Excise Tax Act — E-15 232.01
sion entity shall pay to the Receiver General — on or before the day that is the later of the day on which the application for the rebate is filed and the day that is the last day of its claim period that immediately follows its claim period that includes the day on which the tax adjustment note is issued — the amount determined by the formula A × B × (C/D) × (E/F) where A is that part of the amount of the deemed tax, B is 33%, C is (i) if the pension entity was a selected listed financial institution on the particular day, the federal component amount of the tax adjustment note, and (ii) in any other case, the total tax amount of the tax adjustment note, D is the amount of the deemed tax, E is the amount of the rebate determined for the pension entity under subsection 261.01(2) for the particular claim period, and F is the pension rebate amount of the pension entity for the particular claim period; and (d) if any part of the amount of the deemed tax is included in the determination of the pension rebate amount of the pension entity for a claim period of the pension entity and if the pension entity makes an election for the claim period under any of subsections 261.01(5), (6) or (9) jointly with all participating employers of the pension plan that are, for the calendar year that includes the last day of the claim period, qualifying employers of the pension plan, each of those participating employers shall add, in determining its net tax for its reporting period that includes the day that is the later of the day on which the tax adjustment note is issued and the day on which the election is filed with the Minister, the amount determined by the formula A × B × (C/D) × (E/F) where A is that part of the amount of the deemed tax, B is 33%, C is (i) if the pension entity was a selected listed financial institution on the particular day, the federal component amount of the tax adjustment note, and (ii) in any other case, the total tax amount of the tax adjustment note, D is the amount of the deemed tax, E is the amount of the deduction determined for the participating employer under subsection 261.01(5), paragraph 261.01(6)(b) or subsection 261.01(9), as the case may be, for the claim period, and F is the pension rebate amount of the pension entity for the claim period. Prescribed form and manner (6) A tax adjustment note issued under subsection (3) shall be issued in prescribed form containing prescribed information and in a manner satisfactory to the Minister. Notification (7) If a tax adjustment note is issued under subsection (3) to a pension entity of a pension plan and, as a consequence of that issuance, paragraph (5)(d) applies to a participating employer of the pension plan, the pension entity shall, in prescribed form containing prescribed information and in a manner satisfactory to the Minister, forthwith notify the participating employer of that issuance. Joint and several liability (8) If a participating employer of a pension plan is required to add an amount to its net tax under paragraph (5)(d) as a consequence of the issuance of a tax adjustment note under subsection (3) to a pension entity of the pension plan, the participating employer and the pension entity are jointly and severally, or solidarily, liable to pay the amount to the Receiver General. Assessment (9) The Minister may assess a person for any amount for which the person is liable under subsection (8) and, if the Minister sends a notice of assessment, sections 296 to 311 apply, with such modifications as the circumstances require. Liability where participating employer ceases to exist (10) If a participating employer of a pension plan has ceased to exist on or before the day on which a tax adjustment note is issued under subsection (3) to a pension entity of the pension plan and the participating employer would have been required, had it not ceased to exist, to add an amount to its net tax under paragraph (5)(d) as a consequence of that issuance, the pensio