Section 195.1 — Excise Tax Act: Residential complex not capital property

For the purposes of this Part, other than sections 148 and 249, a residential complex shall be deemed not to be, at a particular time, capital property of a builder of the complex unless at or before the particular time, the construction or substantial renovation of the complex was substantially completed; and at or after the time the construction or substantial renovation of the complex was substantially completed and at or before the particular time, the builder received an exempt supply of the complex or was deemed under section 191 to have received a taxable supply of the complex. For the purposes of this Part, other than sections 148 and 249, an addition to a multiple unit residential complex shall be deemed not to be, at a particular time, capital property of a builder of the addition unless at or before the particular time, the construction of the addition was substantially completed; and at or after the time the construction of the addition was substantially completed and at or before the particular time, the builder received an exempt supply of the complex or was deemed under subsection 191(4) to have received a taxable supply of the addition.