T-0.1 - Act respecting the Québec sales tax

Section 433.19.19 Disposition versions

2015-10-21

433.19.19. If a selected listed financial institution is a stratified investment plan throughout a reporting period in a particular fiscal year that ends in the calendar year 2013, no election under section 433.19.1 or 433.19.11 is in effect in respect of a series of the financial institution throughout a fiscal year that ends in the calendar year 2013, no election under section 433.19.4 is in effect throughout such a fiscal year and the investment plan is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15), the financial institution may elect in the prescribed form containing prescribed information that, in respect of each of its series (other than an exchange-traded series), the financial institution’s percentage for each of those series and as regards Québec, which is used in determining the value of A in the formula in the first paragraph of section 433.16.2, for a taxation year (in this section referred to as the “specified taxation year”) that is either the taxation year in which the particular fiscal year ends or the taxation year preceding that taxation year, correspond to the percentage that would be the financial institution’s percentage determined under section 30 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act for the specified taxation year if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and the following assumptions were taken into account:

(1)  where, on an attribution point in respect of the series for the specified taxation year that is used in determining the value of A in the formula in the first paragraph of section 433.16.2, less than 10% of the total value of the units of the series are held by investors (in this section referred to as “institutional investors”) that are neither individuals nor specified investors in the financial institution for the particular fiscal year, all units of the series held, on the attribution point, by an institutional investor in respect of which the financial institution does not know, on 31 December 2013, the institutional investor’s investor percentage as regards Québec as of the attribution point did not exist on the attribution point;

(2)  where subparagraph 1 does not apply in respect of an attribution point in respect of the series for the specified taxation year that is used in determining the value of A in the formula in the first paragraph of section 433.16.2 and, on the attribution point, less than 10% of the total value of the units of the series held by institutional investors are held by particular institutional investors in respect of which the financial institution does not know, on 31 December 2013, the institutional investor’s investor percentage as regards Québec as of the attribution point, all units of the series held, on the attribution point, by the particular institutional investors did not exist on the attribution point;

(3)  where subparagraphs 1 and 2 do not apply in respect of an attribution point in respect of the series for the specified taxation year that is used in determining the value of A in the formula in the first paragraph of section 433.16.2, any institutional investor that holds, on the attribution point, units of the series was an individual; and

(4)  section 30 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations was amended by replacing “October 15 of the calendar year” and “December 31 of the calendar year” wherever they appear by “December 31, 2013”.

If a selected listed financial institution is a non-stratified investment plan (other than an exchange-traded fund) throughout a reporting period in a particular fiscal year that ends in the calendar year 2013, no election under any of sections 433.19.1, 433.19.4 and 433.19.10 is in effect in respect of the investment plan throughout a fiscal year that ends in the calendar year 2013 and the financial institution is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act, the financial institution may elect in the prescribed form containing prescribed information that, in respect of the investment plan, the financial institution’s percentage as regards Québec that is referred to in subparagraph 3 of the second paragraph of section 433.16, for a specified taxation year, correspond to the percentage that would be the financial institution’s percentage determined under section 32 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations for the specified taxation year if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and the following assumptions were taken into account:

(1)  where, on an attribution point in respect of the financial institution for the specified taxation year that is used in determining the value of C in the formula in the first paragraph of section 433.16, less than 10% of the total value of the units of the financial institution are held by institutional investors, all units of the financial institution held, on the attribution point, by an institutional investor in respect of which the financial institution does not know, on 31 December 2013, the institutional investor’s investor percentage as regards Québec as of the attribution point did not exist on the attribution point;

(2)  where subparagraph 1 does not apply in respect of an attribution point in respect of the financial institution for the specified taxation year that is used in determining the value of C in the formula in the first paragraph of section 433.16 and, on the attribution point, less than 10% of the total value of the units of the financial institution held by institutional investors are held by particular institutional investors in respect of which the financial institution does not know, on 31 December 2013, the institutional investor’s investor percentage as regards Québec as of the attribution point, all units of the financial institution held, on the attribution point, by the particular institutional investors did not exist on the attribution point;

(3)  where subparagraphs 1 and 2 do not apply in respect of an attribution point in respect of the financial institution for the specified taxation year that is used in determining the value of C in the formula in the first paragraph of section 433.16, any institutional investor that holds, on the attribution point, units of the financial institution was an individual; and

(4)  section 32 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations was amended by replacing “October 15 of the calendar year” and “December 31 of the calendar year” wherever they appear by “December 31, 2013”.

2015, c. 21, s. 753.