Versions of s. 172.1(10)

E-15 — Excise Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

For the purposes of this section, a particular participating employer of a pension plan is a qualifying employer of the pension plan for a particular fiscal year of the particular participating employer if the particular participating employer did not become a participating employer of the pension plan in the particular fiscal year, if the amount determined for A in the following formula is less than $5,000 and if the amount (expressed as a percentage) determined by the following formula is less than 10%: A/(B – C) where A is the total of all amounts, each of which is an amount of tax deemed to have been collected under subsection (7) or (7.1) by the particular participating employer in respect of a specified supply of the particular participating employer to the pension plan during the fiscal year (in this subsection referred to as the “preceding fiscal year”) of the particular participating employer preceding the particular fiscal year less the amount, if any, determined for B under paragraph ~~(7)(c)~~(c) of whichever of those subsections is applicable in determining that amount of tax, if the particular participating employer is a qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (7) or (7.1) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under ~~that~~whichever ~~subsection~~of those subsections is applicable and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a qualifying employer, less the amount, if any, that would be determined for B under paragraph ~~(7)(c)~~(c) of whichever of those subsections is applicable in determining that amount of tax, an amount of tax deemed to have been collected under subsection (7) or (7.1) by another participating employer of the pension plan in respect of a specified supply of the other participating employer to the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer, less the amount, if any, determined for B under paragraph ~~(7)(c)~~(c) of whichever of those subsections is applicable in determining that amount of tax, or an amount of tax that would have been deemed to have been collected under subsection (7) or (7.1) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under ~~that~~whichever ~~subsection~~of those subsections is applicable and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph ~~(7)(c)~~(c) of whichever of those subsections is applicable in determining that amount of tax; B is the total of all amounts, each of which is an amount of tax under subsection 165(1) or section 212, 218 or 218.01 paid by a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the amount is an eligible amount (as defined in subsection 261.01(1)) for a claim period (as defined in that subsection) of the pension entity, an amount of tax deemed to have been collected under ~~subsection~~any ~~(5),~~of ~~(6)~~subsections or(5) ~~(7)~~to (7.1) by a participating employer of the pension plan, including the particular participating employer, during a fiscal year of the participating employer that ends in the preceding fiscal year in respect of a specified supply of the participating employer to the pension plan less the amount, if any, determined for B under paragraph ~~(5)(c),~~(c) ~~(6)(c) or (7)(c),~~of whichever of those subsections is ~~applicable,~~applicable in determining that amount of tax, or an amount required to be added to the net tax of a pension entity of the pension plan under paragraph 232.01(5)(b) or 232.02(4)(b) for a reporting period of the pension entity that ends in the preceding fiscal year as a consequence of the issuance of a tax adjustment note under subsection 232.01(3) or 232.02(2) or, if less, the amount that would have been required to be so added if the pension entity were a selected listed financial institution; and C is the total of all amounts, each of which is the federal component amount of a tax adjustment note issued under subsection 232.01(3) or 232.02(2) by a participating employer of the pension plan, including the particular participating employer, to a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year, or a recoverable amount (as defined in subsection 261.01(1)) of a pension entity of the pension plan in respect of a claim period ending in a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the recoverable amount is in respect of an amount determined for A under paragraph ~~(5)(c),~~(c) ~~(6)(c) or (7)(c),~~of whichever of subsections (5) to (7.1) is ~~applicable,~~applicable in determining an amount of tax deemed to have been paid by the pension entity under this section for the purposes of section 261.01.

Full text

For the purposes of this section, a particular participating employer of a pension plan is a qualifying employer of the pension plan for a particular fiscal year of the particular participating employer if the particular participating employer did not become a participating employer of the pension plan in the particular fiscal year, if the amount determined for A in the following formula is less than $5,000 and if the amount (expressed as a percentage) determined by the following formula is less than 10%: A/(B – C) where A is the total of all amounts, each of which is an amount of tax deemed to have been collected under subsection (7) or (7.1) by the particular participating employer in respect of a specified supply of the particular participating employer to the pension plan during the fiscal year (in this subsection referred to as the “preceding fiscal year”) of the particular participating employer preceding the particular fiscal year less the amount, if any, determined for B under paragraph (c) of whichever of those subsections is applicable in determining that amount of tax, if the particular participating employer is a qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (7) or (7.1) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under whichever of those subsections is applicable and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a qualifying employer, less the amount, if any, that would be determined for B under paragraph (c) of whichever of those subsections is applicable in determining that amount of tax, an amount of tax deemed to have been collected under subsection (7) or (7.1) by another participating employer of the pension plan in respect of a specified supply of the other participating employer to the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer, less the amount, if any, determined for B under paragraph (c) of whichever of those subsections is applicable in determining that amount of tax, or an amount of tax that would have been deemed to have been collected under subsection (7) or (7.1) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under whichever of those subsections is applicable and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph (c) of whichever of those subsections is applicable in determining that amount of tax; B is the total of all amounts, each of which is an amount of tax under subsection 165(1) or section 212, 218 or 218.01 paid by a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the amount is an eligible amount (as defined in subsection 261.01(1)) for a claim period (as defined in that subsection) of the pension entity, an amount of tax deemed to have been collected under any of subsections (5) to (7.1) by a participating employer of the pension plan, including the particular participating employer, during a fiscal year of the participating employer that ends in the preceding fiscal year in respect of a specified supply of the participating employer to the pension plan less the amount, if any, determined for B under paragraph (c) of whichever of those subsections is applicable in determining that amount of tax, or an amount required to be added to the net tax of a pension entity of the pension plan under paragraph 232.01(5)(b) or 232.02(4)(b) for a reporting period of the pension entity that ends in the preceding fiscal year as a consequence of the issuance of a tax adjustment note under subsection 232.01(3) or 232.02(2) or, if less, the amount that would have been required to be so added if the pension entity were a selected listed financial institution; and C is the total of all amounts, each of which is the federal component amount of a tax adjustment note issued under subsection 232.01(3) or 232.02(2) by a participating employer of the pension plan, including the particular participating employer, to a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year, or a recoverable amount (as defined in subsection 261.01(1)) of a pension entity of the pension plan in respect of a claim period ending in a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the recoverable amount is in respect of an amount determined for A under paragraph (c) of whichever of subsections (5) to (7.1) is applicable in determining an amount of tax deemed to have been paid by the pension entity under this section for the purposes of section 261.01.
2013-06-26 to 2017-12-14 View Source

For the purposes of this section, a particular participating employer of a pension plan is a qualifying employer of the pension plan for a particular fiscal year of the particular participating employer if the particular participating employer did not become a participating employer of the pension plan in the particular fiscal year, if the amount determined for A in the following formula is less than $5,000 and if the amount (expressed as a percentage) determined by the following formula is less than 10%: A/(B – C) where A is the total of all amounts, each of which is an amount of tax deemed to have been collected under subsection (7) by the particular participating employer in respect of a specified supply of the particular participating employer to the pension plan during the fiscal year (in this subsection referred to as the “preceding fiscal year”) of the particular participating employer preceding the particular fiscal year less the amount, if any, determined for B under paragraph (7)(c) in determining that amount of tax, if the particular participating employer is a qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (7) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a qualifying employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax, an amount of tax deemed to have been collected under subsection (7) by another participating employer of the pension plan in respect of a specified supply of the other participating employer to the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer, less the amount, if any, determined for B under paragraph (7)(c) in determining that amount of tax, or an amount of tax that would have been deemed to have been collected under subsection (7) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax; B is the total of all amounts, each of which is an amount of tax under subsection 165(1) or section 212, 218 or 218.01 paid by a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the amount is an eligible amount (as defined in subsection 261.01(1)) for a claim period (as defined in that subsection) of the pension entity, an amount of tax deemed to have been collected under subsection (5), (6) or (7) by a participating employer of the pension plan, including the particular participating employer, during a fiscal year of the participating employer that ends in the preceding fiscal year in respect of a specified supply of the participating employer to the pension plan less the amount, if any, determined for B under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining that amount of tax, or an amount required to be added to the net tax of a pension entity of the pension plan under paragraph 232.01(5)(b) or 232.02(4)(b) for a reporting period of the pension entity that ends in the preceding fiscal year as a consequence of the issuance of a tax adjustment note under subsection 232.01(3) or 232.02(2) or, if less, the amount that would have been required to be so added if the pension entity were a selected listed financial institution; and C is the total of all amounts, each of which is the federal component amount of a tax adjustment note issued under subsection 232.01(3) or 232.02(2) by a participating employer of the pension plan, including the particular participating employer, to a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year, or a recoverable amount (as defined in subsection 261.01(1)) of a pension entity of the pension plan in respect of a claim period ending in a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the recoverable amount is in respect of an amount determined for A under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining an amount of tax deemed to have been paid by the pension entity under this section for the purposes of section 261.01.