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

Section 433.16r15 Disposition versions

2017-04-12

433.16R15. If a manager has made, with one or more investment plans that are selected listed financial institutions, each of which is referred to in this section as a "qualifying investment plan", a joint election under the first or second paragraph of section 433.22 of the Act that is in effect at any time in a particular reporting period of the manager, and the manager is a selected listed financial institution throughout that particular reporting period, the particular positive or negative amount that is the aggregate of all amounts each of which is the positive amount that a qualifying investment plan would be required to add in determining its net tax under section 433.16 or 433.16.2 of the Act, or the negative amount that a qualifying investment plan would be able to deduct in determining its net tax under either of those sections, for a particular reporting period of the qualifying investment plan, is a prescribed amount for the manager's particular reporting period, if the positive or negative amount were determined having regard to the following assumptions:

(1)  the beginning of the particular reporting period of the qualifying investment plan coincided with the later of the beginning of the manager’s particular reporting period and the day, if any, in the manager’s particular reporting period on which an election under the first or second paragraph of section 433.22 of the Act, as the case may be, between the qualifying investment plan and the manager becomes effective;

(2)  the end of the particular reporting period of the qualifying investment plan coincided with the earlier of the end of the manager’s particular reporting period and the day, if any, in the manager’s particular reporting period on which an election under the first or second paragraph of section 433.22 of the Act, as the case may be, between the qualifying investment plan and the manager ceases to have effect;

(3)  subparagraphs 1 and 2 of the third paragraph of section 433.22 of the Act and section 433.16R14 did not apply in respect of the particular reporting period of the qualifying investment plan; and

(4)  if, at any time in the particular reporting period of the qualifying investment plan, no election under the first or second paragraph of section 470.2 of the Act, as the case may be, is in effect between the qualifying investment plan and the manager, an amount of tax that became payable by the qualifying investment plan, or that was paid by the qualifying investment plan without having become payable, at that time is included in determining the positive or negative amount only if the amount of tax is attributable to a supply made by the manager to the qualifying investment plan.

For the purposes of the first paragraph, a negative amount in respect of a qualifying investment plan is taken into account only if the manager has paid or credited the amount to the qualifying investment plan.

O.C. 320-2017, s. 4.