Hyperlawhypertext legal database Excise Tax Act

← Historical versions

Versions of s. 231(1)

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.

  1. 2007-06-22 to present available View Source
    WhereIf a personsupplier has made a taxable supply (other than a zero-rated supply) for consideration to a recipient with whom the personsupplier was dealing at arm’s length, to the extent that it is established that all or a part of the total of the consideration and tax payable in respect of the supply havehas become in whole or in part a bad debt,debt and the personsupplier at any time writes off the bad debt in the supplier’s books of account, the reporting entity for the supply may, in determining the reporting entity’s net tax for the person’s reporting period inthat whichincludes thethat bad debt is written off in the person’s books of accounttime or for a subsequent reporting period, deduct the amount determined by the formula A × B/C where A is the tax payable in respect of the supply,supply; B is the total of the consideration, tax and any amount that can reasonably be attributed to a tax imposed under an Act of the legislature of a province that is a prescribed tax for the purposes of section 154 (referred to in this section as “applicableapplicable provincial tax”)tax remaining unpaid in respect of the supply that was written off at that time as a bad debt,debt; and C is the total of the consideration, tax and applicable provincial tax payable in respect of the supply,supply.
    Full text

    If a supplier has made a taxable supply (other than a zero-rated supply) for consideration to a recipient with whom the supplier was dealing at arm’s length, it is established that all or a part of the total of the consideration and tax payable in respect of the supply has become a bad debt and the supplier at any time writes off the bad debt in the supplier’s books of account, the reporting entity for the supply may, in determining the reporting entity’s net tax for the reporting period that includes that time or for a subsequent reporting period, deduct the amount determined by the formula A × B/C where A is the tax in respect of the supply; B is the total of the consideration, tax and applicable provincial tax remaining unpaid in respect of the supply that was written off at that time as a bad debt; and C is the total of the consideration, tax and applicable provincial tax in respect of the supply.

  2. 2003-01-01 to 2007-06-22 View Source

    Where a person has made a taxable supply (other than a zero-rated supply) for consideration to a recipient with whom the person was dealing at arm’s length, to the extent that it is established that the consideration and tax payable in respect of the supply have become in whole or in part a bad debt, the person may, in determining the net tax for the person’s reporting period in which the bad debt is written off in the person’s books of account or for a subsequent reporting period, deduct the amount determined by the formula A × B/C where A is the tax payable in respect of the supply, B is the total of the consideration, tax and any amount that can reasonably be attributed to a tax imposed under an Act of the legislature of a province that is a prescribed tax for the purposes of section 154 (referred to in this section as “applicable provincial tax”) remaining unpaid in respect of the supply that was written off as a bad debt, and C is the total of the consideration, tax and applicable provincial tax payable in respect of the supply,