2010, c. 12, s. 91 2010 7 12 2025 9 2 EXCISE TAX ACT

Input Tax Credit Allocation Methods (GST/HST) Regulations

[Enacted by

section 91 of

chapter 12 of the Statutes of Canada, 2010, deemed to have come into force on April 1, 2007.]

Interpretation

The

definitions in this

section apply in these Regulations.

Act means the Excise Tax Act . ( Loi )

bank in respect of a fiscal year does not include a person that is at any time in the fiscal year an insurer. ( banque )

insurer in respect of a fiscal year means a person that is an insurer (as defined in subsection 123(1) of the Act) and that carries on at any time in the fiscal year an insurance business as the principal business of the person in Canada. ( assureur )

securities dealer in respect of a fiscal year means a person that

(

a) carries on at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities as the principal business of the person in Canada;

(

b) is registered under the laws of Canada or a province to carry on in Canada at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities; and

(

c) is not a bank or an insurer at any time in the fiscal year. ( courtier en valeurs mobilières )

Prescribed classes

The following classes of financial institutions are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(3), (8), (9), (24) and (30) of the Act:

(

a) banks;

(

b) insurers; and

(

c) securities dealers.

Prescribed amounts

The following amounts are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsection 141.02(24) of the Act:

(

a) in the case of banks, $500,000;

(

b) in the case of insurers, $500,000; and

(

c) in the case of securities dealers, $500,000.

Prescribed percentages

The following percentages are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(8), (9) and (30) of the Act:

(

a) in the case of banks, 12%;

(

b) in the case of insurers, 10%; and

(

c) in the case of securities dealers, 15%.

RELATED PROVISIONS

— 2012, c. 31, s. 96

The Input Tax Credit Allocation Methods (GST/HST) Regulations are deemed

(

a) to have been made under

section 277 of the Excise Tax Act ;

(

b) for the purposes of subsection 5(1) of the Statutory Instruments Act , to have been transmitted to the Clerk of the Privy Council for registration; and

(

c) to have met the publication requirements of subsection 11(1) of the Statutory Instruments Act .