Excise Tax Act — E-15 225
Net tax 225 (1) Subject to this Subdivision, the net tax for a particular reporting period of a person is the positive or negative amount determined by the formula A - B where A is the total of (a) all amounts that became collectible and all other amounts collected by the person in the particular reporting period as or on account of tax under Division II, and (b) all amounts that are required under this Part to be added in determining the net tax of the person for the particular reporting period; and B is the total of (a) all amounts each of which is an input tax credit for the particular reporting period or a preceding reporting period of the person claimed by the person in the return under this Division filed by the person for the particular reporting period, and (b) all amounts each of which is an amount that may be deducted by the person under this Part in determining the net tax of the person for the particular reporting period and that is claimed by the person in the return under this Division filed by the person for the particular reporting period. Restriction (2) An amount shall not be included in the total for A in the formula set out in subsection (1) for a reporting period of a person to the extent that that amount was included in that total for a preceding reporting period of the person. Restriction (3) An amount shall not be included in the total for B in the formula set out in subsection (1) for a particular reporting period of a person to the extent that the amount was claimed or included as an input tax credit or deduction in determining the net tax for a preceding reporting period of the person unless (a) the person was not entitled to claim the amount in determining the net tax for the preceding period only because the person did not satisfy the requirements of subsection 169(4) in respect of the amount before the return for that preceding period was filed; and (b) where the person is claiming the amount in a return for the particular reporting period and the Minister has not disallowed the amount as an input tax credit in assessing the net tax of the person for that preceding reporting period, (i) the person reports in writing to the Minister, at or before the time the return for the particular reporting period is filed, that the person made an error in claiming that amount in determining the net tax of the person for that preceding period, and (ii) if the person does not report the error to the Minister at least three months before the time limited by subsection 298(1) for assessing the net tax of the person for that preceding period expires, the person pays, at or before the time the return for the particular reporting period is filed, the amount and any applicable interest to the Receiver General. Restriction (3.1) An amount shall not be included in the total for B in the formula set out in subsection (1) for a reporting period of a person to the extent that, before the end of the period, the amount (a) is included in an adjustment, refund or credit for which a credit note referred to in subsection 232(3) has been received by the person or a debit note referred to in that subsection has been issued by the person; or (b) was otherwise rebated, refunded or remitted to the person, or was otherwise recovered by the person, under this or any other Act of Parliament. Limitation (4) An input tax credit of a person for a particular reporting period of the person shall not be claimed by the person unless it is claimed in a return under this Division filed by the person on or before the day that is (a) where the person is a specified person during the particular reporting period, (i) if the input tax credit is in respect of property or a service supplied to the person by a supplier who did not, before the end of the particular reporting period, charge the tax in respect of the supply that became payable during the particular reporting period and the person pays that tax after the end of the particular reporting per