Section 225.3 — Excise Tax Act: Definitions

In this section, exchange-traded fund , exchange-traded series , non-stratified investment plan and stratified investment plan have the meaning prescribed by regulation. A selected listed financial institution that is an exchange-traded fund may apply to the Minister to use particular methods, for a fiscal year that ends in a taxation year of the financial institution, to determine if the financial institution is a stratified investment plan, the financial institution’s percentages for the purposes of subsection 225.2(2) for each exchange-traded series of the financial institution, for each participating province and for the taxation year;

and if the financial institution is a non-stratified investment plan, the financial institution’s percentages for the purposes of subsection 225.2(2) for each participating province and for the taxation year. An application made by a selected listed financial institution under subsection (2) is to be made in prescribed form containing prescribed information, including if the financial institution is a stratified investment plan, the particular methods to be used for each exchange-traded series of the financial institution, and if the financial institution is a non-stratified investment plan, the particular methods to be used for the financial institution; and filed by the financial institution with the Minister in prescribed manner on or before the day that is 180 days before the first day of the fiscal year for which the application is made, or any later day that the Minister may allow. On receipt of an application made under subsection (2), the Minister must consider the application and authorize or deny the use of the particular methods; and notify the selected listed financial institution in writing of the decision on or before the later of the day that is 180 days after the receipt of the application, and the day that is 180 days before the first day of the fiscal year for which the application is made, or any later day that the Minister may specify, if the day is set out in a written application filed by the financial institution with the Minister. If the Minister authorizes under subsection (4) the use of particular methods for a fiscal year of the selected listed financial institution, despite Part 2 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations , the financial institution’s percentages for any participating province and for the taxation year in which the fiscal year ends that would, in the absence of this section, be determined under that Part are to be determined in accordance with those particular methods, and the financial institution’s percentages for any exchange-traded series of the financial institution, for any participating province and for the taxation year in which the fiscal year ends that would, in the absence of this section, be determined under that Part are to be determined in accordance with those particular methods; and the financial institution must consistently, throughout the fiscal year, use those particular methods as indicated in the application to determine the percentages referred to in paragraph (a). An authorization granted under subsection (4) to a selected listed financial institution in respect of a fiscal year of the financial institution ceases to have effect on the first day of the fiscal year and, for the purposes of this Part, is deemed never to have been granted, if the Minister revokes the authorization and sends a notice of revocation to the financial institution at least 60 days before the first day of the fiscal year; or the financial institution files with the Minister in prescribed manner a notice of revocation in prescribed form containing prescribed information on or before the first day of the fiscal year.