Section 237 — Excise Tax Act: Instalments

Where the reporting period of a registrant is a fiscal year or a period determined under subsection 248(3), the registrant shall, within one month after the end of each fiscal quarter of the registrant ending in the reporting period, pay to the Receiver General an instalment equal to except where paragraph (b) applies, 1/4 of the registrant’s instalment base for that reporting period; or the amount determined under subsection (5). A registrant’s instalment base for a particular reporting period of the registrant is the lesser of an amount equal to in the case of a reporting period determined under subsection 248(3), the amount determined by the formula A × (365/B) where A is the net tax for the particular reporting period, and B is the number of days in the particular reporting period, and in any other case, the net tax for the particular reporting period, and the amount determined by the formula C × (365/D) where C is the total of all amounts each of which is the net tax for a reporting period of the registrant ending in the twelve month period immediately preceding the particular reporting period, and D is the number of days in the period commencing on the first day of the first of those preceding reporting periods and ending on the last day of the last of those preceding reporting periods. For the purposes of subsection (1), if a registrant’s instalment base for a reporting period is less than $3,000, it is deemed to be nil. [Repealed, 1993, c. 27, s. 98] For the purposes of subsection (1), where a person becomes a selected listed financial institution during a reporting period of the person that begins on or after April 1, 1997, the instalment to be paid within one month after the end of each fiscal quarter in the reporting period is where the fiscal quarter is the first fiscal quarter in the reporting period, 1/4 of the amount determined under subsection (2);

and in any other case, the lesser of 1/4 of the amount determined under paragraph (2)(a), and the amount determined by the formula A + B where A is 1/4 of the financial institution’s instalment base for the reporting period determined under paragraph (2)(b) as if the financial institution were not a selected listed financial institution and tax were not imposed under any of subsection 165(2), sections 212.1 and 218.1 and Division IV.1, and B is the total of all amounts, each of which is determined, for a participating province, by the formula C × D where C is the amount determined for A in this subparagraph, and D is the financial institution’s percentage for the participating province for the immediately preceding fiscal quarter, determined in accordance with the prescribed rules that apply to that financial institution.