New Harmonized Value-added Tax System Regulations — 58.1
Instalment base following harmonization 58.1 (1) Despite subsection 237(2) of the Act, if a registrant (other than a selected listed financial institution) to which subsection 237(1) of the Act applies is resident in a specified province and is not resident in Nova Scotia, New Brunswick or Newfoundland and Labrador and a reporting period of the registrant begins in 2010, for the purpose of determining the amount of instalment payments under subsection 237(1) of the Act, if any, that become payable after the first fiscal quarter of the registrant beginning on or after July 1, 2010, the registrant’s instalment base for the reporting period is equal to the lesser of (a) the amount determined under paragraph 237(2)(a) of the Act, and (b) 240% of the amount determined under paragraph 237(2)(b) of the Act. Instalment base following harmonization (2) Despite subsection 237(2) of the Act, if a registrant (other than a selected listed financial institution) to which subsection 237(1) of the Act applies is resident in a specified province and in Nova Scotia, New Brunswick or Newfoundland and Labrador and a reporting period of the registrant begins in 2010, for the purpose of determining the amount of instalment payments under subsection 237(1) of the Act, if any, that become payable after the first fiscal quarter of the registrant beginning on or after July 1, 2010, the registrant’s instalment base for the reporting period is equal to the amount determined under paragraph 237(2)(a) of the Act. Selected listed financial institutions — instalments in transitional year (3) Despite subsection 237(1) of the Act, if a particular reporting period of a selected listed financial institution (other than an investment plan, as defined in subsection 1(1) of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations ) ends in a particular fiscal year ending in a taxation year of the financial institution and the particular fiscal year begins before July 1, 2010 and ends on or after that day, the instalment to be paid under that subsection within one month after the end of each fiscal quarter ending on or after that day in the particular reporting period is the amount determined under whichever of the following paragraphs the financial institution has elected in prescribed form to determine the instalments for those fiscal quarters under: (a) the lesser of (i) 1/4 of the amount determined under paragraph 237(2)(a) of the Act, and (ii) the amount determined by the formula A + (B/4) where A is the total of all amounts, each of which is determined, for a harmonized province, by the formula [C × D × (E/F) × (G/365)]/H where C is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) of the Act as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act, D is the lesser of the financial institution’s percentage for the harmonized province and for the taxation year and the financial institution’s percentage for the harmonized province and for the preceding taxation year, each determined in accordance with the prescribed rules that apply to that financial institution, E is the tax rate for the harmonized province, F is 5%, G is the number of days in the particular reporting period after June 2010, and H is the number of fiscal quarters ending on or after July 1, 2010 and in the particular reporting period, and B is the financial institution’s instalment base for the particular reporting period determined under paragraph 237(2)(b) of the Act as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1 of Part IX of the Act; (b) the amount determined by the formula A + (B/4) where A is the total of all amounts, each