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

Section 402.23r1 Disposition versions

2023-02-08

402.23R1. For the purposes of section 402.23 of the Act, the rebate to which a listed financial institution is entitled is equal to,

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

(A − B) × C;

(2)  if the listed financial institution is a provincial investment plan, the amount determined by the formula

A − D; and

(3)  in any other case, the amount determined by the formula

E × F.

For the purposes of the formulas in the first paragraph,

(1)  A is the amount of tax under section 16 of the Act in respect of a supply of property or a service, or under section 17 or 18 of the Act in respect of a supply of corporeal movable property;

(2)  B is,

i.  in the case of a provincial series as regards Québec, the amount of tax referred to in subparagraph 1; and

ii.  in any other case, zero;

(3)  C is the extent, expressed as a percentage, to which the property or service was acquired, or brought into Québec, for consumption, use or supply in the course of the activities relating to the provincial series, as determined in accordance with section 51 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15);

(4)  D is,

i.  in the case of a provincial investment plan as regards Québec, the amount of tax referred to in subparagraph 1; and

ii.  in any other case, zero;

(5)  E is the amount of tax under any of sections 16, 17, 18 and 18.01 of the Act in respect of the supply of property or a service; and

(6)  F is the extent, expressed as a percentage, to which the listed financial institution may reasonably be regarded as holding or investing funds for the benefit of persons that are not resident in Québec.

O.C. 320-2017, s. 3; O.C. 90-2023, s. 2.

2017-04-12

402.23R1. For the purposes of section 402.23 of the Act, the rebate to which a listed financial institution is entitled is equal to,

(1)  if the listed financial institution is a stratified investment plan with one or more provincial series, the aggregate of all amounts each of which is an amount determined for a provincial series of the investment plan by the formula

(A − B) × C;

(2)  if the listed financial institution is a provincial investment plan, the amount determined by the formula

A − D;

(3)  in any other case, the amount determined by the formula

E × F.

For the purposes of the formulas in the first paragraph,

(1)  A is the amount of tax under section 16 of the Act in respect of a supply of property or a service, or under section 17 or 18 of the Act in respect of a supply of corporeal movable property;

(2)  B is,

i.  in the case of a provincial series as regards Québec, the amount of tax referred to in subparagraph 1; and

ii.  in any other case, zero;

(3)  C is the extent, expressed as a percentage, to which the property or service was acquired, or brought into Québec, for consumption, use or supply in the course of the activities relating to the provincial series, as determined in accordance with section 51 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15);

(4)  D is,

i.  in the case of a provincial investment plan as regards Québec, the amount of tax referred to in subparagraph 1; and

ii.  in any other case, zero;

(5)  E is the amount of tax under any of sections 16, 17, 18 and 18.01 of the Act in respect of the supply of property or a service; and

(6)  F is the extent, expressed as a percentage, to which the listed financial institution may reasonably be regarded as holding or investing funds for the benefit of persons that are not resident in Québec.

O.C. 320-2017, s. 3.