a) be made in prescribed form containing prescribed information; (b) set out the first fiscal year of the investment plan during which the election is to be in effect; and (c) indicate whether the investment plan’s percentages, or the investment plan’s percentages for the series, are to be determined on a daily basis, a weekly basis, a monthly basis or a quarterly basis. Cessation (5) An election made by a person that is an investment plan under subsection (1) in respect of a series of the investment plan or under subsection (2) in respect of the investment plan ceases to have effect on the earliest of (a) if, on a day in a particular fiscal year of the person, subsection 29(3) applies in respect of the series or subsection 31(3) applies in respect of the investment plan, the first day of the fiscal year of the person immediately following the particular fiscal year, (b) the first day of the fiscal year of the person in which the person ceases to be an investment plan or a selected listed financial institution or becomes a mortgage investment corporation, (c) in the case of an election under subsection (1), the first day of the fiscal year of the person in which the series becomes an exchange-traded series, (d) in the case of an election under subsection (2), the first day of the fiscal year of the person in which the person becomes an exchange-traded fund, and (e) the day on which a revocation of the election becomes effective. Revocation (6) An investment plan that has made an election under subsection (1) or (2) may, in prescribed form containing prescribed information, revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective. Restriction (7) If a particular election made under subsection (1) or (2) ceases to have effect on a particular day, any subsequent election under subsection (1) or (2) is not a valid election unless the first day of the fiscal year set out in the subsequent election is at least three years after the particular day. SOR/2013-71, s. 2