T-0.1 - Act respecting the Québec sales tax

Section 232 Disposition versions

1992-07-01

232. Where in the course of a business of making supplies of immovables, a person renovates or alters a residential complex of the person and the renovation or alteration is not a substantial renovation, the person is deemed

(1)  to have made and received a taxable supply, at the earlier of the time the renovation is substantially completed and the time ownership of the complex is transferred, for consideration equal to the amount established under the second paragraph; and

(2)  to have paid as a recipient and to have collected as a supplier, at that time, tax in respect of the supply, calculated on the consideration referred to in subparagraph 1.

Subject to section 52, the consideration referred to in subparagraph 1 of the first paragraph is equal to the total of all amounts each of which is an amount in respect of the renovation or alteration, other than the amount of consideration that was paid or payable by the person for a financial service or for any property or service in respect of which the person is required to pay tax, that would be included in determining the adjusted cost base to the person of the complex for the purposes of the Taxation Act (chapter I-3) if the complex were capital property of the person and the person were a taxpayer under that Act.

1991, c. 67, s. 232.