T-0.1 - Act respecting the Québec sales tax

Section 297.0.2.1 Disposition versions

2013-01-01

297.0.2.1. Where a particular corporation that is a member of a closely related group of which a listed financial institution is a member and another corporation that is a member of the group make a valid joint election under subsection 1 of section 150 of the Excise Tax Act (R.S.C. 1985, c. E-15), the particular corporation and the other corporation shall make the joint election that every supply between them of property by way of lease, licence or similar arrangement or of a service that is made at a time when the election under that subsection 1 is in effect for the purposes of Part IX of that Act that would, but for this section, be a taxable supply is deemed to be a supply of a financial service.

An election required to be made by a particular corporation under the first paragraph must be made in the prescribed form containing prescribed information, specify the day the election is to become effective, and be filed by the particular corporation with the Minister on or before the day on which a return under Chapter VIII for the reporting period of the particular corporation in which the election is to become effective is required to be filed.

Where a particular corporation has, before 1 January 2013, made a valid joint election with another corporation under subsection 1 of section 150 of the Excise Tax Act and that election is valid on that date for the purposes of Part IX of that Act, the particular corporation is deemed to have made the election required under the first paragraph.

2012, c. 28, s. 93.