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

Section 433.16r7 Disposition versions

2017-04-12

433.16R7. For the purposes of applying sections 433.16R9 to 433.16R19 to determine prescribed amounts for a particular reporting period in a fiscal year that ends in a particular taxation year of a selected listed financial institution, the specified percentage of the financial institution as regards Québec for the particular reporting period is,

(1)  if the financial institution is a non-stratified investment plan and an election under section 49 or 61 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15), or under section 433.19.1 or 433.19.10 of the Act, in respect of the financial institution is in effect throughout the fiscal year, the financial institution’s percentage as regards Québec as of the earliest day in the particular reporting period for which that percentage is required to be determined for the purposes of section 433.16.2 of the Act or, if no such day exists, as of the last day before the particular reporting period for which that percentage is required to be determined for the purposes of that section;

(2)  if the financial institution is a stratified investment plan, the aggregate of all amounts each of which is an amount determined for a series of the financial institution by the formula

A × (B / C);

(3)  if the financial institution is an investment plan and neither subparagraph 1 nor subparagraph 2 applies,

(a)  if an election under section 50 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, or under section 433.19.4 of the Act, is in effect throughout the fiscal year, other than for determining the interim net tax of the financial institution for the particular reporting period under the fourth paragraph of section 437.1 of the Act, the percentage under subparagraph b of subparagraph 3 of the second paragraph of section 433.16 of the Act; and

(b)  in any other case, the percentage under subparagraph a of subparagraph 3 of the second paragraph of section 433.16 of the Act; and

(4)  in any other case,

(a)  if the amounts are determined for the purpose of calculating the interim net tax of the financial institution for the particular reporting period under section 437.1 of the Act,

i.  if the financial institution is a selected listed financial institution to which the fifth paragraph of section 437.1 of the Act applies, the percentage under subparagraph 3 of the second paragraph of section 433.16 of the Act enacted by that fifth paragraph; and

ii.  in any other case, the percentage under subparagraph 3 of the second paragraph of section 433.16 of the Act enacted by the first paragraph of section 437.1 of the Act; and

(b)  in any other case, the percentage under subparagraph b of subparagraph 3 of the second paragraph of section 433.16 of the Act.

For the purposes of the formula in the first paragraph,

(1)  A is,

(a)  if an election under section 49 or 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, or under section 433.19.1 or 433.19.11 of the Act, in respect of the series, is in effect throughout the fiscal year, the financial institution’s percentage for the series and as regards Québec as of the earliest day in the particular reporting period for which that percentage is required to be determined for the purposes of section 433.16.2 of the Act or, if no such day exists, as of the last day before the particular reporting period for which that percentage is required to be determined for the purposes of that section;

(b)  if an election under section 50 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, or under section 433.19.4 of the Act, is in effect throughout the fiscal year, other than for determining the interim net tax of the financial institution for the particular reporting period under the third paragraph of section 437.1 of the Act, the financial institution’s percentage for the series and as regards Québec for the particular taxation year that is required to be determined for the purposes of section 433.16.2 of the Act; and

(c)  in any other case, the financial institution’s percentage for the series and as regards Québec for the taxation year preceding the particular taxation year that is required to be determined for the purposes of section 433.16.2 of the Act;

(2)  B is the total value of the units in the series as of the first business day in the particular reporting period; and

(3)  C is the total value of the units of the financial institution as of the first business day in the particular reporting period.

O.C. 320-2017, s. 4.