I-3 - Taxation Act

Section 21.4.19 Disposition versions

2019-06-19

21.4.19. The rules to which the first paragraph of section 21.4.18 refers and that apply to a taxpayer in respect of a particular taxation year are the following:

(a)  the taxpayer’s elected functional currency is to be used for the purpose of computing the taxpayer’s Québec tax results for the particular taxation year;

(b)  unless the context otherwise requires, each reference in this Act or the regulations made under it to an amount (other than in respect of a penalty or fine) that is described as a particular number of Canadian dollars is, in respect of the taxpayer and the particular taxation year, to be read as a reference to that amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the first day of the particular taxation year;

(c)  subject to paragraph b of section 21.4.24, sections 21.4.30, 167.1.1 and 484.6, subparagraph l of the first paragraph of section 485.3 and paragraph b of section 851.22.39, if a particular amount that is relevant in computing the taxpayer’s Québec tax results for the particular taxation year is expressed in a currency other than the taxpayer’s elected functional currency, the particular amount is to be converted to an amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the day on which the particular amount arose;

(d)  the definition of “exchange rate” in section 736.0.0.2 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““exchange rate” at a particular time in respect of a particular currency other than the taxpayer’s elected functional currency means the relevant spot rate, for the day that includes that time, in respect of the conversion of an amount from the particular currency to the taxpayer’s elected functional currency, or a rate of exchange acceptable to the Minister;”;

(e)  section 262 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as if “one or more foreign currencies relative to Canadian currency” in the portion before paragraph a were replaced by “one or more currencies (other than the taxpayer’s elected functional currency) relative to the taxpayer’s elected functional currency” and as if “Canadian currency” in paragraphs a and b were replaced by “the taxpayer’s elected functional currency”;

(f)  a reference to “Canadian currency” wherever it appears in the following provisions is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as a reference to the “taxpayer’s elected functional currency”:

i.  paragraph c.1 of section 21.26,

ii.  paragraph a.1 of section 21.27,

iii.  sections 167.1.1, 474, 483.2, 483.3 and 484.6,

iv.  subparagraph l of the first paragraph of section 485.3,

v.  section 485.28,

v.1.  sections 591 to 591.3,

vi.  paragraph f of the definition of “tax basis” in section 851.22.7,

vii.  paragraph g of section 851.22.8,

viii.  the portion of subparagraph i of paragraph b of section 851.22.39 before subparagraph 1,

ix.  subparagraph 2 of subparagraph i of paragraph b of section 851.22.39,

x.  subparagraph ii of paragraph b of section 851.22.39, and

xi.  subparagraph iv of subparagraph a of the second paragraph of section 1079.1R3 of the Regulation respecting the Taxation Act (chapter I-3, r. 1);

(g)  the definition “foreign currency” in section 1 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““foreign currency” in respect of a taxpayer, at any time in a taxation year, means a currency other than the taxpayer’s elected functional currency;”;

(h)  this chapter applies, with the necessary modifications, for the purposes of Book II of Part VI in respect of the taxpayer in relation to a particular month, if the particular month is included in the particular taxation year; and

(i)  this chapter applies, with the necessary modifications, for the purposes of Part VI.4 in respect of the taxpayer in relation to a particular calendar year, if the last fiscal period of the taxpayer, for the purposes of Part VI.4, that ends in the preceding calendar year is a fiscal period that ends in the particular taxation year or the end of which coincides with the end of that particular taxation year.

2010, c. 5, s. 11; 2011, c. 34, s. 14; 2019, c. 14, s. 62.

2011-12-09

21.4.19. The rules to which the first paragraph of section 21.4.18 refers and that apply to a taxpayer in respect of a particular taxation year are the following:

(a)  the taxpayer’s elected functional currency is to be used for the purpose of computing the taxpayer’s Québec tax results for the particular taxation year;

(b)  unless the context otherwise requires, each reference in this Act or the regulations made under it to an amount (other than in respect of a penalty or fine) that is described as a particular number of Canadian dollars is, in respect of the taxpayer and the particular taxation year, to be read as a reference to that amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the first day of the particular taxation year;

(c)  subject to paragraph b of section 21.4.24, sections 21.4.30 and 484.6, subparagraph l of the first paragraph of section 485.3 and paragraph b of section 851.22.39, if a particular amount that is relevant in computing the taxpayer’s Québec tax results for the particular taxation year is expressed in a currency other than the taxpayer’s elected functional currency, the particular amount, other than an amount provided for in subparagraph b or c of the second paragraph of section 1029.8.36.0.95 or 1029.8.36.0.105, is to be converted to an amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the day on which the particular amount arose;

(d)  the definition of “exchange rate” in section 736.0.0.2 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““exchange rate” at a particular time in respect of a particular currency other than the taxpayer’s elected functional currency means the relevant spot rate, for the day that includes that time, in respect of the conversion of an amount from the particular currency to the taxpayer’s elected functional currency, or a rate of exchange acceptable to the Minister;”;

(e)  section 262 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as if “in foreign currency in relation to Canadian currency after 1971” in the first paragraph was replaced by “after 1971 in the currency of one or more countries (other than the taxpayer’s elected functional currency) relative to the taxpayer’s elected functional currency”;

(f)  a reference to “Canadian currency” wherever it appears in the following provisions is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as a reference to the “taxpayer’s elected functional currency”:

i.  paragraph c.1 of section 21.26,

ii.  paragraph a.1 of section 21.27,

iii.  sections 474, 483.2, 483.3 and 484.6,

iv.  subparagraph l of the first paragraph of section 485.3,

v.  section 485.28,

vi.  paragraph f of the definition of “tax basis” in section 851.22.7,

vii.  paragraph g of section 851.22.8,

viii.  the portion of subparagraph i of paragraph b of section 851.22.39 before subparagraph 1,

ix.  subparagraph 2 of subparagraph i of paragraph b of section 851.22.39,

x.  subparagraph ii of paragraph b of section 851.22.39, and

xi.  subparagraph iv of subparagraph a of the second paragraph of section 1079.1R3 of the Regulation respecting the Taxation Act (chapter I-3, r. 1);

(g)  the definition “foreign currency” in section 1 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““foreign currency” in respect of a taxpayer, at any time in a taxation year, means a currency other than the taxpayer’s elected functional currency;”;

(h)  this chapter applies, with the necessary modifications, for the purposes of Book II of Part VI in respect of the taxpayer in relation to a particular month, if the particular month is included in the particular taxation year; and

(i)  this chapter applies, with the necessary modifications, for the purposes of Part VI.4 in respect of the taxpayer in relation to a particular calendar year, if the last fiscal period of the taxpayer, for the purposes of Part VI.4, that ends in the preceding calendar year is a fiscal period that ends in the particular taxation year or the end of which coincides with the end of that particular taxation year.

2010, c. 5, s. 11; 2011, c. 34, s. 14.

2010-04-20

21.4.19. The rules to which the first paragraph of section 21.4.18 refers and that apply to a taxpayer in respect of a particular taxation year are the following:

(a)  the taxpayer’s elected functional currency is to be used for the purpose of computing the taxpayer’s Québec tax results for the particular taxation year;

(b)  unless the context otherwise requires, each reference in this Act or the regulations made under it to an amount (other than in respect of a penalty or fine) that is described as a particular number of Canadian dollars is, in respect of the taxpayer and the particular taxation year, to be read as a reference to that amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the first day of the particular taxation year;

(c)  subject to paragraph b of section 21.4.24, sections 21.4.30 and 484.6, subparagraph l of the first paragraph of section 485.3 and paragraph b of section 851.22.39, if a particular amount that is relevant in computing the taxpayer’s Québec tax results for the particular taxation year is expressed in a currency other than the taxpayer’s elected functional currency, the particular amount, other than an amount provided for in subparagraph b or c of the second paragraph of section 1029.8.36.0.95, is to be converted to an amount expressed in the taxpayer’s elected functional currency using the relevant spot rate for the day on which the particular amount arose;

(d)  the definition of “exchange rate” in section 736.0.0.2 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““exchange rate” at a particular time in respect of a particular currency other than the taxpayer’s elected functional currency means the relevant spot rate, for the day that includes that time, in respect of the conversion of an amount from the particular currency to the taxpayer’s elected functional currency, or a rate of exchange acceptable to the Minister;”;

(e)  section 262 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as if “in foreign currency in relation to Canadian currency after 1971” in the first paragraph was replaced by “after 1971 in the currency of one or more countries (other than the taxpayer’s elected functional currency) relative to the taxpayer’s elected functional currency”;

(f)  a reference to “Canadian currency” wherever it appears in the following provisions is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as a reference to the “taxpayer’s elected functional currency”:

i.  paragraph c.1 of section 21.26,

ii.  paragraph a.1 of section 21.27,

iii.  sections 474, 483.2, 483.3 and 484.6,

iv.  subparagraph l of the first paragraph of section 485.3,

v.  section 485.28,

vi.  paragraph f of the definition of “tax basis” in section 851.22.7,

vii.  paragraph g of section 851.22.8,

viii.  the portion of subparagraph i of paragraph b of section 851.22.39 before subparagraph 1,

ix.  subparagraph 2 of subparagraph i of paragraph b of section 851.22.39,

x.  subparagraph ii of paragraph b of section 851.22.39, and

xi.  subparagraph iv of subparagraph a of the second paragraph of section 1079.1R3 of the Regulation respecting the Taxation Act (R.R.Q., c. I-3, r. 1);

(g)  the definition “foreign currency” in section 1 is, in respect of the taxpayer and the particular taxation year, and with the necessary modifications, to be read as follows:

““foreign currency” in respect of a taxpayer, at any time in a taxation year, means a currency other than the taxpayer’s elected functional currency;”;

(h)  this chapter applies, with the necessary modifications, for the purposes of Book II of Part VI in respect of the taxpayer in relation to a particular month, if the particular month is included in the particular taxation year; and

(i)  this chapter applies, with the necessary modifications, for the purposes of Part VI.4 in respect of the taxpayer in relation to a particular calendar year, if the last fiscal period of the taxpayer, for the purposes of Part VI.4, that ends in the preceding calendar year is a fiscal period that ends in the particular taxation year or the end of which coincides with the end of that particular taxation year.

2010, c. 5, s. 11.