Section 3
Paragraph 3(c)new item
See Also
Farm Credit Canada v. Canada, 2017 FCA 244
Farm Credit Canada (a federal Crown corporation providing financing assistance to farmers) argued that it was not a “loan corporation” given...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Subsection 26(1) | loan corporation means a corporation making loans irrespective of its source of financing | 365 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 23 - Subsection 23(2) | lender was loan corporation even though not publicly funded | 147 |
Articles
Allan Gelkopf, Zvi Halpern-Shavim, "Five Arbitrary Differences between Corporations and Partnerships for GST/HST Purposes", Sales and Use Tax, Federated Press, Volume XIII, No. 2, 2015, p. 674.
No SLFI permanent establishment for partnerships (p. 676)
. . . [F]or some reason, only loan corporations are deemed to have permanent...
Paragraph 3(e)
Administrative Policy
GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018
1(1)(c) and (d) of PE definition inapplicable to investment plan (p. 17)
The term permanent establishment is defined in subsection 1(1) of the...
Subparagraph 3(e)(i)
Administrative Policy
27 February 2020 CBA Roundtable, Q.26
A partnership whose partners are resident in a single province is, by virtue of being an investment limited partnership ("ILP"), also a...
B-107 "Investment Plans (Including Segregated Funds of an Insurer) and the HST" April 2013
Example of deemed PE where qualified to distribute units through a dealer in a province
Permanent establishment in a province – draft SLFI...
Section 5
Administrative Policy
21 September 2011 Interpretation Case No. 125434
As part of a response to an inquiry as to the application of HST to services made by the manager (MangeCo) of an exchange-traded mutual fund trust...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Draft section 58 | 310 |
Draft section 11
Administrative Policy
19 October 2011 Interpretation Case No. 133414
General discussion of the circumstances in which a pension plan will be subject to the SLFI rules.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Section 172.1 - Subsection 172.1(1) - Pension activity | 121 |
Section 23
Subsection 23(2)
Cases
Farm Credit Canada v. Canada, 2017 FCA 244
Farm Credit Canada (a federal Crown corporation providing financing assistance to farmers) argued that it was not a “loan corporation” because...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Subsection 26(1) | loan corporation means a corporation making loans irrespective of its source of financing | 365 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 3 - Paragraph 3(c)new item | loan corporation meant a corportion that makes loans | 118 |
Subsection 26(1)
Cases
Farm Credit Canada v. Canada, 2017 FCA 244
The appellant was a federal Crown corporation which lent money under the supervision of the federal Minister of Agricultures and for the Canadian...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 23 - Subsection 23(2) | lender was loan corporation even though not publicly funded | 147 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 3 - Paragraph 3(c)new item | loan corporation meant a corportion that makes loans | 118 |
See Also
Farm Credit Canada v. The Queen, 2017 TCC 29
The appellant was a federal Crown corporation which lent money under the supervision of the federal Minister of Agricultures and for the Canadian...
Administrative Policy
CBAO National Commodity Tax, Customs and Trade Section – 2014 GST/HST Questions for Revenue Canada, Q. 19
Would a person whose sole business activity is to purchase conditional sales contracts or mortgages be considered to be a trust and loan...
Section 32
Subsection 32(1)
Section 34
Subsection 34(1)
Commentary
Set out below is an extended example illustrating the application of s. 34 of the Selected Listed Financial Institutions Attribution Method...
Administrative Policy
B-107 "Investment Plans (Including Segregated Funds of an Insurer) and the HST" April 2013
19.1.1 Provincial attribution percentage – selected province..
As with other non-stratified investment plans, the last part of the formula...
Section 46
Paragraph 46(a)
Element G
Subparagraph (iii)
Administrative Policy
19 January 2019 Interpretation 165888
CRA allowed a rebate claim of ACo (a SLFI) for amounts of federal tax paid in error. No provincial HST was refunded based on the understanding...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Section 263.01 - Subsection 263.01(1) | tax paid in error was not tax that was subject to the s. 263.01 restriction | 203 |
| Tax Topics - Excise Tax Act - Section 225.2 - Subsection 225.2(2) | tax paid in error not included in A and F of formula | 257 |
| Tax Topics - Excise Tax Act - Section 123 - Subsection 123(1) - Tax | tax does not include tax paid in error | 102 |
Section 48
Subsection 48(1)
Administrative Policy
RC4050 GST/HST Information for Selected Listed Financial Institutions
Completion of Part D annual rows of RC7294 or RC494 only, if an annual filer
How to complete Part D
Monthly, quarterly, and annual filers have to...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Section 238 - Subsection 238(2.1) | 425 | |
| Tax Topics - Excise Tax Act - Section 296 - Subsection 296(1) - Paragraph 296(1)(a) | 245 |
Paragraph 48(1)A(b)
Commentary
Example
A resident investment limited partnership (“ILP”) has a resident general partner with a modest percentage interest in the ILP (treated...
Element 48(1)A(b)A6
Subparagraph 48(1)A(b)A6(ii)
Articles
PWC, "GST/HST and QST alert: Investment plans are required to obtain investor percentages – action required by October 15, 2019", PwC Tax Insights, September 03, 2019, Issue 2019-31
Current year election
Generally, DIPs determine their provincial attribution percentage based on the default attribution point (i.e. September 30,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(10) | overview/qualified investors should be contacted | 158 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(1) - Qualifying Investor | overview | 120 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(4) | October 15 deadline under e.g. s. 30(1)(b)A4 -C(ii) | 59 |
Section 50
Subsection 50(1)
Subsection 50(2)
Forms
Form RC4609E – Election or Revocation of Election to Use the Real-Time Calculation Method or the Reconciliation Method
Effect of election to use the reconciliation method
Generally, a reconciliation method election allows an investment plan to elect to use its...
Section 52
Subsection 52(1)
Qualifying Investor
Articles
PWC, "GST/HST and QST alert: Investment plans are required to obtain investor percentages – action required by October 15, 2019", PwC Tax Insights, September 03, 2019, Issue 2019-31
Qualifying investors
A qualifying investor is generally an investor that is an investment plan (but not a DIP) that holds less than $10,000,000 in...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(10) | overview/qualified investors should be contacted | 158 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(4) | October 15 deadline under e.g. s. 30(1)(b)A4 -C(ii) | 59 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 48 - Subsection 48(1) - Paragraph 48(1)A(b) - Element 48(1)A(b)A6 - Subparagraph 48(1)A(b)A6(ii) | desirability of making reconciliation election | 97 |
Subsection 52(10)
Articles
PWC, "GST/HST and QST alert: Investment plans are required to obtain investor percentages – action required by October 15, 2019", PwC Tax Insights, September 03, 2019, Issue 2019-31
Qualifying investors
A qualifying investor is generally an investor that is an investment plan (but not a DIP) that holds less than $10,000,000 in...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(1) - Qualifying Investor | overview | 120 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(4) | October 15 deadline under e.g. s. 30(1)(b)A4 -C(ii) | 59 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 48 - Subsection 48(1) - Paragraph 48(1)A(b) - Element 48(1)A(b)A6 - Subparagraph 48(1)A(b)A6(ii) | desirability of making reconciliation election | 97 |
Subsection 52(4)
Articles
PWC, "GST/HST and QST alert: Investment plans are required to obtain investor percentages – action required by October 15, 2019", PwC Tax Insights, September 03, 2019, Issue 2019-31
Timing
DIPs must know where their unitholders resided or their “investor percentages” by December 31 of the particular year; however, as there...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(10) | overview/qualified investors should be contacted | 158 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 52 - Subsection 52(1) - Qualifying Investor | overview | 120 |
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 48 - Subsection 48(1) - Paragraph 48(1)A(b) - Element 48(1)A(b)A6 - Subparagraph 48(1)A(b)A6(ii) | desirability of making reconciliation election | 97 |
Section 54
Subsection 54(1)
Administrative Policy
GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018
Does not permit consolidated rebate claims (p. 14)
Pursuant to subsection 54(2) of the SLFI Regulations, a manager that currently has a...
Section 55
Subsection 55(2)
Administrative Policy
GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018
Effect of tax adjustment transfer election (p. 15)
The effects of the tax adjustment transfer election between an investment plan and its manager...
B-107 "Investment Plans (Including Segregated Funds of an Insurer) and the HST" April 2013
Reporting of tax adjustment by investmetn plan and manager (26(c))
Under paragraph 58(2)(b), where the manager is an SLFI, the positive or...
Subsection 55(4)
Paragraph 55(4)(c)
Administrative Policy
GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018
Late election generally not available (p. 16)
A tax adjustment transfer election should be filed before the first day on which the election is to...
Draft section 58
Administrative Policy
21 September 2011 Interpretation Case No. 125434
As part of a response to an inquiry as to the application of HST to services made by the manager (MangeCo) of an exchange-traded mutual fund trust...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Regulations - Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations - Section 5 | 118 |
Section 73
Subsection 73(1)
Administrative Policy
GST/HST Notice 308 GST/HST and Investment Limited Partnerships July 2018
Example of application to ILP invested in a non-stratified investment plan (pp. 10-11)
Example 6
ABC is an ILP that has not made an ILP...
Commentary
Example:
An MFT (which was not registered for HST or QST purposes) had approximately $100M in assets and a single class of outstanding units. Its...