T-0.1 - Act respecting the Québec sales tax

Section 470.5 Disposition versions

2015-10-21

470.5. A manager and any two or more investment plans may jointly elect to have the fourth paragraph apply, if

(1)  each of the investment plans has made a joint election under the first paragraph of section 470.2 with the manager; and

(2)  the end of the respective reporting periods of those investment plans in the fiscal year in which the election is to become effective are reasonably expected to coincide with each other.

Where an election under the first paragraph of section 470.2 was made by a particular investment plan and its manager and the manager has made a particular election under the first paragraph with other investment plans, the particular investment plan and the manager may jointly elect to have the particular investment plan be included in the particular election as of a particular day, if the end of the reporting period of the particular investment plan in the fiscal year in which the joint election is to become effective is reasonably expected to coincide with the end of the reporting periods of the other investment plans in the fiscal year of each of those investment plans, in which case the following rules apply:

(1)  the particular election ceases to have effect on the particular day; and

(2)  an election is deemed to have been made under the first paragraph by the manager, the particular investment plan and the other investment plans and that election is deemed to become effective on the particular day.

Where a manager and two or more investment plans have made a joint election under subsection 1 of section 54 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) and two or more of the investment plans are selected listed financial institutions, the fourth paragraph applies in respect of each of the selected listed financial institutions.

Despite paragraph 2 of section 468 and sections 470 and 470.1, a manager shall file a single joint interim or final return in the prescribed form containing prescribed information, on behalf of the investment plans on or before the particular day on which each of the investment plans would be required to file an interim or final return under this subdivision, but for this section, if the election referred to in the first or third paragraph is in effect on the particular day.

Where, immediately before the particular time at which a particular investment plan ceases to exist, a joint election referred to in the first or third paragraph is in effect, the following rules apply:

(1)  subject to subparagraph 3, if a joint election made by the manager and two or more other investment plans is in effect on the day on or before which a single joint interim return is required to be filed because of the fourth paragraph and paragraph 1 of section 470.1 for the particular reporting period of those other investment plans that begins on the same day as the last reporting period of the particular investment plan, the joint interim return must include the information determined by the Minister concerning the last reporting period of the particular investment plan;

(2)  subject to subparagraph 3, if a joint election made by the manager and two or more other investment plans is in effect on the day on or before which a single joint final return is required to be filed because of the fourth paragraph and paragraph 2 of section 470.1 for a particular reporting period of those other investment plans that is included in the fiscal year of those other investment plans that begins on the same day as the last fiscal year of the particular investment plan, the joint final return must include the information determined by the Minister concerning the reporting period of the particular investment plan that begins on the same day as the particular reporting period; and

(3)  if the joint election was made by the manager and only one other investment plan that is a selected listed financial institution, the election ceases to have effect, if it is referred to in the first paragraph, or is considered to no longer be in effect, if it is referred to in the third paragraph, as the case may be, on the day that includes the particular time.

An election under the first paragraph is to

(1)  be made in the prescribed form containing prescribed information;

(2)  set out the day on which the election is to become effective; and

(3)  be filed with the Minister, in the manner determined by the Minister, before the day on which the election is to become effective or any later day determined by the Minister.

2015, c. 21, s. 780.