T-0.1 - Act respecting the Québec sales tax

Section 433.19.3 Disposition versions

2015-10-21

433.19.3. An election made under section 433.19.1 by a person becomes effective on the first day of the person’s fiscal year that is set out in the election and ceases to have effect on the earliest of

(1)  where, in a particular fiscal year of the person, more than 10% of the total value either of the units of the series in respect of which the election is in effect, if the person is a stratified investment plan, or of the units of the investment plan, if the person is a non-stratified investment plan, is held by persons other than individuals or specified investors in the investment plan for the particular fiscal year, the first day immediately following the particular fiscal year;

(2)  the first day of the person’s fiscal year in which the person either ceases to be an investment plan or a selected listed financial institution or becomes a selected listed financial institution for the purposes of Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15) or a mortgage investment corporation;

(3)  where the person is a stratified investment plan, the first day of the person’s fiscal year in which the series in respect of which the election is in effect becomes an exchange-traded series, or where the person is a non-stratified investment plan, the first day of the person’s fiscal year in which the person becomes an exchange-traded fund; and

(4)  the day on which a revocation of the election becomes effective.

A person that has made an election under section 433.19.1 may revoke the election by filing a notice of revocation with the Minister in the prescribed form containing prescribed information, and the revocation becomes effective on the first day of a particular fiscal year of the person that begins at least three years after the election became effective.

2015, c. 21, s. 753.