T-0.1 - Act respecting the Québec sales tax

Section 402.18 Disposition versions

2015-12-04

402.18. If a pension entity of a pension plan is a qualifying pension entity on the last day of a claim period of the pension entity, the pension entity makes an election for the claim period jointly with all persons that are, for the calendar year that includes the last day of the claim period, qualifying employers of the pension plan and each of those qualifying employers is engaged exclusively in commercial activities throughout the claim period, and a valid election is made for the claim period by the pension entity and those persons under subsection 5 of section 261.01 of the Excise Tax Act (R.S.C. 1985, c. E-15), each of those qualifying employers may deduct in determining its net tax for the reporting period that includes the day on which the election is filed with the Minister

(1)  except in the case described in subparagraph 2, an amount determined by the formula

A × B; and

(2)  if the pension entity is a selected listed financial institution throughout the claim period, the amount determined by the formula

C × D × E/F × B.

For the purposes of the formulas in the first paragraph,

(1)  A is the pension rebate amount of the pension entity for the claim period;

(2)  B is the percentage specified for the qualifying employer in the election;

(3)  C is the value of A in the formula in the definition of “provincial pension rebate amount” in subsection 1 of section 261.01 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the claim period, or, where applicable, the value A would have in that formula for the claim period if the pension entity were a selected listed financial institution for the purposes of that Act;

(4)  D is the percentage corresponding to the value C would have, as regards Québec, in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year in which the pension entity’s fiscal year that includes the claim period ends, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the pension entity were a selected listed financial institution for the purposes of that Act;

(5)  E is the tax rate specified in the first paragraph of section 16; and

(6)  F is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act.

2011, c. 34, s. 154; 2012, c. 28, s. 144; 2013, c. 10, s. 237; 2015, c. 36, s. 212.

2013-06-05

402.18. If a pension entity of a pension plan is a qualifying pension entity on the last day of a claim period of the pension entity, the pension entity makes an election for the claim period jointly with all persons that are, for the calendar year that includes the last day of the claim period, qualifying employers of the pension plan and each of those qualifying employers is engaged exclusively in commercial activities throughout the claim period, each of those qualifying employers may deduct in determining its net tax for the reporting period that includes the day on which the election is filed with the Minister

(1)  except in the case described in subparagraph 2, an amount determined by the formula

A × B; and

(2)  if the pension entity is a selected listed financial institution throughout the claim period, the amount determined by the formula

C × D × E/F × B.

For the purposes of the formulas in the first paragraph,

(1)  A is the pension rebate amount of the pension entity for the claim period;

(2)  B is the percentage specified for the qualifying employer in the election;

(3)  C is the value of A in the formula in the definition of “provincial pension rebate amount” in subsection 1 of section 261.01 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the claim period, or, where applicable, the value A would have in that formula for the claim period if the pension entity were a selected listed financial institution for the purposes of that Act;

(4)  D is the percentage corresponding to the value C would have, as regards Québec, in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year in which the pension entity’s fiscal year that includes the claim period ends, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the pension entity were a selected listed financial institution for the purposes of that Act;

(5)  E is the tax rate specified in the first paragraph of section 16; and

(6)  F is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act.

2011, c. 34, s. 154; 2012, c. 28, s. 144; 2013, c. 10, s. 237.

2013-01-01

402.18. If a pension entity of a pension plan is a qualifying pension entity on the last day of a claim period of the pension entity, the pension entity makes an election for the claim period jointly with all persons that are, for the calendar year that includes the last day of the claim period, qualifying employers of the pension plan and each of those qualifying employers is engaged exclusively in commercial activities throughout the claim period, each of those qualifying employers may deduct in determining its net tax for the reporting period that includes the day on which the election is filed with the Minister

(1)  except in the case described in subparagraph 2, an amount determined by the formula

A × B; and

(2)  if the pension entity is a selected listed financial institution throughout the claim period, the amount determined by the formula

C × D × E/F × B.

For the purposes of the formulas in the first paragraph,

(1)  A is the pension rebate amount of the pension entity for the claim period;

(2)  B is the percentage specified for the qualifying employer in the election;

(3)  C is the value of A in the formula in the definition of “provincial pension rebate amount” in subsection 1 of section 261.01 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the claim period, or, where applicable, the value A would have in that formula for the claim period if the pension entity were also a selected listed financial institution for the purposes of that Act;

(4)  D is the percentage corresponding to the value C would have, as regards Québec, in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year in which the pension entity’s fiscal year that includes the claim period ends, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the pension entity were a selected listed financial institution for the purposes of that Act;

(5)  E is the tax rate specified in the first paragraph of section 16; and

(6)  F is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act.

2011, c. 34, s. 154; 2012, c. 28, s. 144.

2011-12-09

402.18. If a pension entity of a pension plan makes an election for a claim period jointly with all persons that are, for the calendar year that includes the last day of the claim period, qualifying employers of the pension plan and each of those qualifying employers is engaged exclusively in commercial activities throughout the claim period, each of those qualifying employers may deduct in determining its net tax for the reporting period that includes the day on which the election is filed with the Minister an amount determined by the formula

A × B.

For the purposes of the formula in the first paragraph,

(1)  A is the pension rebate amount of the pension entity for the claim period; and

(2)  B is the percentage specified for the qualifying employer in the election.

2011, c. 34, s. 154.