Excise Tax Act — E-15 256.2
 a public college or a school authority; (b) the construction or substantial renovation of the residential complex or addition is carried out primarily for the purpose of providing a place of residence for students attending the university, the public college or a school of the school authority; (c) the builder would, in the absence of subsection 191(6), be deemed under section 191 to have made and received, at a particular time, a taxable supply by way of sale of the residential complex or addition; and (d) in respect of the taxable supply referred to in paragraph (c) that would, in the absence of subsection 191(6), be deemed under section 191 to have been made and received by the builder, it is the case that (i) the residential complex or addition is property prescribed for the purposes of subsection (3.1), determined as if the deemed purchase referred to in subparagraph (3)(a)(ii) were the taxable supply and the particular time referred to in paragraph (3)(b) were the particular time referred to in paragraph (c), and (ii) the taxable supply and the residential complex or addition meet the conditions prescribed for the purposes of subsection (3.1) and the conditions described in paragraph (3.1)(a) or (b). Amount of rebate – student residence (3.4) If the conditions set out in subsection (3.3) are met in respect of the construction or substantial renovation of a residential complex or an addition to a multiple unit residential complex, for the purposes of applying subsection (3) in respect of the construction or substantial renovation of the residential complex or addition, the following rules apply: (a) the conditions in subparagraph (3)(a)(ii) and paragraphs (3)(b) to (d) are deemed to be met at the particular time referred to in paragraph (3.3)(c); (b) the deemed purchase referred to in subparagraph (3)(a)(ii) is deemed to be the taxable supply referred to in paragraph (3.3)(c) that would, in the absence of subsection 191(6), be deemed under section 191 to have been made and received by the builder of the residential complex or addition; (c) the particular time referred to in paragraph (3)(b) is deemed to be the particular time referred to in paragraph (3.3)(c); and (d) despite subsections (3.1) and (3.2), the amount of the rebate under subsection (3) in respect of the construction or substantial renovation of the residential complex or addition is equal to the amount determined as if the first formula in subsection (3) and the descriptions for that formula were read as follows: A × B where A is the amount that, in the absence of subsection 191(6), the person would have been entitled to claim under section 193 or 257 in respect of the deemed purchase of the residential complex or addition determined as if the references in section 193 or 257, as the case may be, to “basic tax content” were read as references to “ qualifying portion of basic tax content (as defined in subsection 256.2(1))”, and B is the unit’s percentage of total floor space. Rebate in respect of sale of building and lease of land (4) If (a) a person, other than a cooperative housing corporation, is a builder of a residential complex or of an addition to a multiple unit residential complex and the person makes (i) an exempt supply by way of sale, included in section 5.1 of Part I of Schedule V, of a building or part of a building, and (ii) an exempt supply, included in section 7 of that Part, of land by way of lease or an exempt supply, included in that section, by way of assignment of a lease in respect of land, (b) the lease provides for continuous possession or use of the land for a period of at least twenty years or it contains an option to purchase the land, (c) those supplies result in the person being deemed under section 191 to have made and received a taxable supply by way of sale of the complex or addition and to have paid tax at a particular time in respect of that supply, (d) in the case of a multiple unit residential complex or an addition to s