T-0.1 - Act respecting the Québec sales tax

Section 75.3 Disposition versions

2009-05-15

75.3. For the purposes of this section and sections 75.4 to 75.9,

“authorized foreign bank” has the meaning assigned by section 2 of the Bank Act (Revised Statutes of Canada, 1985, chapter B-1);

“foreign bank branch” means a branch within the meaning of paragraph b of the definition of “branch” in section 2 of the Bank Act;

“qualifying supply” means a supply of a property or service that is made in Québec under an agreement for the supply, other than an agreement between a supplier that is a registrant and a recipient that is not a registrant at the time the agreement is entered into, and

(1)  that is made by a corporation resident in Québec related to the recipient;

(2)  that is made after 27 June 1999, and before

(a)  if the Superintendent makes an order under subsection 1 of section 534 of the Bank Act in respect of the recipient after 22 June 2007 but before 22 June 2008, the day that is one year after the day on which the Superintendent makes the order, and

(b)  in any other case, 22 June 2008; and

(3)  that is received by a recipient that

(a)  is a person not resident in Canada,

(b)  is, or has filed an application with the Superintendent for an order under subsection 1 of section 524 of the Bank Act to become, an authorized foreign bank, and

(c)  acquired the property or service for consumption, use or supply by the recipient for the purposes of the establishment and commencement of business in Québec by the recipient as an authorized foreign bank at a foreign bank branch of the authorized foreign bank.

2009, c. 5, s. 602.