T-0.1 - Act respecting the Québec sales tax

Section 371 Disposition versions

1993-06-15

371. (Repealed).

1991, c. 67, s. 371; 1993, c. 19, s. 226.

1992-07-01

371. Subject to section 373, a particular individual who receives from a cooperative housing corporation a supply of a share of the capital stock of the corporation is entitled to a rebate determined in accordance with section 372, if

(1)  the corporation transfers ownership of the share to the particular individual;

(2)  the corporation has paid tax in respect of a taxable supply to the corporation of a residential complex;

(3)  at the time the particular individual becomes liable or assumes liability under an agreement of purchase and sale of the share entered into between the corporation and the particular individual, the particular individual is acquiring the share for the purpose of using a residential unit in the residential complex as the primary place of residence of the particular individual, an individual related to the particular individual or a former spouse of the particular individual;

(4)  the total (in this section and in sections 372 and 374 referred to as the “total consideration”) of all amounts, each of which is the consideration payable for the supply to the particular individual of the share of the corporation or an interest in the residential complex or unit, is less than $202 230;

(5)  after the construction or substantial renovation of the residential complex is substantially completed and before possession of the unit is given to the particular individual as an incidence of ownership of the share, the unit was not occupied by any individual as a place of residence or lodging under any arrangement for that purpose; and

(6)  either

(a)  the first individual to occupy the unit as a place of residence under an arrangement for that purpose at any time after possession of the unit is given to the particular individual is the particular individual, an individual related to the particular individual or a former spouse of the particular individual; or

(b)  the particular individual makes a supply by way of sale of the share and ownership thereof is transferred to the recipient of that supply before the unit is occupied by any individual as a place of residence or lodging under any arrangement for that purpose.

1991, c. 67, s. 371.