T-0.1 - Act respecting the Québec sales tax

Section 320 Disposition versions

1997-12-19

320. Where at any time after 1 July 1992 property of a person is, for the purpose of satisfying in whole or in part a debt or other obligation owing by the person to another person (in this section and in sections 321 to 324.6 referred to as the “creditor”), seized or repossessed by the creditor under a right or power exercisable by the creditor, other than a right or power that the creditor has under, or because of being a party to, a lease, licence or similar arrangement by which the person acquired the property, the following rules apply:

(1)  the person is deemed to have made, and the creditor is deemed to have received, at that time a supply of the property by way of sale;

(2)  the supply is deemed to have been made for no consideration, except for the purposes of sections 233, 234, 379 and 380;

(3)  where the supply is a taxable supply of an immovable, for the purposes of sections 233, 234, 379 and 380, the tax payable in respect of the supply is deemed to be equal to the tax calculated on the fair market value of the property at that time; and

(4)  where the supply is a supply of an immovable referred to in section 102, 138.1 or 168, for the purposes of sections 233, 234, 379 and 380, the supply is deemed to be a taxable supply and the tax payable in respect of the supply is deemed to be equal to the tax calculated on the fair market value of the property at that time.

1991, c. 67, s. 320; 1994, c. 22, s. 539; 1997, c. 85, s. 603.

1994-06-17

320. Where at any time after 1 July 1992 property of a person is, for the purpose of satisfying in whole or in part a debt or other obligation owing by the person to another person (in this section and in sections 321 to 324.6 referred to as the “creditor”), seized or repossessed by the creditor under a right or power exercisable by the creditor, other than a right or power that the creditor has under, or because of being a party to, a lease, licence or similar arrangement by which the person acquired the property, the following rules apply:

(1)  the person is deemed to have made, and the creditor is deemed to have received, at that time a supply of the property by way of sale;

(2)  the supply is deemed to have been made for no consideration, except for the purposes of sections 233, 234, 379 and 380;

(3)  where the supply is a taxable supply of an immovable, for the purposes of sections 233, 234, 379 and 380, the tax payable in respect of the supply is deemed to be equal to the tax calculated on the fair market value of the property at that time; and

(4)  where the supply is referred to in section 102 or section 168, for the purposes of sections 233, 234, 379 and 380, the supply is deemed to be a taxable supply and the tax payable in respect of the supply is deemed to be equal to the tax calculated on the fair market value of the property at that time.

1991, c. 67, s. 320; 1994, c. 22, s. 539.

1992-07-01

320. Where at any time property of a particular person is, for the purpose of satisfying in whole or in part a debt or obligation owing by the particular person, seized or repossessed by another person under any right or power exercisable by the other person, the following rules apply:

(1)  the particular person is deemed to have made, at that time, a supply of the property for no consideration; and

(2)  subject to sections 322 and 324, the other person is deemed to have acquired the property for no consideration.

1991, c. 67, s. 320.