T-0.1, r. 2 - Regulation respecting the Québec sales tax

Section 42.0.11r1 Disposition versions

2014-03-19

42.0.11R1. For the purposes of section 42.0.11 of the Act, banks, insurers and securities dealers are prescribed classes of financial institutions.

For the purpose of determining the prescribed class of a financial institution in relation to a fiscal year, the following rules apply:

(1)  a person whose principal business in Canada is not the carrying on of an insurance business at any time in the fiscal year is deemed not to be an insurer;

(2)  a person is deemed not to be a bank if the person is an insurer at any time in the fiscal year;

(3)  a person is a securities dealer in relation to a fiscal year if

(a)  the principal business in Canada of the person is the carrying on of a business as a trader in, or as a broker or salesperson of, securities at any time in the fiscal year;

(b)  the person is authorized under the laws of a province, the Northwest Territories, the Yukon Territory, the Territory of Nunavut or Canada to carry on in Canada a business as a trader in, or as a broker or salesperson of, securities at any time in the fiscal year; and

(c)  the person is not a bank or an insurer at any time in the fiscal year.

O.C. 229-2014, s. 6.