T-0.1 - Act respecting the Québec sales tax

Section 458.0.3.1 Disposition versions

2015-10-21

458.0.3.1. For the purposes of subparagraph 2 of the first paragraph of section 458.0.1, where a person (other than an investment plan within the meaning of section 433.15.1) becomes a selected listed financial institution during a reporting period, the instalment to be paid within one month after the end of each fiscal quarter of the person that ends in the reporting period is equal to

(1)  where the fiscal quarter is the first fiscal quarter in the reporting period, 1/4 of the amount determined in accordance with section 458.0.2; and

(2)  in any other case, the lesser of

(a)  1/4 of the amount determined in accordance with subparagraph 1 of the first paragraph of section 458.0.2, and

(b)  the amount determined by the formula

A × B.

For the purposes of the formula in subparagraph b of subparagraph 2 of the first paragraph,

(1)  A is the value of A in the formula in subparagraph ii of paragraph b of subsection 5 of section 237 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the reporting period; and

(2)  B is the percentage corresponding to the value D would have in the formula in subparagraph ii of paragraph b of subsection 5 of section 237 of the Excise Tax Act, for the financial institution as regards Québec, determined for the preceding fiscal quarter, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the financial institution were a selected listed financial institution for the purposes of that Act.

2012, c. 28, s. 171; 2015, c. 21, s. 773.

2013-01-01

458.0.3.1. For the purposes of paragraph 2 of section 458.0.1, where a person becomes a selected listed financial institution during a reporting period, the instalment to be paid within one month after the end of each fiscal quarter of the person ending in the reporting period is equal to

(1)  where the fiscal quarter is the first fiscal quarter in the reporting period, 1/4 of the amount determined in accordance with section 458.0.2; and

(2)  in any other case, the lesser of

(a)  1/4 of the amount determined in accordance with subparagraph 1 of the first paragraph of section 458.0.2, and

(b)  the amount determined by the formula

A × B.

For the purposes of the formula in subparagraph b of subparagraph 2 of the first paragraph,

(1)  A is the value of A in the formula in subparagraph ii of paragraph b of subsection 5 of section 237 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the reporting period; and

(2)  B is the percentage corresponding to the value D would have in the formula in subparagraph ii of paragraph b of subsection 5 of section 237 of the Excise Tax Act, for the financial institution as regards Québec, determined for the preceding fiscal quarter, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the financial institution were a selected listed financial institution for the purposes of that Act.

2012, c. 28, s. 171.