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T-0.1 - Act respecting the Québec sales tax
Section 42.0.14
Disposition versions
42.0.14. Subject to the second paragraph, if a person is a financial institution (other than a qualifying institution) of a prescribed class throughout any of the person’s fiscal years and the person made an election under subsection 9 of section 141.02 of the Excise Tax Act (R.S.C. 1985, c. E-15) for the fiscal year, the following rules apply for the fiscal year in respect of each residual input of the person:
(1) the extent to which the consumption or use of the residual input is for the purpose of making a taxable supply for consideration is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution;
(2) the extent to which the consumption or use of the residual input is for purposes other than that mentioned in subparagraph 1 is deemed to be equal to the amount by which 100% exceeds the prescribed percentage for the prescribed class of the financial institution;
(3) the extent to which the residual input is acquired or brought into Québec by the financial institution for the purpose of making a taxable supply for consideration is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution;
(4) the extent to which the residual input is acquired or brought into Québec by the financial institution for purposes other than that mentioned in subparagraph 3 is deemed to be equal to the amount by which 100% exceeds the prescribed percentage for the prescribed class of the financial institution; and
(5) for the purpose of determining an input tax refund in respect of the residual input, the value of B in the formula in the first paragraph of section 199 is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution.
The election referred to in the first paragraph in respect of a fiscal year of the person ceases to have effect at the beginning of the fiscal year and is deemed never to have been made for the purposes of this Title if, under subsection 30 of section 141.02 of the Excise Tax Act, the election ceases to have effect at the beginning of the fiscal year and is deemed never to have been made for the purposes of Part IX of that Act.
