Excise Tax Act — E-15 (a)
basic tax content , at a particular time, of property of a person means (a) except where paragraph (b) applies, the amount determined by the formula (A - B) × C where A is the total of (i) the tax that was payable by the person in respect of the last acquisition or importation of the property by the person, (ii) the tax that was payable by the person in respect of improvements to the property acquired, imported or brought into a participating province by the person after the property was last acquired or imported by the person, (iii) the tax under section 165 that would have been payable by the person, in respect of the last acquisition of the property by the person or in respect of improvements to the property acquired by the person after the property was last acquired or imported by the person, in the absence of subsection 153(4), section 167, section 167.11 in the case of property acquired under an agreement for a qualifying supply (as defined in that section) that was not, immediately before that acquisition, capital property of the supplier or the fact that the property or improvements were acquired by the person for consumption, use or supply exclusively in commercial activities, (iv) the tax under any of sections 218 and 218.1 and Division IV.1 that would have become payable by the person in respect of the last acquisition or importation of the property by the person, and the tax thereunder that would have become payable by the person in respect of improvements to the property acquired, imported or brought into a participating province by the person after the property was last acquired or imported by the person, but for the fact that the person acquired or imported the property or improvement or brought the improvement into the participating province, as the case may be, for consumption, use or supply exclusively in the course of commercial activities of the person, and (v) all amounts determined by the formula D × E × F/G where D is an amount of tax (other than tax that the person was exempt from paying under any other Act or law) under subsection 165(1) or section 212 or 218 referred to in any of subparagraphs (i) to (iii) of the description of A that became payable, or would have become payable in the circumstances described in that subparagraph, by the person while the person was a selected listed financial institution, E is the person’s percentage for a participating province determined for the purposes of subsection 225.2(2) for the person’s taxation year that includes the time that amount so became payable, or would have so become payable, F is that province’s tax rate, and G is (A) 7%, if the amount determined for D is included, or would be included if the tax became payable, in the description of A in subsection 225.2(2) for a reporting period of the selected listed financial institution that ends before July 1, 2006, (B) 6%, if the amount determined for D is included, or would be included if the tax became payable, in the description of A in subsection 225.2(2) for a reporting period of the selected listed financial institution that ends after June 30, 2006, but before January 1, 2008, and (C) 5%, in any other case, B is the total of (i) all tax referred to in subparagraphs (i) to (iv) of the description of A that the person was exempt from paying under any other Act or law, (ii) all tax (other than tax referred to in subparagraph (i)) under subsection 165(2) and section 212.1 referred to in any of subparagraphs (i) to (iv) of the description of A that became payable by the person, or would have become payable by the person in the circumstances described in that subparagraph, while the person was a selected listed financial institution, (iii) all amounts (other than input tax credits and amounts referred to in subparagraphs (i) and (ii)) in respect of tax referred to in subparagraphs (i) and (ii) of the description of A that the person was entitled to recover by way of rebate, refund, remission or otherwise un