Excise Tax Act — E-15 232.02
ch the tax adjustment note is issued; (b) the pension entity shall add, in determining its net tax for its reporting period that includes the day on which the tax adjustment note is issued, the amount determined by the formula A × (B/C) where A is the total of all amounts, each of which is the total of all input tax credits that the pension entity is entitled to claim in respect of deemed tax in respect of a particular supply, B is (i) if the pension entity was a selected listed financial institution on the particular day that is the first day on which an amount of deemed tax is deemed to have been paid, the federal component amount of the tax adjustment note, and (ii) in any other case, the total tax amount of the tax adjustment note, and C is the total of all amounts, each of which is an amount of deemed tax in respect of a particular supply; (c) for each particular claim period of the pension entity for which any part of an amount of deemed tax in respect of a particular supply is included in the determination of the pension rebate amount of the pension entity, the pension 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 the total of all amounts, each of which is the part of an amount of deemed tax in respect of a particular supply that is an eligible amount of the pension entity for the particular claim period, B is 33%, C is (i) if the pension entity was a selected listed financial institution on the particular day referred to in paragraph (b), 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 total of all amounts, each of which is an amount of deemed tax in respect of a particular supply, 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) for each claim period of the pension entity for which any part of an amount of deemed tax in respect of a particular supply is included in the determination of the pension rebate amount of the pension entity and for which an election under any of subsections 261.01(5), (6) or (9) is made jointly by the pension entity and 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 the total of all amounts, each of which is the part of an amount of deemed tax in respect of a particular supply that is an eligible amount of the pension entity for the claim period, B is 33%, C is (i) if the pension entity was a selected listed financial institution on the particular day referred to in paragraph (b), 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 total of all amounts, each of which is an amount of deemed tax in respect of a particular supply, 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 (5) A tax adjustment note issued under subsection (2) sha