Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations — 55
Tax adjustment transfer election 55 (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to transfer, in accordance with subsection (2), the investment plan’s adjustments to net tax under subsection 225.2(2) of the Act to the manager. Effect of election (2) If a manager has made joint elections with one or more investment plans (each of which is referred to in this subsection as a “qualifying investment plan”) under subsection (1) that are in effect at any time in a particular reporting period of the manager (in this subsection referred to as the “manager’s reporting period”), the following rules apply: (a) for each qualifying investment plan, any amount of tax under any of subsection 165(1) and sections 212, 218 and 218.01 of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of A, and any amount of tax under any of subsection 165(2) and sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act is prescribed for the qualifying investment plan for the purposes of paragraph (a) of the description of F in subsection 225.2(2) of the Act, if the amount of tax (i) is in respect of a supply made by the manager to the qualifying investment plan, and (ii) became payable by the qualifying investment plan or was paid by the qualifying investment plan without having become payable at a particular time that is (A) during the manager’s reporting period, (B) at a time when an election under subsection (1) is in effect between the qualifying investment plan and the manager, and (C) at a time when no election under subsection 53(1) is in effect between the manager and the qualifying investment plan; (b) for each qualifying investment plan, (i) if an election under subsection (1) and an election under subsection 53(1) are both in effect between the qualifying investment plan and the manager throughout the reporting period (referred to in this subsection as the “real reporting period”) of the qualifying investment plan in which the manager’s reporting period ends, subsection 225.2(2) of the Act does not apply for the purpose of determining the net tax of the qualifying investment plan for the real reporting period, and (ii) if subparagraph (i) does not apply and an election under subsection 53(1) is in effect at any time in the real reporting period, the positive or negative amount determined by the following formula is a prescribed amount for the purpose of the description of G in subsection 225.2(2) of the Act for the real reporting period –1 × A where A is (A) if the manager is a selected listed financial institution throughout the manager’s reporting period, the amount determined under paragraph (c) and subsection (3) in respect of the manager’s reporting period, and (B) in any other case, the amount determined under subsection 225.2(2) of the Act, as adapted by paragraph (d), in respect of the manager’s reporting period; (c) if the manager is a selected listed financial institution throughout the manager’s reporting period, the total of all particular amounts is a prescribed amount for the manager’s reporting period for the purpose of the description of G in subsection 225.2(2) of the Act, each of those particular amounts being the positive amount that a qualifying investment plan would be required to add, or the negative amount (in subsection (3) referred to as the “negative adjustment amount”) that the qualifying investment plan would be able to deduct, in determining its net tax under subsection 225.2(2) of the Act, having regard to any applicable adaptations made to that subsection under these Regulations, for a particular reporting period of the qualifying investment plan if (i) the beginning of the particular reporting period coincided with the later of the beginning of the manager’s reporting period and the day, if any, in the manager’s reporting period on which an election under subsection (1)