Excise Tax Act — E-15 351
y of sale of the condominium complex made after either the builder or the successor has used the complex as capital property in a business of the builder or successor, substantially renovated the complex or made another supply by way of sale of the complex and subsequently reacquired it, or (iii) a taxable supply by way of sale of a residential condominium unit located in the complex made after either the builder or the successor has used the unit as capital property in a business of the builder or successor or made another supply by way of sale of the unit and subsequently reacquired it; and (b) no amount in respect of tax payable under subsection 165(2), section 212.1 or subsection 218.1(1), 220.05(1), 220.06(1), 220.07(1) or 220.08(1) shall be included in determining an input tax credit of the builder or successor in respect of any property or service to the extent that it was acquired, imported or brought into a participating province by the builder or successor for consumption or use in making a supply of the complex or the residential condominium unit located in the complex in respect of which tax under subsection 165(2) is not payable because of paragraph (a). Transfer of residential condominium unit by limited partnership (7) Where (a) an offering memorandum (within the meaning assigned by subsection 336(6)), in respect of an offer to sell interests in a limited partnership, is issued to prospective subscribers on or before the announcement date for a participating province, (b) at the time the offering memorandum is issued, it is proposed that the limited partnership will exclusively engage in the activities of acquiring land in that province or a beneficial interest therein, constructing a condominium complex on the land, owning residential condominium units located in the complex and supplying those units by way of lease, licence or similar arrangement for the purpose of their occupancy by individuals as places of residence, (c) the offering memorandum does not provide for an increase in the subscription prices (within the meaning assigned by subsection 336(6)) of the interests in the partnership because of a change in the application of taxes and those subscription prices are not increased after that day and before the offer to sell the interests expires, (d) a particular interest in the limited partnership is transferred to a subscriber in accordance with the offering memorandum, (e) the limited partnership, whether or not in concert with another person, (i) acquires ownership of land in that province or a beneficial interest therein before the implementation date for that province, and (ii) engages a person to construct a condominium complex on that land under agreements in writing entered into on or before the announcement date for that province or under agreements in writing entered into after that day that substantially conform with terms and conditions relating to those agreements as set out in the offering memorandum, (f) the particular interest relates to a particular residential condominium unit that is owned by the limited partnership and is located in the condominium complex, and (g) possession of the particular residential condominium unit is given on or after the implementation date for that province to a person under a lease, licence or similar arrangement for the purpose of its occupancy by an individual as a place of residence, the following rules apply: (h) no tax is payable by the limited partnership under subsection 165(2) in respect of a supply made under an agreement referred to in paragraph (e), (i) no amount in respect of tax payable under subsection 165(2), section 212.1 or subsection 218.1(1), 220.05(1), 220.06(1), 220.07(1) or 220.08(1) shall be included in determining an input tax credit of the supplier in respect of any property or service to the extent that it was acquired, imported or brought into a participating province by the supplier for consumption or use in making the supply, (j)