T-0.1, r. 2 - Regulation respecting the Québec sales tax

Section 433.16r10 Disposition versions

2021-12-01

433.16R10. The positive or negative amount determined by the following formula is a prescribed amount for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution:

[(G1 − G2) × G3 × (G4 / G5)] − G6.

For the purposes of the formula in the first paragraph,

(1)  G1 is the aggregate of

(a)  the amount determined for G7 in the formula in paragraph b of section 46 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, or the amount that would be determined for G7 for the reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of that Act; and

(b)  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act and has made an election under section 150 of that Act in respect of a supply that another person at a particular time made in favour of the financial institution, and the other person is a selected listed financial institution for the purposes of that Part IX, the amount included in the value determined for B in the formula in the first paragraph of section 433.16 of the Act, or taken into account in determining the value of A in the formula in the first paragraph of section 433.16.2 of the Act, for the particular reporting period, that would be an input tax credit if tax under subsection 1 of section 165 of the Excise Tax Act had become payable in respect of the supply during the particular reporting period;

(2)  G2 is the aggregate of

(a)  all amounts included under subparagraph i of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period or all amounts that would be so determined for the reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of the Excise Tax Act; and

(b)  if the financial institution made an election under section 150 of the Excise Tax Act in respect of a supply made by the financial institution in favour of another person, the total of all amounts each of which is,

i.  if the other person is a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, an amount included under subparagraph ii of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the particular reporting period or would be so included for that reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX; and

ii.  in any other case and if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, an amount that would be included under subparagraph ii of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX and that paragraph were read as follows:

“ii. all amounts each of which would be, in the absence of an election made under section 150 of the Act by the financial institution and another person, an input tax credit of the financial institution for the particular reporting period in respect of a supply made at any time by the financial institution to the other person if the other person is a selected listed financial institution for the purposes of the Act respecting the Québec sales tax, R.S.Q., c. T-0.1, at that time, if tax under subsection 165(1) of the Act would have been payable in respect of the supply in the absence of that election and if the other person has not made an election under section 433.17 of the Act respecting the Québec sales tax that applies to the supply,”

(c)  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act and has made an election under section 150 of that Act in respect of a supply that another person at a particular time made in favour of the financial institution and the other person is a selected listed financial institution for the purposes of that Part IX, the amount included in the value determined for A in the formula in the first paragraph of section 433.16 of the Act, or taken into account in determining the value of A in the formula in the first paragraph of section 433.16.2 of the Act, for the particular reporting period, that would be tax under subsection 1 of section 165 of the Excise Tax Act that would have become payable in respect of that supply in the particular reporting period in the absence of that election;

(3)  G3 is the specified percentage of the financial institution as regards Québec for the particular reporting period;

(4)  G4 is the tax rate specified in the first paragraph of section 16 of the Act;

(5)  G5 is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act; and

(6)  G6 is the aggregate of

(a)  all amounts each of which is an amount of tax deemed to have been paid by the financial institution under subparagraph 1 of the first paragraph of section 327.7 of the Act during the particular reporting period to the extent that the amount is in respect of tax paid by another person under section 16 of the Act or, in respect of corporeal property from outside Canada that the person brings into Québec, under section 17 of the Act, and has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(b)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.5 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section;

(b.1)  all amounts each of which is the tax referred to in subparagraph 3 of the first paragraph of section 289.5.1 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section;

(c)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.6 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section; and

(c.1)  all amounts each of which is the tax referred to in subparagraph 3 of the first paragraph of section 289.6.1 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section;

(d)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.7 of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under subparagraph 4 of the first paragraph of that section;

(e)  all amounts each of which is the tax referred to in subparagraph 3 of the first paragraph of section 289.7.1 of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under subparagraph 4 of the first paragraph of that section.

O.C. 320-2017, s. 4; O.C. 1448-2021, s. 9.

2017-04-12

433.16R10. The positive or negative amount determined by the following formula is a prescribed amount for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution:

[(G1 − G2) × G3 × (G4 / G5)] − G6.

For the purposes of the formula in the first paragraph,

(1)  G1 is the aggregate of

(a)  the amount determined for G7 in the formula in paragraph b of section 46 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, or the amount that would be determined for G7 for the reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of that Act; and

(b)  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act and has made an election under section 150 of that Act in respect of a supply that another person at a particular time made in favour of the financial institution, and the other person is a selected listed financial institution for the purposes of that Part IX, the amount included in the value determined for B in the formula in the first paragraph of section 433.16 of the Act, or taken into account in determining the value of A in the formula in the first paragraph of section 433.16.2 of the Act, for the particular reporting period, that would be an input tax credit if tax under subsection 1 of section 165 of the Excise Tax Act had become payable in respect of the supply during the particular reporting period;

(2)  G2 is the aggregate of

(a)  all amounts included under subparagraph i of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period or all amounts that would be so determined for the reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of the Excise Tax Act; and

(b)  if the financial institution made an election under section 150 of the Excise Tax Act in respect of a supply made by the financial institution in favour of another person, the total of all amounts each of which is,

i.  if the other person is a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, an amount included under subparagraph ii of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the particular reporting period or would be so included for that reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX; and

ii.  in any other case and if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, an amount that would be included under subparagraph ii of the description of G8 in the formula in paragraph b of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX and that paragraph were read as follows:

"(ii) all amounts each of which would be, in the absence of an election under section 150 of the Act, an input tax credit of the financial institution for the particular reporting period in respect of a supply made at any time by the financial institution to another person that is a selected listed financial institution for the purposes of the Act respecting the Québec sales tax, R.S.Q., ch. T-0.1, at that time, if tax under subsection 165(1) of the Act would have been payable in the absence of an election and no election made by the financial institution and the other person under section 433.17 of the Act respecting the Québec sales tax applies in respect of the supply,"; and

(c)  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act and has made an election under section 150 of that Act in respect of a supply that another person at a particular time made in favour of the financial institution and the other person is a selected listed financial institution for the purposes of that Part IX, the amount included in the value determined for A in the formula in the first paragraph of section 433.16 of the Act, or taken into account in determining the value of A in the formula in the first paragraph of section 433.16.2 of the Act, for the particular reporting period, that would be tax under subsection 1 of section 165 of the Excise Tax Act that would have become payable in respect of that supply in the particular reporting period in the absence of that election;

(3)  G3 is the specified percentage of the financial institution as regards Québec for the particular reporting period;

(4)  G4 is the tax rate specified in the first paragraph of section 16 of the Act;

(5)  G5 is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act; and

(6)  G6 is the aggregate of

(a)  all amounts each of which is an amount of tax deemed to have been paid by the financial institution under subparagraph 1 of the first paragraph of section 327.7 of the Act during the particular reporting period to the extent that the amount is in respect of tax paid by another person under section 16 of the Act or, in respect of corporeal property from outside Canada that the person brings into Québec, under section 17 of the Act, and has not been included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(b)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.5 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section;

(c)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.6 of the Act in respect of a supply that the financial institution was deemed to have received during the particular reporting period under subparagraph a of subparagraph 4 of the first paragraph of that section; and

(d)  all amounts each of which is an amount of tax determined under subparagraph 3 of the first paragraph of section 289.7 of the Act in respect of a supply in respect of which the financial institution was deemed to have paid tax during the particular reporting period under subparagraph 4 of the first paragraph of that section.

O.C. 320-2017, s. 4.