Section 230.2 — Excise Tax Act: Definitions

In this section, certified institution has the meaning assigned by section 2 of Part XIV of Schedule III; ( institution agréée ) specified property means goods described in section 1 of Part XIV of Schedule III. ( biens déterminés ) Where a registrant is a certified institution in a particular reporting period of the registrant, the registrant may, in determining the net tax for the particular reporting period or for a reporting period that ends within four years after the end of the particular period, deduct the total of all amounts that became collectible, or were collected without having become collectible, by the registrant in the particular period and in 1991 as or on account of tax under Division II in respect of specified property; 75% of the total of all amounts that became collectible, or were collected without having become collectible, by the registrant in the particular period and in 1992 as or on account of tax under Division II in respect of specified property; 50% of the total of all amounts that became collectible, or were collected without having become collectible, by the registrant in the particular period and in 1993 as or on account of tax under Division II in respect of specified property; and 25% of the total of all amounts that became collectible, or were collected without having become collectible, by the registrant in the particular period and in 1994 or 1995 as or on account of tax under Division II in respect of specified property.