Contents
1Interpretation#
The definitions in this section apply in these Regulations.
Act means the Excise Tax Act. (Loi)
securities dealer in respect of a fiscal year means a person that
(a)carries on at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities as the principal business of the person in Canada;
(b)is registered under the laws of Canada or a province to carry on in Canada at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities; and
2Prescribed classes#
The following classes of financial institutions are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(3), (8), (9), (24) and (30) of the Act:
(a)banks;
(b)insurers; and
(c)securities dealers.
3Prescribed amounts#
The following amounts are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsection 141.02(24) of the Act:
(a)in the case of banks, $500,000;
(b)in the case of insurers, $500,000; and
(c)in the case of securities dealers, $500,000.
4Prescribed percentages#
The following percentages are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(8), (9) and (30) of the Act:
(a)in the case of banks, 12%;
(b)in the case of insurers, 10%; and
(c)in the case of securities dealers, 15%.
Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.