T-0.1 - Act respecting the Québec sales tax

Section 255.3 Disposition versions

2013-01-01

255.3. Where, at a particular time, a registrant becomes a financial institution and, immediately before that time, the registrant was using movable property of the registrant as capital property, the following rules apply:

(1)  where, immediately before the particular time, the registrant was not using the movable property primarily in commercial activities of the registrant and, immediately after the particular time, the property is for use in commercial activities of the registrant, the registrant is deemed to have changed, at that time, the extent to which the property is used in commercial activities of the registrant, and section 256 applies, with the necessary modifications, to the change in use as if the property were an immovable that was not used, immediately before that time, in commercial activities of the registrant; and

(2)  where, immediately before the particular time, the registrant was using the property primarily in commercial activities of the registrant and, immediately after that time, the property is not for use exclusively in commercial activities of the registrant, the registrant is deemed to have changed, at that time, the extent to which the property is used in commercial activities of the registrant, and sections 233, 258 and 259 apply, with the necessary modifications, to the change in use as if the property were an immovable used, immediately before that time, exclusively in commercial activities of the registrant.

Where a particular corporation that is not a financial institution is merged or amalgamated with one or more other corporations, in the circumstances described in section 76, to form a new corporation that is both a financial institution and a registrant and movable property that was capital property of the particular corporation becomes, at a particular time, the property of the new corporation as a consequence of the merger or amalgamation, the first paragraph applies to the property as if the new corporation became a financial institution at the particular time.

Where a particular corporation that is not a financial institution is wound up in the circumstances described in section 77, not less than 90% of the issued shares of each class of the capital stock of the corporation were, immediately before the winding-up, owned by another corporation that is both a financial institution and a registrant, and movable property that was capital property of the particular corporation becomes the property of the other corporation as a consequence of the winding-up, the first paragraph applies to the property as if the other corporation became a financial institution at the time of the winding-up.

2012, c. 28, s. 78.