T-0.1 - Act respecting the Québec sales tax

Section 289.15 Disposition versions

2020-09-24

289.15. For the purposes of subdivision 6.6 of Division I of Chapter VII, if a particular amount of tax becomes payable, or is paid without having become payable, by a master pension entity of one or more pension plans at any time in a fiscal year of the master pension entity and if the particular amount of tax is not an excluded amount of the master pension entity, an amount of tax equal to the amount determined by the following formula is deemed, for each of those pension plans, to have been paid at that time by the designated pension entity of the pension plan at that time in respect of the master pension entity:

A × B.

For the purposes of the formula in the first paragraph,

(1)  A is

(a)  if the designated pension entity is a selected listed financial institution and the particular amount of tax is payable under the first paragraph of section 16 or any of sections 17, 18 and 18.0.1, zero, and

(b)  in any other case, the amount determined by the formula

C − D; and

(2)  B is the master pension factor in respect of the pension plan for the fiscal year of the master pension entity that includes that time.

For the purposes of the formula in the second paragraph,

(1)  C is the particular amount of tax; and

(2)  D is the total of all amounts each of which is included in the particular amount of tax and is

(a)  an input tax refund that the master pension entity is entitled to claim in respect of the particular amount of tax,

(b)  an amount for which it can reasonably be regarded that the master pension entity has obtained or is entitled to obtain a rebate, refund, remission or compensation under any other section of this Act or under any other Act, or

(c)  an amount that can reasonably be regarded as being included in an amount adjusted, refunded or credited to or in favour of the master pension entity for which a credit note referred to in section 449 has been received by the master pension entity or a debit note referred to in that section has been issued by the master pension entity.

2020, c. 16, s. 219.