Excise Tax Act — E-15 141.02
ffect only because of the application of paragraph (23)(c). Effect of approval (25) On receipt of the application made under subsection (24) in respect of a fiscal year of a person, the Minister shall, with all due dispatch, consider the application and notify the person in writing of the decision and, if the Minister makes the designation, the person is deemed for the purposes of subsection (18) and paragraph (23)(c) to be a qualifying institution for the fiscal year. Revocation of designation as a qualifying institution (26) A designation made under subsection (25) in respect of a fiscal year of a person ceases to have effect on the first day of the fiscal year and is deemed, for the purposes of this Part, to have never been granted if, on or before the day that is 60 days before the first day of the fiscal year (a) the Minister revokes the designation and sends a notice of revocation to the person; or (b) the person files in prescribed manner with the Minister a notice of revocation of the designation in prescribed form containing prescribed information. Qualifying institution’s own methods (27) Despite subsections (6), (8), (14) and (15), a qualifying institution for a fiscal year may elect to use particular methods for the fiscal year to determine, for the purposes of this Part, the operative extent and the procurative extent of every business input of the qualifying institution, if (a) the particular methods were specified in an application filed under subsection (18) by the qualifying institution for the fiscal year that (i) complies with the requirements set out in subsection (19), and (ii) is the last such application filed by the qualifying institution for the fiscal year; (b) the use of the particular methods was not authorized by the Minister under paragraph (20)(a); (c) the qualifying institution has provided all requested information within the time set out in the written notice requesting the information; (d) the Minister has not complied with the notification requirements set out in paragraph (20)(b) and subsection (22) in respect of the application; and (e) if the Minister has provided modifications in writing to the particular methods on or before the particular day described in subsection (22), the particular methods with those modifications (in this section referred to as the “modified methods”) are not fair and reasonable for the purpose of determining the operative extent and the procurative extent of the business inputs of the qualifying institution for the fiscal year. Elected method — conditions (28) If a qualifying institution makes an election under subsection (27), the particular methods shall be (a) fair and reasonable for the purpose of determining the operative extent and the procurative extent of the business inputs of the qualifying institution for the fiscal year; and (b) used consistently, and as indicated in the application referred to in paragraph (27)(a), by the qualifying institution throughout the fiscal year. Making of election (29) An election under subsection (7), (9) or (27) in respect of a fiscal year of a person shall be (a) made in prescribed form containing prescribed information; and (b) filed by the person with the Minister in prescribed manner on or before the day that is (i) the day on or before which a return under Division V for the first reporting period of the fiscal year is required to be filed, or (ii) any later day that the Minister may allow on application by the person. Revocation of election (30) An election under subsection (7), (9) or (27) in respect of a fiscal year of a person ceases to have effect on the first day of the fiscal year and is deemed, for the purposes of this Part, never to have been made if (a) a notice of revocation of the election in prescribed form containing prescribed information is filed in prescribed manner with the Minister on or before the day on or before which the return under Division V is required to be filed for the first reporting p