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T-0.1 - Act respecting the Québec sales tax

Section 42.0.13
Disposition versions

Full text
42.0.13. If a financial institution is a qualifying institution for any of its fiscal years, the following rules apply for the fiscal year in respect of a residual input:
(1)  the extent to which the consumption or use of the residual input is for the purpose of making a taxable supply for consideration is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution;
(2)  the extent to which the consumption or use of the residual input is for purposes other than that mentioned in paragraph 1 is deemed to be equal to the amount by which 100% exceeds the prescribed percentage for the prescribed class of the financial institution;
(3)  the extent to which the residual input is acquired or brought into Québec by the financial institution for the purpose of making a taxable supply for consideration is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution;
(4)  the extent to which the residual input is acquired or brought into Québec by the financial institution for purposes other than that mentioned in paragraph 3 is deemed to be equal to the amount by which 100% exceeds the prescribed percentage for the prescribed class of the financial institution; and
(5)  for the purpose of determining an input tax refund in respect of the residual input, the value of B in the formula in the first paragraph of section 199 is deemed to be equal to the prescribed percentage for the prescribed class of the financial institution.
2012, c. 28, s. 46.
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