Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations — 53
Reporting entity election 53 (1) An investment plan that is a selected listed financial institution and the manager of the investment plan may jointly elect to have the manager file the returns of the investment plan under Division V of Part IX of the Act. Effect of election (2) Despite section 238 of the Act, if an election made by a manager and an investment plan under subsection (1) is in effect on the particular day on or before which an interim or final return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed, the return must be filed with the Minister by the manager and the investment plan is not required to file the return. Form and filing of election (3) An election made under subsection (1) by a manager and an investment plan is to (a) be made in prescribed form containing prescribed information; (b) set out the day on which the election is to come into effect; and (c) be filed with the Minister in prescribed manner before that day or any later day that the Minister may allow. Cessation (4) An election made under subsection (1) by a particular person that is a manager and another person that is an investment plan ceases to have effect on the earliest of (a) the day on which the particular person ceases to be the manager of the other person, (b) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the reporting period of the other person in which the other person ceases to be an investment plan, (c) the day following the day on or before which a return under Division V of Part IX of the Act is required to be filed for the last reporting period of the other person throughout which the other person is a selected listed financial institution, and (d) the day on which a revocation of the election becomes effective. Investment plan ceasing to exist (5) If an election made under subsection (1) by an investment plan and the manager of the investment plan is in effect immediately before the time at which the investment plan ceases to exist, the following returns must be filed with the Minister by the manager: (a) the interim return under Division V of Part IX of the Act for the last reporting period of the investment plan; and (b) the final returns under Division V of Part IX of the Act for the reporting periods of the investment plan that are included in the last fiscal year of the investment plan. Revocation (6) An investment plan that has made an election under subsection (1) may revoke the election, effective on a particular day, by filing in prescribed manner with the Minister a notice of revocation in prescribed form containing prescribed information not later than the particular day or any later day that the Minister may allow. Revocation — restriction (7) A revocation made by an investment plan under subsection (6) of a joint election is effective only if the investment plan notifies, before the day on which the revocation is to come into effect, the manager that made the joint election. Joint and several liability (8) If an election made under subsection (1) by a manager and an investment plan is in effect on the particular day on or before which a return under Division V of Part IX of the Act for a reporting period of the investment plan is required to be filed or if a manager of an investment plan files a return under Division V of Part IX of the Act for a reporting period of the investment plan on a day on which an election made under subsection (1) by the manager and the investment plan is in effect, the manager and the investment plan are jointly and severally, or solidarily, liable for (a) the net tax for the reporting period; and (b) any interest or penalties in respect of the net tax for the reporting period or in respect of the return. SOR/2013-71, s. 2