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

Section 433.16r9 Disposition versions

2021-12-01

433.16R9. 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)  all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under section 16 of the Act and that was adjusted, refunded or credited pursuant to any of sections 447 to 450 of the Act in the particular reporting period, to the extent that the amount was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(b)  if, under any of sections 357.2 to 357.5.3 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution, to the extent that the amount is in respect of tax under section 16 of the Act or, in respect of corporeal property brought into Québec by the financial institution and that comes from outside Canada, under section 17 of the Act, and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(c)  all amounts each of which is an amount that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under a law of Québec but otherwise than pursuant to the Act, to the extent that the amount is in respect of tax under section 16 of the Act or, in respect of corporeal property brought into Québec by the financial institution and that comes from outside Canada, under section 17 of the Act, and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(d)  all amounts each of which is determined, for each rebate in respect of which section 350.6 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

A × B;

(e)  all amounts each of which is an amount — in respect of a supply of property or a service made by the financial institution at any time during the particular reporting period to another person that is a selected listed financial institution at that time and to which an election made by the other person under section 433.17 of the Act or under subsection 4 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15) applies — equal to tax payable by the financial institution under any of sections 16, 17, 18 and 18.0.1 of the Act that is included in the cost to the financial institution of supplying the property or service to the other person; and

(f)  all amounts each of which is

i.  the amount of tax specified in a tax adjustment note issued under section 450.0.2 of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of the specified resource or part of it was included, under subparagraph b or b.1 of subparagraph 6 of the second paragraph of section 433.16R10, in the description of G6 in the formula in the first paragraph of that section 433.16R10, for the particular reporting period or an earlier reporting period of the financial institution; or

ii.  the amount of tax specified in a tax adjustment note issued under section 450.0.5 of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included, under subparagraph c or c.1 of subparagraph 6 of the second paragraph of section 433.16R10, in the description of G6 in the formula in the first paragraph of that section 433.16R10, for the particular reporting period or an earlier reporting period of the financial institution;

(2)  G2 is the aggregate of

(a)  all amounts included under any of subparagraphs i to v of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act, determined for the particular reporting period, or all amounts that would be so determined for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of that Act; and

(b)  the amount that is,

i.  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, the total of all amounts that would be included under subparagraph vi of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX and the reference in that subparagraph vi to “a supply that is made at any time during the particular reporting period to another person that is a selected listed financial institution at that time and an election made under subsection 225.2(4) of the Act by the other person applies to the supply,” were read as “a supply that is made at any time during the particular reporting period to another person that is, at that time, a selected listed financial institution, or a selected listed financial institution for the purposes of the Act respecting the Québec sales tax, R.S.Q., ch. T-0.1, and an election made under subsection 225.2(4) of the Act, or under section 433.17 of the Act respecting the Québec sales tax by the other person applies to the supply,”; and

ii.  in any other case, the total of all amounts included under subparagraph vi of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period;

(3)  G3 is the total for G3 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period or the total that G3 would be for that reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of the Excise Tax Act;

(4)  G4 is the specified percentage of the financial institution as regards Québec for the particular reporting period;

(5)  G5 is the tax rate specified in the first paragraph of section 16 of the Act; and

(6)  G6 is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act.

For the purposes of the formula in subparagraph d of subparagraph 1 of the second paragraph,

(1)  A is the tax fraction in respect of the rebate, within the meaning of section 350.6 of the Act, in respect of the supply made to the financial institution of the property or service for which the rebate is paid, and

(2)  B is the amount of the rebate.

O.C. 320-2017, s. 4; O.C. 1448-2021, s. 8.

2017-04-12

433.16R9. 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)  all amounts each of which is an amount that was paid or that became payable by the financial institution as or on account of tax under section 16 of the Act and that was adjusted, refunded or credited pursuant to any of sections 447 to 450 of the Act in the particular reporting period, to the extent that the amount was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(b)  if, under any of sections 357.2 to 357.5.3 of the Act, a person during the particular reporting period pays to, or credits in favour of, the financial institution an amount as or on account of a rebate, all amounts each of which is an amount so paid or credited to the financial institution, to the extent that the amount is in respect of tax under section 16 of the Act or, in respect of corporeal property brought into Québec by the financial institution and that comes from outside Canada, under section 17 of the Act, and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(c)  all amounts each of which is an amount that, during the particular reporting period, was rebated, refunded or remitted to the financial institution under a law of Québec but otherwise than pursuant to the Act, to the extent that the amount is in respect of tax under section 16 of the Act or, in respect of corporeal property brought into Québec by the financial institution and that comes from outside Canada, under section 17 of the Act, and was included in the total F amounts for any reporting period, including the particular reporting period, of the financial institution;

(d)  all amounts each of which is determined, for each rebate in respect of which section 350.6 of the Act applies that is received during the particular reporting period by the financial institution, by the formula

A × B;

(e)  all amounts each of which is an amount, in respect of a supply made at any time during the particular reporting period of property or a service to which an election made by the financial institution and another person under section 433.17 of the Act or under subsection 4 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15) applies, equal to tax payable by the financial institution under any of sections 16, 17, 18 and 18.0.1 of the Act that is included in the cost to the financial institution of supplying the property or service to the other person; and

(f)  all amounts each of which is

i.  the amount of tax specified in a tax adjustment note issued under section 450.0.2 of the Act to the financial institution during the particular reporting period in respect of a specified resource if an amount in respect of a supply of the specified resource or part of it was included, under subparagraph b of subparagraph 6 of the second paragraph of section 433.16R10, in the description of G6 in the formula in the first paragraph of that section 433.16R10, for the particular reporting period or an earlier reporting period of the financial institution; or

ii.  the amount of tax specified in a tax adjustment note issued under section 450.0.5 of the Act to the financial institution during the particular reporting period in respect of employer resources if an amount in respect of supplies of the employer resources was included, under subparagraph c of subparagraph 6 of the second paragraph of section 433.16R10, in the description of G6 in the formula in the first paragraph of that section 433.16R10, for the particular reporting period or an earlier reporting period of the financial institution;

(2)  G2 is the aggregate of

(a)  all amounts included under any of subparagraphs i to v of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act, determined for the particular reporting period, or all amounts that would be so determined for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of that Act; and

(b)  the amount that is,

i.  if the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, the total of all amounts that would be included under subparagraph vi of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Part IX and the reference to "the supply is made at any time during the particular reporting period to another person that is a selected listed financial institution at that time and an election made by the financial institution and the other person under subsection 225.2(4) of the Act applies to the supply," in that paragraph vi were read as "the supply is made at any time during the particular reporting period to another person that is, at that time, a selected listed financial institution, or a selected listed financial institution for the purposes of the Act respecting the Québec sales tax, R.S.Q., ch. T-0.1, and an election made by the financial institution and the other person under subsection 225.2(4) of the Act, or under section 433.17 of the Act respecting the Québec sales tax, applies to the supply,"; and

ii.  in any other case, the total of all amounts included under subparagraph vi of the description of G2 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period;

(3)  G3 is the total for G3 in the formula in paragraph a of section 46 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, determined for the particular reporting period or the total that G3 would be for that reporting period if the financial institution were a selected listed financial institution for the purposes of Part IX of the Excise Tax Act;

(4)  G4 is the specified percentage of the financial institution as regards Québec for the particular reporting period;

(5)  G5 is the tax rate specified in the first paragraph of section 16 of the Act; and

(6)  G6 is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act.

For the purposes of the formula in subparagraph d of subparagraph 1 of the second paragraph,

(1)  A is the tax fraction in respect of the rebate, within the meaning of section 350.6 of the Act, in respect of the supply made to the financial institution of the property or service for which the rebate is paid, and

(2)  B is the amount of the rebate.

O.C. 320-2017, s. 4.