GST Elections Clause Samples
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GST Elections. The Partners and the Partnership shall jointly file a closely related party election pursuant to section 156 of the Excise Tax Act (Canada) with respect to GST which election deems supplies made between the Partners and the Partnership to be made for $nil consideration.
GST Elections. Canadian Purchaser will be registered under Part IX of the Excise Tax Act (Canada) as of immediately prior to the Closing. At the Closing, Canadian Purchaser and Canadian Seller shall execute jointly an election under Section 167 of the Excise Tax Act (Canada) to have the sale of the Purchased Assets take place on a goods and services tax-free basis under Part IX of the Excise Tax Act (Canada), and Canadian Purchaser shall file the election in the manner and within the time prescribed by the applicable Law. Purchaser shall indemnify and hold Seller harmless in respect of any goods and services tax, penalties, interest and other amounts which may be assessed against Canadian Seller as a result of the transactions under this Agreement not being eligible for such election or as a result of the Canadian Purchaser’s failure to file the election within the prescribed time.