T-0.1 - Act respecting the Québec sales tax

Section 477.15 Disposition versions

2019-09-01

477.15. Where in a reporting period a person collects, under section 477.6, the tax payable in respect of a supply, the consideration for the supply is expressed in foreign currency and the person does not make the election under the second paragraph for the reporting period, the following rules apply:

(1)  section 56 does not apply in respect of the consideration for the supply; and

(2)  for the purpose of determining the amount of the person’s specified net tax for the reporting period under section 477.11, the value of the consideration for the supply must be converted into Canadian currency using the exchange rate applicable on the last day of the reporting period or any other conversion method acceptable to the Minister.

A person who is required, under the first paragraph of section 477.13, to determine the amount of the person’s specified net tax for a reporting period may, despite section 56, elect to determine the amount, in the return for that reporting period, in a prescribed foreign currency. In such a case, the amount to be remitted to the Minister by the person, if applicable, under the second paragraph of section 477.13 for the reporting period must be remitted in that same prescribed foreign currency.

 Where a person elects under the second paragraph to determine the amount of the person’s specified net tax for a reporting period in a prescribed foreign currency and the value of the consideration for the supply is expressed in another foreign currency, the value of the consideration must be converted into the prescribed foreign currency using the exchange rate applicable on the last day of the reporting period or any other conversion method acceptable to the Minister.

For the purposes of this section, the conversion method used by a person for the purpose of determining the amount of the person’s specified net tax for a reporting period must be used consistently for at least 24 months.

2018, c. 18, s. 78; 2019, c. 14, s. 558.

2019-06-19

477.15. Where in a reporting period a person collects, under section 477.6, the tax payable in respect of a supply, the consideration for the supply is expressed in foreign currency and the person does not make the election under the second paragraph for the reporting period, the following rules apply:

(1)  section 56 does not apply in respect of the consideration for the supply; and;

(2)  for the purpose of determining the amount of the person’s specified net tax for the reporting period under section 477.11, the value of the consideration for the supply must be converted into Canadian currency using the exchange rate applicable on the last day of the reporting period or any other conversion method acceptable to the Minister.

A person who is required, under the first paragraph of section 477.13, to determine the amount of the person’s specified net tax for a reporting period may, despite section 56, elect to determine the amount, in the return for that reporting period, in a prescribed foreign currency. In such a case, the amount to be remitted to the Minister by the person, if applicable, under the second paragraph of section 477.13 for the reporting period must be remitted in that same prescribed foreign currency.

 Where a person elects under the second paragraph to determine the amount of the person’s specified net tax for a reporting period in a prescribed foreign currency and the value of the consideration for the supply is expressed in another foreign currency, the value of the consideration must be converted into the prescribed foreign currency using the exchange rate applicable on the last day of the reporting period or any other conversion method acceptable to the Minister.

For the purposes of this section, the conversion method used by a person for the purpose of determining the amount of the person’s specified net tax for a reporting period must be used consistently for at least 24 months.

2018, c. 18, s. 78; 2019, c. 14, s. 558.

See S.Q. 2018, c. 18, s. 135, par. (3).

2019-01-01

477.15. Where in a reporting period a person collects, under section 477.6, the tax payable in respect of a supply, the consideration for the supply is expressed in foreign currency and the person does not make the election under the third paragraph for the reporting period, the following rules apply:

(1)  section 56 does not apply in respect of the consideration for the supply; and;

(2)  for the purpose of determining the amount of the person’s specified net tax for the reporting period under section 477.11, the value of the consideration for the supply must be converted into Canadian currency using the exchange rate applicable on the last day of the reporting period or any other conversion method acceptable to the Minister.

For the purposes of subparagraph 2 of the first paragraph, the method for converting into Canadian currency used by a person for the purpose of determining the amount of the person’s specified net tax for a reporting period must be used consistently for at least 24 months.

A person who is required, under the first paragraph of section 477.13, to determine the amount of the person’s specified net tax for a reporting period may elect to determine the amount, in the return for that reporting period, in a prescribed foreign currency. In such a case, the amount to be remitted to the Minister by the person, if applicable, under the second paragraph of section 477.13 for the reporting period must be remitted in that same prescribed foreign currency.

2018, c. 18, s. 78.

See S.Q. 2018, c. 18, s. 135, par. (3).