T-0.1 - Act respecting the Québec sales tax

Section 470.6 Disposition versions

2015-10-21

470.6. An investment plan that has made a particular election under the first paragraph of section 470.5 may elect to withdraw from the particular election, in which case the election must meet the conditions set out in the sixth paragraph of section 470.5.

A particular investment plan is deemed to have withdrawn from a particular election under the first paragraph of section 470.5 on the earliest of

(1)  the day following the day on or before which a return is required to be filed under this subdivision for the particular reporting period of the particular investment plan immediately before the first reporting period in a fiscal year of the particular investment plan that, otherwise than because of section 458.5.2, does not coincide with the reporting periods of the other investment plans that have made the particular election;

(2)  the day on which the manager that made the particular election ceases to be the manager of the particular investment plan;

(3)  the day following the day on or before which a return is required to be filed under this subdivision for the reporting period of the particular investment plan in which the particular investment plan ceases to be an investment plan;

(4)  the day following the day on or before which a return is required to be filed under this subdivision for the last reporting period of the particular investment plan throughout which the particular investment plan is a selected listed financial institution; and

(5)  the day following the day on or before which a return is required to be filed under this subdivision for a particular reporting period where the particular investment plan is a selected listed financial institution for the purposes of Part IX of the Excise Tax Act (R.S.C. 1985, c. E-15) throughout the reporting period that follows the particular reporting period.

An election made by a particular investment plan to withdraw, in accordance with the first paragraph, from a particular election made by a manager and one or more other investment plans may only become effective on or after the day on which the manager and the other investment plans are notified of the election.

If, on a particular day, a particular investment plan withdraws, in accordance with the first paragraph, from a particular election made by a manager and one or more other investment plans or is deemed to have withdrawn from that election in accordance with the second paragraph, the following rules apply:

(1)  the particular election ceases to have effect on the particular day; and

(2)  if the particular election was made by the particular investment plan, the manager and two or more other investment plans, an election is deemed to have been made under the first paragraph of section 470.5 by the manager and those other investment plans and that election is deemed to have become effective on the particular day.

2015, c. 21, s. 780.