T-0.1 - Act respecting the Québec sales tax

Section 433.16.2 Disposition versions

2022-06-08

433.16.2. A selected listed financial institution that is a stratified investment plan or a non-stratified investment plan referred to in the fifth paragraph shall, in determining its net tax for a particular reporting period in a fiscal year that ends in its taxation year, add the positive amount or deduct the negative amount, as the case may be, determined by the formula

[A × (B/C) ] - D + E.

For the purposes of the formula in the first paragraph,

(1)  A is

(a)  where the financial institution is a stratified investment plan, the value A would have in the formula in subsection 1 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act, and

(b)  where the financial institution is a non-stratified investment plan, the value A would have in the formula in subsection 2 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

(2)  B is the tax rate specified in the first paragraph of section 16;

(3)  C is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(4)  D is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada, that

i.  became payable by the financial institution, or was paid by the financial institution without having become payable, during the particular reporting period or any of the reporting periods described in the fourth paragraph,

ii.  was not included in determining the positive or negative amounts that the financial institution shall add, or may deduct, under this section or section 433.16 in determining its net tax for a reporting period other than the particular reporting period, and

iii.  is specified by the financial institution in a statement it files under Division IV for the particular reporting period, and

(b)  where the financial institution made an election under subsection 4 of section 225.2 of the Excise Tax Act or under section 433.17, in respect of a supply of property or a service made by another person to the financial institution in the particular reporting period, the aggregate of all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(5)  E is the total of all amounts each of which is a positive or negative prescribed amount.

A selected listed financial institution that is a stratified investment plan throughout a particular reporting period in a particular fiscal year may elect in the prescribed form containing prescribed information, in respect of a series of the stratified investment plan, that the value of A, described in subparagraph 1 of the second paragraph, be determined for the particular reporting period as if an election under section 63 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the series, were in effect, if

(1)  the investment plan is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act throughout the particular reporting period;

(2)  units of the series are issued, distributed or offered for sale in the particular fiscal year and immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding; and

(3)  no election under section 433.19.1 or 433.19.11 is in effect in respect of the series and the particular fiscal year.

For the purposes of subparagraph i of subparagraph a of subparagraph 4 of the second paragraph, a reporting period to which this paragraph applies is, in respect of a particular reporting period, a reporting period preceding the particular reporting period provided that the particular reporting period ends no later than two years after the end of the fiscal year of the financial institution that includes the preceding reporting period and the financial institution has been a selected listed financial institution throughout the preceding reporting period.

If a selected listed financial institution is a non-stratified investment plan, this section applies, in respect of a particular reporting period, only if 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 reporting period.

2015, c. 21, s. 751; 2022, c. 23, s. 206.

2015-10-21

433.16.2. A selected listed financial institution that is a stratified investment plan or a non-stratified investment plan referred to in the fifth paragraph shall, in determining its net tax for a particular reporting period in a fiscal year that ends in its taxation year, add the positive amount or deduct the negative amount, as the case may be, determined by the formula

[A × (B/C) ] - D + E.

For the purposes of the formula in the first paragraph,

(1)  A is

(a)  where the financial institution is a stratified investment plan, the value A would have in the formula in subsection 1 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act, and

(b)  where the financial institution is a non-stratified investment plan, the value A would have in the formula in subsection 2 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

(2)  B is the tax rate specified in the first paragraph of section 16;

(3)  C is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(4)  D is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada, that

i.  became payable by the financial institution, or was paid by the financial institution without having become payable, during the particular reporting period or any of the reporting periods described in the fourth paragraph,

ii.  was not included in determining the positive or negative amounts that the financial institution shall add, or may deduct, under this section or section 433.16 in determining its net tax for a reporting period other than the particular reporting period, and

iii.  is specified by the financial institution in a statement it files under Division IV for the particular reporting period, and

(b)  where the financial institution and another person made an election under subsection 4 of section 225.2 of the Excise Tax Act or under section 433.17, in respect of a supply of property or a service made in the particular reporting period, the aggregate of all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(5)  E is the total of all amounts each of which is a positive or negative prescribed amount.

A selected listed financial institution that is a stratified investment plan throughout a particular reporting period in a particular fiscal year may elect in the prescribed form containing prescribed information, in respect of a series of the stratified investment plan, that the value of A, described in subparagraph 1 of the second paragraph, be determined for the particular reporting period as if an election under section 63 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the series, were in effect, if

(1)  the investment plan is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act throughout the particular reporting period;

(2)  units of the series are issued, distributed or offered for sale in the particular fiscal year and immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding; and

(3)  no election under section 433.19.1 or 433.19.11 is in effect in respect of the series and the particular fiscal year.

For the purposes of subparagraph i of subparagraph a of subparagraph 4 of the second paragraph, a reporting period to which this paragraph applies is, in respect of a particular reporting period, a reporting period preceding the particular reporting period provided that the particular reporting period ends no later than two years after the end of the fiscal year of the financial institution that includes the preceding reporting period and the financial institution has been a selected listed financial institution throughout the preceding reporting period.

If a selected listed financial institution is a non-stratified investment plan, this section applies, in respect of a particular reporting period, only if 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 reporting period.

2015, c. 21, s. 751.