Section 148.1 — Excise Tax Act: Meaning of gross revenue

In this section, gross revenue of a person for a fiscal year of the person means the amount, if any, by which the total of all amounts each of which is a gift that is received or becomes receivable (depending on the method, in this paragraph referred to as the “accounting method”, followed by the person in determining the person’s revenue for the year) by the person during the fiscal year, a grant, subsidy, forgivable loan or other assistance (other than a refund or rebate of, or credit in respect of, taxes, duties or fees imposed by an Act of Parliament or the legislature of a province) in the form of money that is received or becomes receivable (depending on the accounting method) by the person during the fiscal year from a government, municipality or other public authority, revenue that is or would be, if the person were a taxpayer under the Income Tax Act , included for the purposes of that Act in determining the person’s income for the fiscal year from property, a business, an adventure or concern in the nature of trade or other source and that is not included in subparagraph (ii), an amount that is or would be, if the person were a taxpayer under the Income Tax Act , a capital gain for the fiscal year for the purposes of that Act from the disposition of property of the person, or other revenue of any kind whatever (other than an amount that is or would be, if the person were a taxpayer under the Income Tax Act , included in determining the amount of a capital gain or loss of the person for the purposes of that Act) that is received or becomes receivable (depending on the accounting method) by the person during the fiscal year, and that is not included in determining the total under this paragraph for a preceding fiscal year of the person, exceeds the total of all amounts each of which is or would be, if the person were a taxpayer under the Income Tax Act , a capital loss for the fiscal year for the purposes of that Act from the disposition of property of the person. For the purposes of this Part, a person that is a charity or a public institution at any time in a particular fiscal year of the person is a small supplier throughout the particular fiscal year if the particular fiscal year is the first fiscal year of the person; the particular fiscal year is the second fiscal year of the person and the gross revenue of the person for the first fiscal year of the person was $250,000 or less; or the particular fiscal year is not the first or second fiscal year of the person and the gross revenue of the person for either of the two fiscal years of the person immediately preceding the particular fiscal year was $250,000 or less.