T-0.1 - Act respecting the Québec sales tax

Section 437.1 Disposition versions

2015-10-21

437.1. Every person (other than an investment plan) that is required to file an interim return under section 470.1 for a reporting period shall, subject to the fifth paragraph, calculate the amount (in the fifth paragraph and sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3)  C is the lesser of the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, and the percentage corresponding to the value that same C would have, for the financial institution as regards Québec, determined for the preceding taxation year, if each of those values were determined in accordance with the regulations made under that Act for the purposes of subsection 2.1 of section 228 of that Act and if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act.”

Every person that is an investment plan and that is required to file an interim return under section 470.1 for a reporting period in a particular fiscal year shall calculate the amount that is the net tax of the person for the reporting period, where

(1)  no election under section 50 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) or under section 433.19.4 is in effect throughout the particular fiscal year;

(2)  in the case of a non-stratified investment plan, an election under section 49 or 61 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations or under section 433.19.1 or 433.19.10 is in effect throughout the particular fiscal year; and

(3)  in the case of a stratified investment plan, an election under section 49 or 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations or under section 433.19.1 or 433.19.11, in respect of each series of the investment plan, is in effect throughout the particular fiscal year.

Every person that is a stratified investment plan in respect of which none of the conditions of the second paragraph are met and that is required to file an interim return under section 470.1 for a reporting period in a particular fiscal year shall, subject to the second paragraph of section 437.1.1, calculate the amount (in sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if the value of A in the formula in the first paragraph of section 433.16.2 were determined, for that reporting period, with reference to subsection 9 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.

Every person that is an investment plan (other than a stratified investment plan) in respect of which none of the conditions of the second paragraph are met and that is required to file an interim return under section 470.1 for a reporting period in a particular fiscal year shall, subject to the first paragraph of section 437.1.1, calculate the amount (in sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3)  C is the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the preceding taxation year, for the financial institution as regards Québec, if that value were determined with reference to subsection 10 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under that Act and if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act.”

Where a person (other than an investment plan) becomes a selected listed financial institution in a reporting period that ends in a particular fiscal year, the interim net tax of the person for each reporting period included in the fiscal year is the amount that would be the person’s net tax for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3)  C is the percentage that would be applicable to the financial institution as regards Québec for the preceding reporting period if it were determined in accordance with the regulations made under the Excise Tax Act for the purposes of subsection 2.2 of section 228 of that Act and if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act.”

In this section, “investment plan” has the meaning assigned by section 433.15.1.

2012, c. 28, s. 159; 2013, c. 10, s. 227; 2015, c. 21, s. 759.

2013-06-05

437.1. Every person who is a selected listed financial institution and is required to file an interim return under section 470.1 for a reporting period shall, subject to the second paragraph, calculate the amount (in this section and sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3) C is the lesser of the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, and the percentage corresponding to the value that same C would have, for the financial institution as regards Québec, for the preceding taxation year, if each of those values were determined in accordance with the regulation made under that Act for the purposes of subsection 2.1 of section 228 of that Act taking the following assumptions into account:

(a) Québec is a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act for the taxation year and the preceding taxation year, and

(b) the financial institution is a selected listed financial institution for the purposes of the Excise Tax Act for the taxation year and the preceding taxation year;”.

Where a person becomes a selected listed financial institution in a reporting period that ends in a particular fiscal year, the interim net tax of the person for each reporting period included in the fiscal year is the amount that would be the person’s net tax for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3) C is the percentage that would be applicable to the financial institution as regards Québec for the preceding reporting period if it were determined in accordance with the regulation made under the Excise Tax Act for the purposes of subsection 2.2 of section 228 of that Act taking the following assumptions into account:

(a) Québec is a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act, and

(b) the financial institution is a selected listed financial institution for the purposes of the Excise Tax Act throughout the reporting period;”.

2012, c. 28, s. 159; 2013, c. 10, s. 227.

2012-12-07

437.1. Every person who is a selected listed financial institution and is required to file an interim return under section 470.1 for a reporting period shall, subject to the second paragraph, calculate the amount (in this section and sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3) C is the lesser of the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the taxation year, for the financial institution as regards Québec, or the value that same C would have, for the financial institution as regards Québec, for the preceding taxation year, if each of those values were determined in accordance with the regulation made under that Act for the purposes of subsection 2.1 of section 228 of that Act taking the following assumptions into account:

(a) Québec is a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act for the taxation year and the preceding taxation year, and

(b) the financial institution is a selected listed financial institution for the purposes of the Excise Tax Act for the taxation year and the preceding taxation year;”.

Where a person becomes a selected listed financial institution in a reporting period that ends in a particular fiscal year, the interim net tax of the person for each reporting period included in the fiscal year is the amount that would be the person’s net tax for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(3) C is the percentage that would be applicable to the financial institution as regards Québec for the preceding reporting period if it were determined in accordance with the regulation made under the Excise Tax Act for the purposes of subsection 2.2 of section 228 of that Act taking the following assumptions into account:

(a) Québec is a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act, and

(b) the financial institution is a selected listed financial institution for the purposes of the Excise Tax Act throughout the reporting period;”.

2012, c. 28, s. 159.