T-0.1 - Act respecting the Québec sales tax

Section 255.1 Disposition versions

2013-01-01

255.1. Where a registrant is a financial institution, sections 256 to 259 apply, with the necessary modifications, in relation to movable property acquired or brought into Québec by the financial institution for use as capital property of the financial institution, and to improvements to such movable property, as if the movable property were an immovable.

Where a registrant is a financial institution, section 233 applies, with the necessary modifications, in relation to movable property (other than a passenger vehicle) acquired or brought into Québec by the institution for use as capital property of the institution as if the movable property were an immovable.

The first and second paragraphs do not apply to movable property of a financial institution having a cost to the institution of $50,000 or less.

Where a registrant that is a financial institution begins, on 1 January 2013, to use movable property having a cost to the institution of $50,000 or less as capital property otherwise than primarily in the course of commercial activities of the registrant because of Division VI.1 of Chapter III, and the registrant last acquired or brought into Québec the movable property for use as capital property primarily in the course of commercial activities of the registrant, the following rules apply:

(1)  the registrant is deemed to have made, immediately before 1 January 2013, a supply of the movable property by way of sale for no consideration; and

(2)  the registrant is deemed to have received, on 1 January 2013, a supply of the movable property by way of sale for use otherwise than as capital property or an improvement to capital property of the registrant.

Despite the first paragraph, where a registrant that is a financial institution reduces or ceases, on 1 January 2013, the use of movable property having a cost to the institution exceeding $50,000 as capital property in the course of commercial activities of the registrant because of Division VI.1 of Chapter III, and the registrant last acquired or brought into Québec the movable property for use as capital property primarily in the course of commercial activities of the registrant, the following rules apply:

(1)  the registrant is deemed to have made, immediately before 1 January 2013, a supply of the movable property by way of sale and to have collected, at that time, tax in respect of the supply equal to the basic tax content of the movable property at that time;

(2)  the registrant is deemed to have received, immediately after 31 December 2012, a supply of the movable property by way of sale and to have paid, at that time, tax in respect of the supply equal to the basic tax content of the movable property at that time; and

(3)  the second paragraph does not apply in relation to the property.

2012, c. 28, s. 78.