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

Marginal note:Conditions

2 For the purpose of paragraph 225.2(1)(d) of the Act, a financial institution is a prescribed financial institution throughout a reporting period in a fiscal year that ends in a particular taxation year of the financial institution if the financial institution is a corporation that

• (a) during the particular year and the preceding taxation year, is named in Schedule III to the Financial Administration Act; and

• (b) under the rules prescribed in any of sections 402 to 405 of the Income Tax Regulations, would, if subsection 124(3) or paragraph 149(1)(d) of the Income Tax Act did not apply and the financial institution had taxable income for the particular year and the preceding taxation year, have taxable income earned in the particular year and the preceding taxation year in any of the participating provinces and taxable income earned in the particular year and the preceding taxation year in any of the non-participating provinces.