T-0.1 - Act respecting the Québec sales tax

Section 433.25 Disposition versions

2022-06-08

433.25. In this subdivision 5,

“affiliated group” means a group of investment plans, each member of which is affiliated with each other member of the group;

“qualifying investor”, in a particular investment plan for a particular calendar year, means a person that is an investment plan and a selected investor in the particular investment plan for the particular year and that

(1)  is neither a qualifying small investment plan for the fiscal year of the person that includes 30 September of the particular year nor a private investment plan, or a pension entity of a pension plan, that meets the conditions of subparagraph 5 of the first paragraph of section 433.15.2 throughout that fiscal year;

(2)  is a selected listed financial institution throughout the fiscal year of the person that includes 30 September of the particular year; or

(3)  is a member of an affiliated group,

(a)  the members of which together hold units of the particular investment plan with a total value of $10,000,000 or more as of 30 September of the particular year, or

(b)  any member of which is a selected listed financial institution throughout the fiscal year of the member that includes 30 September of the particular year;

“selected investor”, in a particular investment plan for a particular calendar year, means a person (other than an individual or a distributed investment plan) that is resident in Canada and that meets the following criteria:

(1)  if the person is an investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000 as of 30 September of the particular year; and

(2)  in any other case,

(a)  if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, as of 30 September of the particular year, or

(b)  if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000, as of 30 September of the particular year;

“selected non-stratified investment plan” means a non-stratified investment plan that is a selected listed financial institution and not an exchange-traded fund;

“selected stratified investment plan” means a stratified investment plan that is a selected listed financial institution;

“specified investor” in a particular distributed investment plan for a fiscal year of the particular investment plan that ends in a particular calendar year means a person (other than an individual or a distributed investment plan) that holds units of the particular investment plan as of 30 September of the particular year and that meets the following criteria:

(1)  if the person is an investment plan,

(a)  the person holds units of the particular investment plan with a total value of less than $10,000,000 as of 30 September of the particular year,

(b)  on or before 31 December of the particular year, the person has not notified the particular investment plan that the person is a qualifying investor in the particular investment plan for the particular year, and

(c)  the particular investment plan neither knows nor ought to know that the person is a qualifying investor in the particular investment plan for the particular year; and

(2)  in any other case,

(a)  if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, as of 30 September of the particular year, or

(b)  if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000, as of 30 September of the particular year.

For the purposes of the definition of “affiliated group” in the first paragraph, members affiliated with each other are

(1)  pension entities of the same pension plan;

(2)  trusts governed by the same deferred profit sharing plan, employee benefit plan, profit sharing plan, registered education savings plan, registered supplementary unemployment benefit plan, retirement compensation arrangement or employee trust, within the meaning assigned to those expressions by section 1 of the Taxation Act (chapter I-3);

(3)  employee life and health trusts, within the meaning of section 1 of the Taxation Act, established for the same employees; or

(4)  related persons.

2015, c. 21, s. 756; 2022, c. 23, s. 210.

2015-10-21

433.25. In this subdivision 5,

“affiliated group” means a group of investment plans, each member of which is affiliated with each other member of the group;

“qualifying investor”, in a particular investment plan for a particular calendar year, means a person that is an investment plan and a selected investor in the particular investment plan for the particular year and that

(1)  is neither a qualifying small investment plan for the fiscal year of the person that includes 30 September of the particular year nor a private investment plan, or a pension entity of a pension plan, that meets the conditions of subparagraph 5 of the first paragraph of section 433.15.2 throughout that fiscal year;

(2)  is a selected listed financial institution throughout the fiscal year of the person that includes 30 September of the particular year; or

(3)  is a member of an affiliated group,

(a)  the members of which together hold units of the particular investment plan with a total value of $10,000,000 or more as of 30 September of the particular year, or

(b)  any member of which is a selected listed financial institution throughout the fiscal year of the member that includes 30 September of the particular year;

“selected investor”, in a particular investment plan for a particular calendar year, means a person (other than an individual or a distributed investment plan) that is resident in Canada and that meets the following criteria:

(1)  if the person is an investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000 as of 30 September of the particular year; and

(2)  in any other case,

(a)  if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, as of 30 September of the particular year, or

(b)  if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000, as of 30 September of the particular year;

“selected non-stratified investment plan” means a non-stratified investment plan that is a selected listed financial institution and not an exchange-traded fund;

“selected stratified investment plan” means a stratified investment plan that is a selected listed financial institution;

“specified investor” in a particular distributed investment plan for a fiscal year of the particular investment plan that ends in a particular calendar year means a person (other than an individual or a distributed investment plan) that holds units of the particular investment plan as of 30 September of the particular year and that meets the following criteria:

(1)  if the person is an investment plan,

(a)  the person holds units of the particular investment plan with a total value of less than $10,000,000 as of 30 September of the particular year,

(b)  on or before 31 December of the particular year, the person has not notified the particular investment plan that the person is a qualifying investor in the particular investment plan for the particular year, and

(c)  the particular investment plan neither knows nor ought to know that the person is a qualifying investor in the particular investment plan for the particular year; and

(2)  in any other case,

(a)  if the particular investment plan is a stratified investment plan, for each series of the particular investment plan in which the person holds units, the person holds units of the series with a total value of less than $10,000,000, as of 30 September of the particular year, or

(b)  if the particular investment plan is a non-stratified investment plan, the person holds units of the particular investment plan with a total value of less than $10,000,000, as of 30 September of the particular year.

For the purposes of the definition of “affiliated group” in the first paragraph, members affiliated with each other are

(1)  pension entities of the same pension plan;

(2)  trusts governed by the same deferred profit sharing plan, employee benefit plan, profit sharing plan, registered supplementary unemployment benefit plan, retirement compensation arrangement or employee trust, within the meaning assigned to those expressions by section 1 of the Taxation Act (chapter I-3);

(3)  employee life and health trusts, within the meaning of section 1 of the Taxation Act, established for the same employees; or

(4)  related persons.

2015, c. 21, s. 756.