Excise Tax Act — E-15 225.2
y other reporting period of the financial institution that precedes the particular reporting period, provided that (I) the particular reporting period ends within two years after the end of the financial institution’s fiscal year that includes the other reporting period, and (II) the financial institution was a selected listed financial institution throughout the other reporting period, (ii) were not included in determining the positive or negative amounts that the financial institution is required to add, or may deduct, under this subsection in determining its net tax for any reporting period of the financial institution other than the particular reporting period, and (iii) are claimed by the financial institution in a return under this Division filed by the financial institution for the particular reporting period, and (b) all amounts each of which is an amount — in respect of a supply of property or a service that is made during the particular reporting period by another person to the financial institution and to which the financial institution has elected to have paragraph (c) of the description of A apply — equal to tax payable by the other person under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and G is the total of all amounts each of which is a positive or negative prescribed amount. Exclusions from adjustment (3) In determining an amount that a selected listed financial institution is required to add or may deduct under subsection (2) in determining its net tax, (a) tax that the financial institution is deemed to have paid under any of subsections 171(1), 171.1(2), 206(2) and (3) and 208(2) and (3) shall be excluded from the totals for A and F in the formula in subsection (2); (b) input tax credits in respect of tax referred to in paragraph (a) and input tax credits that the financial institution is permitted to claim under subsection 193(1) or (2) shall be excluded from the total for B in that formula; and (c) no amount of tax paid or payable by the financial institution in respect of property or services acquired, imported or brought into a participating province otherwise than for consumption, use or supply in the course of an endeavour (as defined in subsection 141.01(1)) of the financial institution shall be included. Election (4) If a person, other than a prescribed person or a person of a prescribed class, and a selected listed financial institution have made jointly an election under section 150, the financial institution may make an election, in prescribed form containing prescribed information, to have paragraph (c) of the description of A in subsection (2) apply to every supply to which subsection 150(1) applies that is made by the person to the financial institution at a time the election made under this subsection is in effect. (5) [Repealed, 2017, c. 33, s. 131] Effective period of election (6) An election made under subsection (4) by a selected listed financial institution in respect of supplies made by a person to the financial institution shall be effective for the period beginning on the day specified in the election and ending on the earliest of (a) the day the election made jointly by the person and the financial institution under section 150 ceases to be effective, (b) the day specified in a revocation of the election made under subsection (6.1), (c) the day the person becomes a prescribed person, or a person of a prescribed class, for the purposes of subsection (4), and (d) the day the financial institution ceases to be a selected listed financial institution. Revocation (6.1) A selected listed financial institution that has made an election under subsection (4) may revoke the election, in prescribed form containing prescribed information, effective on the day specified in the revocation, which day is at least 365 days after the day on which the election be