Excise Tax Act — E-15 217
yee compensation or benefits, that is reasonably attributable to the issuance, renewal, variance or transfer of ownership, or (ii) the estimate of the default risk premium that is directly associated with the derivative, or (c) if a particular amount, included in the amount determined under the description of A, is any part of the value of the consideration for a supply made to the qualifying taxpayer of a financial service that includes the issuance, renewal, variation or transfer of ownership of a policy of reinsurance in respect of one or more particular insurance policies issued by the qualifying taxpayer, an amount (in this description referred to as a returned commission ) included in the particular amount that (i) is attributable to expenses incurred exclusively in Canada by the qualifying taxpayer to issue and administer the particular insurance policies, (ii) is returned to the qualifying taxpayer as a ceding commission in respect of the particular insurance policies, and (iii) is required to be included under the Income Tax Act in computing the qualifying taxpayer’s income for the specified year or for another specified year of the qualifying taxpayer, or would be so required to be included if the conditions set out in subparagraphs (a)(i) to (iii) of the description of A applied to the qualifying taxpayer. ( contrepartie admissible ) qualifying establishment means a permanent establishment as defined in subsection 123(1) or a permanent establishment as defined in subsection 132.1(2). ( établissement admissible ) qualifying instrument means money, a credit card voucher, a charge card voucher or a financial instrument. ( instrument admissible ) qualifying service means a service or duty. ( service admissible ) reporting period [Repealed, 1997, c. 10, s. 42] specified arm’s length supply means a supply (other than a specified derivative supply) of a financial service (other than a specified financial service) made to a qualifying taxpayer as part of a transaction or series of transactions in which all participants deal at arm’s length with the qualifying taxpayer. ( fourniture déterminée entre personnes sans lien de dépendance ) specified derivative supply means a supply (a) that is a supply of a financial service of issuing, renewing, varying or transferring the ownership of a financial instrument that is a derivative, or that is a supply made by an agent, salesperson or broker of arranging for the issuance, renewal, variance or transfer of ownership of a financial instrument that is a derivative; and (b) for which all or substantially all of the value of the consideration is attributable to (i) any error or profit margin, or employee compensation or benefits, reasonably attributable to the supply, and (ii) amounts that are not loading. ( fourniture déterminée d’instrument dérivé ) specified financial service means a financial service supplied to a qualifying taxpayer by an agent, salesperson or broker of arranging for the issuance, renewal, variation or transfer of ownership of a financial instrument that is property of a person other than the agent, salesperson or broker. ( service financier déterminé ) specified non-arm’s length supply means a supply (other than a specified derivative supply) of a financial service (other than a specified financial service) that includes the issuance, renewal, variation or transfer of ownership of a qualifying instrument, made to a qualifying taxpayer as part of a transaction or series of transactions in which any participant does not deal at arm’s length with the qualifying taxpayer. ( fourniture déterminée entre personnes ayant un lien de dépendance ) specified year of a person means (a) in the case of a person that is described in paragraph (a) or (b) of the definition taxation year in subsection 123(1), the taxation year of the person; (b) in the case of a person that is a registrant but is not described in paragraph (a) or (b) of the definition taxation year in subsection 123(