T-0.1 - Act respecting the Québec sales tax

Section 433.15.2 Disposition versions

2015-10-21

433.15.2. A financial institution is not a selected listed financial institution throughout a reporting period in a particular fiscal year that ends in a particular taxation year where

(1)  the financial institution is a qualifying small investment plan for the particular fiscal year, no election under section 433.15.5 or under subsection 1 of section 14 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (Revised Statutes of Canada, 1985, chapter E-15) is in effect throughout the reporting period and

(a)  the financial institution was a qualifying small investment plan for the financial institution’s fiscal year that precedes the particular fiscal year without being a selected listed financial institution throughout that preceding fiscal year,

(b)  the financial institution was a selected listed financial institution throughout the financial institution’s three fiscal years that precede the particular fiscal year, or

(c)  the particular fiscal year is the financial institution’s first fiscal year;

(2)  the financial institution is referred to in the third paragraph of section 433.15.7 or in subsection 6 of section 14 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations throughout the reporting period;

(3)  the financial institution is a provincial investment plan for the particular fiscal year;

(4)  the financial institution is a stratified investment plan each series of which is a provincial series for the particular fiscal year;

(5)  the financial institution is a private investment plan or a pension entity of a pension plan, if

(a)  throughout the taxation year that precedes the particular taxation year, less than 10% of the total number of plan members of the financial institution are resident in Québec, and

(b)  throughout the fiscal year that precedes the particular fiscal year, any of the following amounts is less than $100,000,000:

i.  in the case of a pension entity of a pension plan, part of which is a defined contribution pension plan and the remaining part of which is a defined benefits pension plan, the aggregate of the total value of the assets of the defined contribution pension plan that are reasonably attributable to the plan members of the financial institution resident in Québec and the total value of the actuarial liabilities of the defined benefits pension plan that are reasonably attributable to the plan members of the financial institution resident in Québec,

ii.  in the case of a pension entity of a defined benefits pension plan, other than a pension entity referred to in subparagraph i, the amount that is the total value of the actuarial liabilities that are reasonably attributable to the plan members of the financial institution resident in Québec, and

iii.  in any other case, the amount that is the total value of the assets of the private investment plan or pension plan that are reasonably attributable to the plan members of the financial institution resident in Québec; or

(6)  the financial institution is a qualifying small investment plan for the particular fiscal year in respect of which the Minister has approved an application for the particular fiscal year filed under section 433.15.8 or the Minister of National Revenue has approved an application for the particular fiscal year filed under section 15 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations.

For the purposes of this section,

“defined benefits pension plan” means the part of a pension plan that is in respect of benefits under the plan that are determined in accordance with a formula set forth in the plan and under which the employer contributions are not determined in accordance with a formula set forth in the plan;

“defined contribution pension plan” means the part of a pension plan that is not a defined benefits pension plan.

2015, c. 21, s. 748.