Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations — 31
l is, on that day, resident in Canada and in the selected province. Percentage — exception (3) Despite subsection (1), if a selected listed financial institution is a non-stratified investment plan, an election under section 49 is in effect in respect of the financial institution throughout a particular fiscal year of the financial institution and, on a particular day in the particular fiscal year, more than 10% of the total value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year, (a) if the first day in the particular fiscal year on which more than 10% of the total value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year is on or before the first day in the particular fiscal year as of which the financial institution’s percentage for a participating province is required to be determined under subsection 225.2(2) of the Act, the financial institution’s percentage for a participating province as of every day in the particular fiscal year is (i) if no election under section 49 or 61 is in effect in respect of the financial institution throughout the fiscal year (referred to in this paragraph as the “preceding fiscal year”) of the financial institution preceding the particular fiscal year, the financial institution’s percentage for the participating province and for the preceding fiscal year, and (ii) in any other case, the total of all amounts, each of which is the financial institution’s percentage for the participating province as of a day in the preceding fiscal year for which that percentage is required to be determined under subsection 225.2(2) of the Act, divided by the number of those days in the preceding fiscal year; and (b) in any other case, the financial institution’s percentage for a participating province as of the particular day and every following day in the particular fiscal year is the amount determined by the formula A/B where A is the total of all amounts, each of which is the financial institution’s percentage for the participating province as of a day (each of which is referred to in this paragraph as an “attribution day”) in the particular fiscal year (i) that precedes the first day in the particular fiscal year on which more than 10% of the value of the units of the financial institution is held by persons other than individuals and specified investors in the financial institution for the particular fiscal year, and (ii) for which that percentage is required to be determined under subsection 225.2(2) of the Act, and B is the number of attribution days in the particular fiscal year. New investment plan — elected method (4) If a selected listed financial institution is a non-stratified investment plan and an election under section 61 is in effect throughout a particular fiscal year of the financial institution, the following rules apply for the purposes of determining the financial institution’s percentage for a participating province as of a particular day in the particular fiscal year: (a) if the election indicates that the financial institution’s percentages are to be determined by using investor percentages, subsections (1) and (2) apply for the purpose of determining the financial institution’s percentage for a participating province as of a day in the particular fiscal year, except that the description of D 1 in paragraph (1)(a) and the description of D 1 in paragraph (1)(b) are each to be read without reference to subparagraph (ii); and (b) in any other case, (i) the financial institution’s percentage as of a particular day in the particular fiscal year for any one participating province (in this paragraph referred to as the “selected province”) having the highest tax rate on the first day of the particular fiscal year is the percentage determined by the formula (A/B) +