T-0.1 - Act respecting the Québec sales tax

Section 450.0.3 Disposition versions

2020-09-24

450.0.3. The amount specified in a tax adjustment note issued under section 450.0.2 on a particular day in respect of a specified resource or part must not exceed the amount determined by the formula

A - B.

For the purposes of the formula in the first paragraph,

(1)  A is

(a)  if the taxable supply referred to in paragraph 1 of section 450.0.2 is deemed to have been made under subparagraph 1 of the first paragraph of section 289.5, the lesser of

i.  the amount determined under subparagraph 3 of the first paragraph of section 289.5 in respect of the specified resource or part, and

ii.  the total of all amounts each of which is an amount of tax under the first paragraph of section 16 that became payable, or was paid without having become payable, to the person (otherwise than by the operation of sections 289.2 to 289.8.1) by the pension entity in respect of a taxable supply of the specified resource or part on or before the particular day, or

(b)  if the taxable supply referred to in paragraph 1 of section 450.0.2 is deemed to have been made under subparagraph 1 of the first paragraph of section 289.5.1, the lesser of

i.  the amount determined for the pension plan under subparagraph 3 of the first paragraph of section 289.5.1 in respect of the specified resource or part, and

ii.  the amount determined by the formula

C × D; and

(2)  B is the total of all amounts each of which is the amount of tax, as determined under this section, specified in another tax adjustment note issued on or before the particular day in respect of the specified resource or part.

For the purposes of the formula in the second paragraph,

(1)  C is the total of all amounts each of which is an amount of tax under the first paragraph of section 16 that became payable, or was paid without having become payable, to the person (otherwise than by the operation of sections 289.2 to 289.8.1) by the master pension entity referred to in subparagraph b of paragraph 3 of section 450.0.2 in respect of a taxable supply of the specified resource or part on or before the particular day; and

(2)  D is the master pension factor in respect of the pension plan for the fiscal year of the master pension entity that includes the particular day.

2011, c. 34, s. 155; 2020, c. 16, s. 242.

2011-12-09

450.0.3. The amount specified in a tax adjustment note issued under section 450.0.2 on a particular day in respect of a specified resource or part must not exceed the amount determined by the formula

A - B.

For the purposes of the formula in the first paragraph,

(1)  A is the lesser of

(a)  the amount determined under subparagraph 3 of the first paragraph of section 289.5 in respect of the specified resource or part, and

(b)  the total of all amounts each of which is an amount of tax under the first paragraph of section 16 that became payable, or was paid without having become payable, to the person (otherwise than by the operation of sections 289.2 to 289.8) by the pension entity in respect of a taxable supply of the specified resource or part on or before the particular day; and

(2)  B is the total of all amounts each of which is the amount of tax, as determined under this section, specified in another tax adjustment note issued on or before the particular day in respect of the specified resource or part.

2011, c. 34, s. 155.