Common use of GST Election Clause in Contracts

GST Election. Canadian Sub and Columbia House Canada shall jointly elect under subsection 167(1) of Part IX of the Excise Tax Act (Canada) and any provincial legislation imposing a similar value added or multi-staged tax, that no tax be payable with respect to the transfer and acquisition of the Business Assets pursuant to this Agreement. Canadian Sub and Columbia House Canada shall make such election in the prescribed form containing prescribed information pursuant to the Excise Tax Act and any provincial legislation imposing a similar value added or multi-staged tax, and Canadian Sub shall file the joint election in compliance with the requirements of the Excise Tax Act and any provincial legislation imposing a similar value added or multi-staged tax.