Excise Tax Act — E-15 123
Definitions 123 (1) In section 121, this Part and Schedules V to X, Agency [Repealed, 2017, c. 33, s. 106] amount means money, property or a service, expressed in terms of the amount of money or the value in terms of money of the property or service; ( montant ) assessment means an assessment under this Part and includes a reassessment under this Part; ( cotisation ) asset management service means a service (other than a prescribed service) rendered by a particular person in respect of the assets or liabilities of another person that is a service of (a) managing or administering the assets or liabilities, irrespective of the level of discretionary authority the particular person has to manage some or all of the assets or liabilities, (b) providing research, analysis, advice or reports in respect of the assets or liabilities, (c) determining which assets or liabilities are to be acquired or disposed of, or (d) acting to realize performance targets or other objectives in respect of the assets or liabilities; ( service de gestion des actifs ) bank means a bank or an authorized foreign bank within the meaning of section 2 of the Bank Act ; ( banque ) basic tax content , at a particular time, of property of a person means (a) except where paragraph (b) applies, the amount determined by the formula (A - B) × C where A is the total of (i) the tax that was payable by the person in respect of the last acquisition or importation of the property by the person, (ii) the tax that was payable by the person in respect of improvements to the property acquired, imported or brought into a participating province by the person after the property was last acquired or imported by the person, (iii) the tax under section 165 that would have been payable by the person, in respect of the last acquisition of the property by the person or in respect of improvements to the property acquired by the person after the property was last acquired or imported by the person, in the absence of subsection 153(4), section 167, section 167.11 in the case of property acquired under an agreement for a qualifying supply (as defined in that section) that was not, immediately before that acquisition, capital property of the supplier or the fact that the property or improvements were acquired by the person for consumption, use or supply exclusively in commercial activities, (iv) the tax under any of sections 218 and 218.1 and Division IV.1 that would have become payable by the person in respect of the last acquisition or importation of the property by the person, and the tax thereunder that would have become payable by the person in respect of improvements to the property acquired, imported or brought into a participating province by the person after the property was last acquired or imported by the person, but for the fact that the person acquired or imported the property or improvement or brought the improvement into the participating province, as the case may be, for consumption, use or supply exclusively in the course of commercial activities of the person, and (v) all amounts determined by the formula D × E × F/G where D is an amount of tax (other than tax that the person was exempt from paying under any other Act or law) under subsection 165(1) or section 212 or 218 referred to in any of subparagraphs (i) to (iii) of the description of A that became payable, or would have become payable in the circumstances described in that subparagraph, by the person while the person was a selected listed financial institution, E is the person’s percentage for a participating province determined for the purposes of subsection 225.2(2) for the person’s taxation year that includes the time that amount so became payable, or would have so become payable, F is that province’s tax rate, and G is (A) 7%, if the amount determined for D is included, or would be included if the tax became payable, in the description of A in subsection 225.2(2) for a reporting period of the selected listed fi