Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations

Marginal note:Election — qualifying small investment plan

• 14 (1) If an investment plan is, or reasonably expects to be, a qualifying small investment plan for a fiscal year of the investment plan, if section 13 does not apply in respect of a reporting period in the fiscal year and if no application by the investment plan under subsection 15(1) in respect of the fiscal year has been approved by the Minister, the investment plan may make an election to be a prescribed financial institution for the purpose of paragraph 225.2(1)(b) of the Act that is effective from the first day of the fiscal year.

• Marginal note:Effect of election

  (2) For the purpose of paragraph 225.2(1)(b) of the Act, if an election made under subsection (1) by an investment plan is in effect throughout a reporting period of the investment plan, the investment plan is a prescribed financial institution throughout the reporting period.

• Marginal note:Form of election

  (3) An election made under subsection (1) by an investment plan is to

  • (a) be made in prescribed form containing prescribed information;

  • (b) set out the first fiscal year of the investment plan during which the election is to be in effect; and

  • (c) be filed with the Minister in prescribed manner on or before the first day of that first fiscal year or any later day that the Minister may allow.

• Marginal note:Cessation

  (4) An election made under subsection (1) by a person ceases to have effect on the day that is the earliest of

  • (a) the first day of a fiscal year that ends in the first taxation year of the person for which the person does not meet the requirement set out in paragraph 9(a);

  • (b) the first day of the fiscal year of the person in which the person ceases to be an investment plan; and

  • (c) the day on which a revocation of the election becomes effective.

• Marginal note:Revocation

  (5) An investment plan that has made an election under subsection (1) may revoke the election, effective on the first day of a fiscal year of the investment plan that begins at least three years after the election became effective, or on the first day of any earlier fiscal year as the Minister may allow on application by the investment plan, by filing in prescribed manner a notice of revocation with the Minister in prescribed form containing prescribed information on or before the day on which the revocation is to become effective or any later day that the Minister may allow.

• Marginal note:Effect of early revocation

  (6) If the Minister allows an investment plan to revoke an election made under subsection (1) on the first day of a fiscal year that begins less than three years after the election became effective and the investment plan is a qualifying small investment plan for the fiscal year, section 9 does not apply in respect of any reporting period in the fiscal year.