Streamlined Accounting (GST/HST) Regulations — 21
ply; and C is the total of (a) all amounts each of which is an input tax credit of the registrant (i) for the particular reporting period or a preceding reporting period of the registrant during which the election was in effect in respect of real property acquired by way of purchase by the registrant or an improvement to the property, (ii) for the particular reporting period or a preceding reporting period of the registrant during which the election was in effect in respect of a supply by way of sale to, importation by, or bringing into a participating province by, the registrant of personal property that is acquired, imported or brought into the participating province by the registrant for use as a capital asset of the registrant and that has a fair market value at the time of the supply or bringing into the province, or a value as determined under section 215 of the Act at the time of the importation, of at least $10,000, (iii) for the particular reporting period or a preceding reporting period of the registrant during which the election was in effect in respect of an improvement to a capital asset (other than real property) of the registrant, if the registrant has claimed, or is entitled to claim, an input tax credit in respect of the last supply to, or importation by, the registrant of the capital asset, (iv) for a reporting period of the registrant ending before the election became effective, (v) for the particular reporting period or a preceding reporting period of the registrant during which the election was in effect in respect of tangible personal property (other than property referred to in subparagraph (ii)) that is acquired, imported or brought into a participating province for supply by way of sale and is deemed under subsection 177(1.2) of the Act to have been supplied by an auctioneer acting as agent for the registrant or is supplied by a person acting as agent for the registrant in circumstances in which subsection 177(1.1) applies, or (vi) for the particular reporting period or a preceding reporting period of the registrant during which the election was in effect in respect of tangible personal property that is deemed under paragraph 180(e) of the Act to have been acquired by the registrant and under subsection 177(1) or (1.2) of the Act to have been supplied by the registrant, and is claimed in the return under Division V filed by the registrant for the particular reporting period, (b) all amounts in respect of specified supplies that may be deducted under Division V in determining the net tax for the particular reporting period and that are claimed in the return under Division V filed by the registrant for the particular reporting period, and (c) an amount that may be deducted under paragraph 346(1)(a) of the Act in determining the net tax for the particular reporting period. (2) Subject to subsection 21.3(1), if a registrant carries on the business of supplying telephone services, electricity or natural gas in a separate division or department of the registrant and an election by the registrant to determine the net tax of the registrant in accordance with this Part is in effect during a particular reporting period of the registrant, the net tax of the registrant for the particular reporting period is equal to the positive or negative amount determined by the formula A + B where A is the amount that would be the net tax of the registrant for the particular reporting period determined under subsection (1) if the registrant did not carry on the business and all property and services acquired, imported or brought into a participating province by the registrant otherwise than primarily for consumption, use or supply in the course of carrying on the business were the only property and services acquired, imported or brought by the registrant; and B is the amount that would be the net tax of the registrant for the particular reporting period determined in accordance with section 225 of the Act if the business were