Excise Tax Act — E-15 256.3
Transitional rebate 256.3 (1) If a particular person, other than a cooperative housing corporation, (a) pursuant to an agreement of purchase and sale, evidenced in writing, entered into on or before May 2, 2006, is the recipient of a taxable supply by way of sale from another person of a residential complex in respect of which ownership and possession under the agreement are transferred to the particular person on or after July 1, 2006, (b) has paid all of the tax under subsection 165(1) in respect of the supply calculated at the rate of 7%, and (c) is not entitled to claim an input tax credit or a rebate, other than a rebate under this subsection, in respect of the tax referred to in paragraph (b), the Minister shall, subject to subsection (7), pay a rebate to the particular person equal to 1% of the value of the consideration for the supply. Transitional rebate (2) If a particular person, other than a cooperative housing corporation, (a) pursuant to an agreement of purchase and sale, evidenced in writing, entered into on or before May 2, 2006, is the recipient of a taxable supply by way of sale from another person of a residential complex in respect of which ownership and possession under the agreement are transferred to the particular person on or after July 1, 2006, (b) has paid all of the tax under subsection 165(1) in respect of the supply calculated at the rate of 7%, and (c) is entitled to claim a rebate under subsection 256.2(3) in respect of any residential unit situated in the complex, the Minister shall, subject to subsection (7), pay a rebate to the particular person equal to the amount determined by the formula A × [0.01 - ((B/A)/7)] where A is the consideration payable for the supply to the particular person of the complex, and B is the amount of the rebate under subsection 256.2(3) that the particular person is entitled to claim in respect of the complex. Transitional rebate (3) If a particular person, other than a cooperative housing corporation, (a) pursuant to an agreement of purchase and sale, evidenced in writing, entered into on or before May 2, 2006, is the recipient of a taxable supply by way of sale from another person of a residential complex in respect of which ownership and possession under the agreement are transferred to the particular person on or after July 1, 2006, (b) has paid all of the tax under subsection 165(1) in respect of the supply calculated at the rate of 7%, and (c) is entitled to claim a rebate under section 259 in respect of the tax referred to in paragraph (b) and is not entitled to claim any input tax credit or any other rebate, other than a rebate under this subsection, in respect of that tax, the Minister shall, subject to subsection (7), pay a rebate to the particular person equal to the amount determined by the formula A × [0.01 - ((B/A)/7)] where A is the consideration payable for the supply to the particular person of the complex, and B is (i) in the case where the complex is situated in a participating province, the amount of the rebate under section 259 that the particular person would have been entitled to claim if no tax under subsection 165(2) would have been payable or paid in respect of the complex, and (ii) in any other case, the amount of the rebate under section 259 that the partic­ular person is entitled to claim in respect of the complex. Transitional rebate (4) If a cooperative housing corporation (a) pursuant to an agreement of purchase and sale, evidenced in writing, entered into on or before May 2, 2006, is the recipient of a taxable supply by way of sale from another person of a residential complex in respect of which ownership and possession under the agreement are transferred to the corporation on or after July 1, 2006, (b) has paid all of the tax under subsection 165(1) in respect of the supply calculated at the rate of 7%, and (c) is not entitled to claim an input tax credit or a rebate, other than a rebate under this subsection or under section 256.2