Excise Tax Act — E-15 261.01
eding calendar year”) that immediately precedes the calendar year that includes the last day of the claim period, the amount determined by the formula E/F where E is the total of all amounts, each of which is (A) an employer contribution made by the qualifying employer to the pension plan in the preceding calendar year, or (B) an employee PRPP contribution made by an employee of the qualifying employer to the pension plan in the preceding calendar year, if the qualifying employer made employer contributions to the pension plan in the preceding calendar year, and F is the total of all amounts, each of which is (A) if the pension plan is a registered pension plan, an employer contribution made to the pension plan in the preceding calendar year, or (B) if the pension plan is a pooled registered pension plan, an amount contributed to the pension plan in the preceding calendar year, (b) in the case where subparagraph (a) does not apply and one or more qualifying employers of the pension plan was the employer of one or more active members of the pension plan in the preceding calendar year, the amount determined by the formula G/H where G is the total number of employees of the qualifying employer in the preceding calendar year who were active members of the pension plan in that year, and H is the sum of the total number of employees of each of those qualifying employers in the preceding calendar year who were active members of the pension plan in that year, and (c) in any other case, zero; and D is the tax recovery rate of the qualifying employer for the fiscal year of the qualifying employer that ended on or before the last day of the claim period. Form and manner of filing (10) An election made under subsection (9) for a claim period of a pension entity shall (a) be made in prescribed form containing prescribed information; (b) be filed by the pension entity with the Minister in prescribed manner within two years after the day that is (i) if the pension entity is a registrant, the day on or before which the pension entity is required to file a return under Division V for the claim period, and (ii) in any other case, the last day of the claim period; and (c) indicate the total of all amounts, each of which is an eligible amount of the pension entity for the claim period (i) that is described in paragraph (b) of the definition eligible amount in subsection (1), and (ii) that the pension entity elects to include in the determination of the pension rebate amount of the pension entity for the claim period. Limitation (11) Not more than one election under subsection (9) shall be filed for a claim period of a pension entity. Joint and several liability (12) If, in determining the net tax for a reporting period of a qualifying employer of a pension plan, the qualifying employer deducts an amount under subsection (5), paragraph (6)(b) or subsection (9) and either the qualifying employer or the pension entity of the pension plan knows or ought to know that the qualifying employer is not entitled to the amount or that the amount exceeds the amount to which the qualifying employer is entitled, the qualifying employer and the pension entity are jointly and severally, or solidarily, liable to pay the amount or excess to the Receiver General. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2000, c. 30, s. 77; 2001, c. 15, s. 17; 2010, c. 12, s. 75; 2012, c. 31, s. 88; 2014, c. 39, s. 97; 2017, c. 33, s. 140 2023, c. 26, s. 121