T-0.1 - Act respecting the Québec sales tax

Section 433.15.1 Disposition versions

2022-06-08

433.15.1. For the purposes of this subdivision III and any regulations made under this subdivision III,

“exchange-traded fund” means a distributed investment plan, every unit of which is listed or traded on a stock exchange or other public market;

“individual” includes a succession;

“investment plan” means a person described in paragraph 6 or 9 of the definition of “listed financial institution” in section 1, other than

(1)  a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan or a tax-free savings account; or

(2)  a trust governed by a registered education savings plan if, as the case may be,

(a)  the trust does not have more than one beneficiary at any one time, or

(b)  each of the beneficiaries of the trust is connected to each living subscriber under the plan, or was connected to a deceased original subscriber under the plan, by blood relationship or by adoption, within the meaning of section 21 of the Taxation Act;

“investor percentage” applicable to a person as regards Québec on a particular day corresponds to the investor percentage applicable to the person that would be determined in accordance with section 28 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) as regards Québec on that day if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

“manager” of an investment plan means, in the case of a pension entity of a registered pension plan, the administrator, within the meaning of subsection 1 of section 147.1 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), in the case of a pension entity of a pooled registered pension plan, the administrator of the pension plan, and, in any other case, the person that has ultimate responsibility for the management and administration of the assets and liabilities of the investment plan;

“permanent establishment” of a person means

(1)  any permanent establishment that the person is deemed to have under section 433.15.3;

(2)  in the case of an individual, trust or corporation, other than an investment plan, any establishment of the person within the meaning of any of sections 12 to 16.0.1 of the Taxation Act (chapter I-3); and

(3)  in the case of a partnership other than an investment plan,

(a)  if every member of the partnership is either an individual or a trust, any establishment that would be an establishment of the partnership under any of sections 12, 13 and 15 of the Taxation Act if the partnership were an individual, and

(b)  if subparagraph a does not apply, any establishment that would be an establishment of the partnership under any of sections 12 to 16.0.1 of the Taxation Act if the partnership were a corporation;

(4)  (paragraph repealed);

“province” means, as the case may be, Québec, another province of Canada, the Northwest Territories, the Yukon Territory or Nunavut;

“provincial investment plan” as regards a particular province for a fiscal year that ends in a taxation year means a financial institution that is a non-stratified investment plan and in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the financial institution are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement, partnership agreement or other similar document for the financial institution, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the financial institution include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of section 11 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the financial institution as regards the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“provincial series” as regards a particular province for a fiscal year of a stratified investment plan means a series of the stratified investment plan in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the series are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement, partnership agreement or other similar document for the series, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the series include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of the definition of “provincial series” in subsection 1 of section 1 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the stratified investment plan as regards the series and the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“qualifying small investment plan” for a particular fiscal year means an investment plan (other than a distributed investment plan) that meets either of the following conditions:

(1)  if, in the absence of section 433.15.12, the particular fiscal year would be the first fiscal year of the investment plan, the amount determined by the following formula for each reporting period of the investment plan included in the particular fiscal year does not exceed $10,000:

A × (365/B); and

(2)  in any other case, the amount determined by the following formula does not exceed $10,000:

C × (365/D);

“selected listed financial institution” throughout a reporting period in a fiscal year that ends in a taxation year means, subject to section 433.15.2, a financial institution that is described in any of paragraphs 1 to 10 of the definition of “listed financial institution” in section 1 in the taxation year and that

(1)  has, in the taxation year, a permanent establishment in Québec and a permanent establishment in another province; or

(2)  is a qualifying partnership, within the meaning of section 433.15.4, in the taxation year;

“specified investor” has the meaning assigned by section 433.25;

“subscriber”, in relation to a registered education savings plan, has the meaning assigned by section 890.15 of the Taxation Act.

For the purposes of the first paragraph, “registered disability savings plan”, “registered education savings plan”, “registered retirement income fund”, “registered retirement savings plan” and “tax-free savings account” have the meaning assigned by section 1 of the Taxation Act.

For the purposes of the formulas in paragraphs 1 and 2 of the definition of “qualifying small investment plan” in the first paragraph,

(1)  A is the amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the reporting period or the amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

(2)  B is the number of days in the reporting period;

(3)  C is the aggregate of all amounts each of which is an amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for a reporting period of the investment plan included in the fiscal year of the investment plan that precedes the particular fiscal year or an amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act; and

(4)   D is the number of days in the fiscal year that precedes the particular fiscal year.

2015, c. 21, s. 748; 2015, c. 36, s. 219; 2022, c. 23, s. 203.

2015-12-04

433.15.1. For the purposes of this subdivision III and any regulations made under this subdivision III,

“exchange-traded fund” means a distributed investment plan, every unit of which is listed or traded on a stock exchange or other public market;

“individual” includes a succession;

“investment plan” means a person described in paragraph 6 or 9 of the definition of “listed financial institution” in section 1, other than a trust governed by a registered education savings plan, a registered retirement income fund or a registered retirement savings plan;

“investor percentage” applicable to a person as regards Québec on a particular day corresponds to the investor percentage applicable to the person that would be determined in accordance with section 28 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) as regards Québec on that day if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

“manager” of an investment plan means, in the case of a pension entity of a registered pension plan, the administrator, within the meaning of subsection 1 of section 147.1 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), in the case of a pension entity of a pooled registered pension plan, the administrator of the pension plan, and, in any other case, the person that has ultimate responsibility for the management and administration of the assets and liabilities of the investment plan;

“permanent establishment” of a person means

(1)  any permanent establishment that the person is deemed to have under section 433.15.3;

(2)  in the case of an individual, trust or corporation, other than an investment plan, any establishment of the person within the meaning of any of sections 12 to 16.0.1 of the Taxation Act (chapter I-3);

(3)  in the case of a partnership every member of which is either an individual or a trust, any establishment that would be an establishment of the partnership under any of sections 12, 13 and 15 of the Taxation Act if the partnership were an individual; and

(4)  in the case of a partnership to which paragraph 3 does not apply, any establishment that would be an establishment of the partnership under any of sections 12 to 16.0.1 of the Taxation Act if the partnership were a corporation;

“province” means, as the case may be, Québec, another province of Canada, the Northwest Territories, the Yukon Territory or Nunavut;

“provincial investment plan” as regards a particular province for a fiscal year that ends in a taxation year means a financial institution that is a non-stratified investment plan and in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the financial institution are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement or other similar document for the financial institution, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the financial institution include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of section 11 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the financial institution as regards the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“provincial series” as regards a particular province for a fiscal year of a stratified investment plan means a series of the stratified investment plan in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the series are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement or other similar document for the series, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the series include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of the definition of “provincial series” in subsection 1 of section 1 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the stratified investment plan as regards the series and the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“qualifying small investment plan” for a particular fiscal year means an investment plan (other than a distributed investment plan) that meets either of the following conditions:

(1)  if, in the absence of section 433.15.13, the particular fiscal year would be the first fiscal year of the investment plan, the amount determined by the following formula for each reporting period of the investment plan included in the particular fiscal year does not exceed $10,000:

A × (365/B); and

(2)  in any other case, the amount determined by the following formula does not exceed $10,000:

C × (365/D);

“selected listed financial institution” throughout a reporting period in a fiscal year that ends in a taxation year means, subject to section 433.15.2, a financial institution that is described in any of paragraphs 1 to 10 of the definition of “listed financial institution” in section 1 in the taxation year and that

(1)  has, in the taxation year, a permanent establishment in Québec and a permanent establishment in another province; or

(2)  is a qualifying partnership, within the meaning of section 433.15.4, in the taxation year;

“specified investor” has the meaning assigned by section 433.25.

For the purposes of the first paragraph, “registered education savings plan”, “registered retirement income fund” and “registered retirement savings plan” have the meaning assigned by section 1 of the Taxation Act.

For the purposes of the formulas in paragraphs 1 and 2 of the definition of “qualifying small investment plan” in the first paragraph,

(1)  A is the amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the reporting period or the amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

(2)  B is the number of days in the reporting period;

(3)  C is the aggregate of all amounts each of which is an amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for a reporting period of the investment plan included in the fiscal year of the investment plan that precedes the particular fiscal year or an amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act; and

(4)  (4) D is the number of days in the fiscal year that precedes the particular fiscal year.

2015, c. 21, s. 748; 2015, c. 36, s. 219.

2015-10-21

433.15.1. For the purposes of this subdivision III and any regulations made under this subdivision III,

“exchange-traded fund” means a distributed investment plan, every unit of which is listed or traded on a stock exchange or other public market;

“individual” includes a succession;

“investment plan” means a person described in paragraph 6 or 9 of the definition of “listed financial institution” in section 1, other than a trust governed by a registered education savings plan, a registered retirement income fund or a registered retirement savings plan;

“investor percentage” applicable to a person as regards Québec on a particular day corresponds to the investor percentage applicable to the person that would be determined in accordance with section 28 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) as regards Québec on that day if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

“manager” of an investment plan means, in the case of a pension entity of a pension plan, the administrator, within the meaning of subsection 1 of section 147.1 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), and, in any other case, the person that has ultimate responsibility for the management and administration of the assets and liabilities of the investment plan;

“permanent establishment” of a person means

(1)  any permanent establishment that the person is deemed to have under section 433.15.3;

(2)  in the case of an individual, trust or corporation, other than an investment plan, any establishment of the person within the meaning of any of sections 12 to 16.0.1 of the Taxation Act (chapter I-3);

(3)  in the case of a partnership every member of which is either an individual or a trust, any establishment that would be an establishment of the partnership under any of sections 12, 13 and 15 of the Taxation Act if the partnership were an individual; and

(4)  in the case of a partnership to which paragraph 3 does not apply, any establishment that would be an establishment of the partnership under any of sections 12 to 16.0.1 of the Taxation Act if the partnership were a corporation;

“province” means, as the case may be, Québec, another province of Canada, the Northwest Territories, the Yukon Territory or Nunavut;

“provincial investment plan” as regards a particular province for a fiscal year that ends in a taxation year means a financial institution that is a non-stratified investment plan and in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the financial institution are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement or other similar document for the financial institution, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the financial institution include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of section 11 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the financial institution as regards the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“provincial series” as regards a particular province for a fiscal year of a stratified investment plan means a series of the stratified investment plan in respect of which the following conditions are met throughout the fiscal year:

(1)  under the laws of Canada or a province, units of the series are permitted to be sold or distributed in the particular province but are not permitted to be sold or distributed in any other province;

(2)  under the terms of the prospectus, registration statement or other similar document for the series, or under the laws of Canada or a province, the conditions for a person owning or acquiring units of the series include that the person be resident in the particular province when the units are acquired and that the units are required to be sold, transferred or redeemed within a reasonable time if the person ceases to be resident in the particular province; and

(3)  the percentage referred to in paragraph c of the definition of “provincial series” in subsection 1 of section 1 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations, in respect of the stratified investment plan as regards the series and the particular province for the taxation year in which the preceding fiscal year ends, is 90% or more;

“qualifying small investment plan” for a particular fiscal year means an investment plan (other than a distributed investment plan) that meets either of the following conditions:

(1)  if, in the absence of section 433.15.13, the particular fiscal year would be the first fiscal year of the investment plan, the amount determined by the following formula for each reporting period of the investment plan included in the particular fiscal year does not exceed $10,000:

A × (365/B); and

(2)  in any other case, the amount determined by the following formula does not exceed $10,000:

C × (365/D);

“selected listed financial institution” throughout a reporting period in a fiscal year that ends in a taxation year means, subject to section 433.15.2, a financial institution that is described in any of paragraphs 1 to 10 of the definition of “listed financial institution” in section 1 in the taxation year and that

(1)  has, in the taxation year, a permanent establishment in Québec and a permanent establishment in another province; or

(2)  is a qualifying partnership, within the meaning of section 433.15.4, in the taxation year;

“specified investor” has the meaning assigned by section 433.25.

For the purposes of the first paragraph, “registered education savings plan”, “registered retirement income fund” and “registered retirement savings plan” have the meaning assigned by section 1 of the Taxation Act.

For the purposes of the formulas in paragraphs 1 and 2 of the definition of “qualifying small investment plan” in the first paragraph,

(1)  A is the amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the reporting period or the amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act;

(2)  B is the number of days in the reporting period;

(3)  C is the aggregate of all amounts each of which is an amount determined in accordance with subsection 1 of section 7 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for a reporting period of the investment plan included in the fiscal year of the investment plan that precedes the particular fiscal year or an amount that would be so determined if Québec were a participating province within the meaning of subsection 1 of section 123 of the Excise Tax Act; and

(4)  (4) D is the number of days in the fiscal year that precedes the particular fiscal year.

2015, c. 21, s. 748.