Excise Tax Act — E-15 225.4
al year of the financial institution that ends in a calendar year, the following rules apply: (a) for the purposes of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations , (i) if the financial institution is an exchange-traded fund, all units of the financial institution that are held, at a particular time in the fiscal year, by a person that the financial institution knows, on December 31 of the calendar year, is not resident in Canada at the particular time are deemed to be held at the particular time by a particular individual that is resident in Canada but not resident in any participating province, (ii) if the financial institution is not an exchange-traded fund, all units of the financial institution that are held, at a particular time in the fiscal year, by an individual, or a specified investor in the financial institution, that the financial institution knows, on December 31 of the calendar year, is not resident in Canada at the particular time are deemed to be held at the particular time by a particular individual that is resident in Canada but not resident in any participating province, and (iii) the financial institution is deemed to know, on December 31 of the calendar year, the province in which the particular individual referred to in subparagraph (i) or (ii) is resident; (b) for the purposes of determining an input tax credit of the financial institution, any supply made during the fiscal year by the financial institution in respect of units of the financial institution that are held by a person that is not resident in Canada is deemed to have been made to a person resident in Canada; (c) for the purposes of the definitions external charge and qualifying consideration in section 217, any outlay made, or expense incurred, by the financial institution during the fiscal year in respect of units of the financial institution that are held by a person that is not resident in Canada is deemed to be applicable to a Canadian activity of the financial institution; and (d) no amount of tax in respect of a business input of the financial institution that becomes payable by the financial institution during the fiscal year or that is paid by the financial institution during the fiscal year without having become payable is to be included in determining an input tax credit of the financial institution if the business input is not an exclusive input of the financial institution. Pension entities and private investment plans (5) If a selected listed financial institution is an investment plan that is a pension entity of a pension plan or a private investment plan and no election under subsection (7) made by the financial institution is in effect throughout a fiscal year of the financial institution that ends in a calendar year, the following rules apply: (a) for the purposes of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations , (i) all plan members of the financial institution that the financial institution knows, on December 31 of the calendar year, are not resident in Canada at a particular time in the fiscal year are deemed to be resident in Canada at the particular time but not resident in any participating province, and (ii) the financial institution is deemed to know, on December 31 of the calendar year, the province in which each of the plan members referred to in subparagraph (i) is resident; (b) for the purposes of determining an input tax credit of the financial institution, any supply made during the fiscal year by the financial institution in respect of plan members of the financial institution that are not resident in Canada is deemed to have been made to a person resident in Canada; (c) for the purposes of the definitions external charge and qualifying consideration in section 217, any outlay made, or expense incurred, by the financial institution during the fiscal year in respect of plan members of the financial institution that are not resident in