Excise Tax Act — E-15 172.1
excluded resource of the person in respect of the pension plan and if none of subsections (6), (6.1) and (7.1) applies to that consumption or use, the following rules apply: (a) for the purposes of this Part, the person is deemed to have made a taxable supply of the employer resource (in this subsection referred to as the “employer resource supply”) on the last day of the particular fiscal year; (b) for the purposes of this Part, tax in respect of the employer resource supply is deemed to have become payable on the last day of the particular fiscal year and the person is deemed to have collected that tax on that day; (c) for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the amount determined by the formula A + B where A is the amount determined by the formula C × D where C is (i) if the employer resource was consumed by the person during the particular fiscal year in the course of pension activities in respect of the pension plan, the product obtained when the fair market value of the employer resource at the time the person began consuming it in the particular fiscal year is multiplied by the extent to which that consumption (expressed as a percentage of the total consumption of the employer resource by the person during the particular fiscal year) occurred when the person was both a registrant and a participating employer of the pension plan, or (ii) otherwise, the product obtained when the fair market value of the use of the employer resource during the particular fiscal year as determined on the last day of the particular fiscal year is multiplied by the extent to which the employer resource was used during the particular fiscal year (expressed as a percentage of the total use of the employer resource by the person during the particular fiscal year) in the course of pension activities in respect of the pension plan when the person was both a registrant and a participating employer of the pension plan, and D is the rate set out in subsection 165(1), and B is the total of all amounts, each of which is determined for a participating province by the following formula E × F where E is the amount determined for C, and F is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year; and (d) for the purposes of determining, under section 261.01, an eligible amount of the specified pension entity of the pension plan in respect of the person for the particular fiscal year, the specified pension entity is deemed to have paid tax on the last day of the particular fiscal year equal to the amount determined by the formula A − B where A is (i) if the specified pension entity is a selected listed financial institution on that day, the amount determined for A in paragraph (c), and (ii) in any other case, the amount of tax determined under paragraph (c), and B is the total of all amounts, each of which is a part of the amount determined for A (i) that is not included in determining the person’s net tax for the reporting period that includes the last day of the particular fiscal year, or (ii) that the person has recovered or is entitled to recover by way of rebate, refund or remission, or otherwise, under this or any other Act of Parliament. Employer resource other than for supply — master pension entity (7.1) If a person that is a registrant consumes or uses at any time in a particular fiscal year of the person an employer resource of the person in the course of pension activities in respect of one or more pension plans that are in the master pension group in respect of the person and a master pension entity at that time, if the person is not at that time a qualifying employer of any pension plan in the master pension group, if it is not the case that the employer resource is an excluded resource of the person in respect of any pension plan in the master pension group, if the pension activities relate exclusively to the establishment, manageme