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

Section 433.16r16 Disposition versions

2017-04-12

433.16R16. If a selected listed financial institution is a non-stratified investment plan, if units of the investment plan are issued, distributed or offered for sale in a particular fiscal year of the investment plan that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under any of sections 49, 60 and 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), under the third paragraph of section 433.16 of the Act or under section 433.19.1 or 433.19.10 of the Act, in respect of the investment plan and the particular fiscal year, and if the reconciliation day, within the meaning of subparagraph ii of paragraph a of section 59 of those Regulations, is not included in the particular fiscal year, the positive or negative amount determined by the following formula is a prescribed amount for the particular reporting period of the investment plan that includes the reconciliation day:

A − B.

For the purposes of the formula in the first paragraph,

(1)  A is the aggregate of all amounts each of which is an amount that would be the net tax for a reporting period of the investment plan that is included in the particular fiscal year if that net tax were determined,

(a)  if no 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 particular fiscal year, as if the investment plan's percentage as regards Québec for the taxation year preceding the particular taxation year were determined in accordance with the rules set out in section 60.1 of those Regulations and Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act; and

(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 particular fiscal year, as if the investment plan's percentage as regards Québec for the particular taxation year in which the particular fiscal year ends were determined in accordance with the rules set out in section 60.1 of those Regulations and Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act; and

(2)  B is the aggregate of all amounts each of which is the net tax for a reporting period of the investment plan that is included in the particular fiscal year.

O.C. 320-2017, s. 4.