T-0.1 - Act respecting the Québec sales tax

Section 406.2 Disposition versions

2015-10-21

406.2. If an investment plan that is a selected listed financial institution and the manager of the investment plan have made a joint election referred to in the first or second paragraph of section 433.22 and that election is in effect in a particular reporting period of the manager for the purposes of Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15), the manager shall file a return with the Minister within the time the manager is required to file a return in accordance with section 238 of that Act for the particular reporting period, specifying the amount described in the second paragraph, if, throughout the particular reporting period, the manager

(1)  is not registered under Division I of Chapter VIII and is not required to be; and

(2)  is not a selected listed financial institution.

The amount referred to in the first paragraph is the negative amount that the investment plan could otherwise have deducted in determining its net tax under section 433.16 or 433.16.2 for a reporting period of the investment plan, if the manager has paid or credited the negative amount to the investment plan, or the positive amount that the investment plan would otherwise have been required to include in determining its net tax under either of those sections for the investment plan’s reporting period, if the negative or positive amount were determined on the basis of the following assumptions:

(1)  the beginning of the investment plan’s reporting period coincided with the later of the beginning of the manager’s particular reporting period for the purposes of Part IX of the Excise Tax Act and the day in the manager’s particular reporting period on which the election referred to in the first or second paragraph of section 433.22, as the case may be, between the investment plan and the manager becomes effective;

(2)  the end of the investment plan’s reporting period coincided with the earlier of the end of the manager’s particular reporting period for the purposes of Part IX of the Excise Tax Act and the day in the manager’s particular reporting period on which the election referred to in the first or second paragraph of section 433.22, as the case may be, between the investment plan and the manager ceases to have effect;

(3)  subparagraphs 1 and 2 of the third paragraph of section 433.22 did not apply in respect of the investment plan’s reporting period; and

(4)  if, at any time in the investment plan’s reporting period, no election referred to in the first or second paragraph of section 470.2, as the case may be, is in effect between the investment plan and the manager, an amount of tax that became payable by the investment plan at that time, or that was paid by the investment plan at that time without having become payable, is included in determining the negative or positive amount only if the amount of tax is attributable to a supply made by the manager to the investment plan.

2015, c. 21, s. 730.