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

Section 663r1 Disposition versions

2012-09-01

663R1. For the purposes of the definition of “estimated tax” in section 663 of the Act, the prescribed amount, specified in prescribed manner, is

(1)  where the rebate claimed under section 664, 665 or 667 of the Act is not based on the fair market value of the residential complex or the consideration for the supply of the complex, the amount determined by the formula

A × $40;

(2)  in all other cases, the amount determined by the formula

B × 3.4%.

For the purposes of these formulas,

(1)  A is

(a)  where the residential complex is not a unit held in co-ownership, the number of square metres of the floor space of the complex; and

(b)  where the residential complex is a unit held in co-ownership, the total of

i.  the number of square metres of the floor space of the unit, and

ii.  the amount equal to the total number of square metres of floor space of the common areas of the complex held in co-ownership in which the unit is situated multiplied by the fraction obtained by dividing the number of square metres of floor space of the unit by the total number of square metres of floor space of all units held in co-ownership in the complex held in co-ownership;

(2)  B is

(a)  where, after tax under section 16 of the Act has become payable in respect of the supply by way of sale of the residential complex to an individual, a rebate under section 665 of the Act becomes payable to the individual, the consideration determined without reference to any tax other than tax under Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15);

(b)  where, after tax under section 16 of the Act has become collectible by a builder in respect of the supply by way of sale of the residential complex, a rebate under section 667 of the Act becomes payable to the builder, the consideration determined without reference to any tax other than tax under Part IX of the Excise Tax Act;

(c)  where the builder of the complex is deemed under section 223, 224, 225 or 226 of the Act, to have collected tax at any time and a rebate under section 664 or 667 of the Act becomes payable to the builder, the fair market value of the residential complex at that time, determined without reference to any tax other than tax under Part IX of the Excise Tax Act.

O.C. 1607-92, s. 663R1; O.C. 1466-98, s. 10.