Section 167 Election definition
Section 167 Election means a joint election to be executed by Company and Canadian OpCo under Section 167 of the Excise Tax Act (Canada) and the corresponding provisions of any other applicable provincial statute and any regulations under such statutes on the forms prescribed for such purposes along with any documentation necessary or desirable in order to effect the transfer of the First Closing Purchased Assets by Company without payment of any HST. Canadian OpCo shall file the election forms referred to above, along with any documentation necessary or desirable to give effect to such, with Canada Revenue Agency together with Canadian OpCo’s HST return for the reporting period in which the transactions contemplated herein are consummated.
Examples of Section 167 Election in a sentence
On or before the Closing Date, Sellers and Company shall provide Purchasers with an executed Section 85 Election, Section 22 Election, Section 20(24), Section 56.4(3) Election and Section 167 Election.