T-0.1 - Act respecting the Québec sales tax

Section 433.16 Disposition versions

2020-09-24

433.16. In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class that is neither a non-stratified investment plan referred to in the fifth paragraph of section 433.16.2 nor a stratified investment plan, the financial institution shall add the positive amount or deduct the negative amount determined by the formula

[(A − B) × C × (D/E)] − F + G.

For the purposes of the formula in the first paragraph,

(1)  A is the value of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, or the value A would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(2)  B is the value of B in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the particular reporting period, or the value B would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(3)  C is

(a)  where the financial institution is an investment plan and no election under section 433.19.4 or under section 50 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act is in effect throughout the fiscal year, the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the preceding taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act, and

(b)  in any other case, the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act;

(4)  D is the tax rate specified in the first paragraph of section 16;

(5)  E is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(6)  F is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution, or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada by the financial institution, that

i.  became payable, or was paid without having become payable, by the financial institution during the particular reporting period or any of the reporting periods described in the fourth paragraph,

ii.  was not included in determining the positive or negative amounts that the financial institution is required to add, or may deduct, under this section or section 433.16.2 in determining its net tax for any reporting period other than the particular reporting period, and

iii.  is claimed by the financial institution in a return under Division IV filed by the financial institution for the particular reporting period, and

(b)  where the financial institution has made an election under subsection 4 of section 225.2 of the Excise Tax Act, or under section 433.17, in respect of a supply of property or a service made by another person to the financial institution during the particular reporting period, the aggregate of all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(7)  G is the total of all amounts each of which is a positive or negative prescribed amount.

A selected listed financial institution that is a non-stratified investment plan throughout a particular reporting period in a particular fiscal year may elect in the prescribed form containing prescribed information that the value of A, described in subparagraph 1 of the second paragraph, be determined for the particular reporting period as if an election under section 60 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations were in effect, if

(1)  the investment plan is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act throughout the particular reporting period;

(2)  units of the investment plan are issued, distributed or offered for sale in the particular fiscal year and immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding; and

(3)  no election under section 433.19.1 or 433.19.10 is in effect in respect of the investment plan and the particular fiscal year.

A reporting period to which subparagraph i of subparagraph a of subparagraph 6 of the second paragraph applies, in relation to a particular reporting period, is any reporting period that precedes the particular reporting period, provided that the particular reporting period ends within two years after the end of the financial institution’s fiscal year that includes the preceding reporting period and the financial institution was a selected listed financial institution throughout the preceding reporting period.

2012, c. 28, s. 157; 2013, c. 10, s. 237; 2015, c. 21, s. 750; 2020, c. 16, s. 235.

2015-10-21

433.16. In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class that is neither a non-stratified investment plan referred to in the fifth paragraph of section 433.16.2 nor a stratified investment plan, the financial institution shall add the positive amount or deduct the negative amount determined by the formula

[(A − B) × C × (D/E)] − F + G.

For the purposes of the formula in the first paragraph,

(1)  A is the value of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, or the value A would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(2)  B is the value of B in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the particular reporting period, or the value B would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(3)  C is

(a)  where the financial institution is an investment plan and no election under section 433.19.4 or under section 50 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act is in effect throughout the fiscal year, the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the preceding taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act, and

(b)  in any other case, the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act;

(4)  D is the tax rate specified in the first paragraph of section 16;

(5)  E is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(6)  F is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution, or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada by the financial institution, that

i.  became payable, or was paid without having become payable, by the financial institution during the particular reporting period or any of the reporting periods described in the fourth paragraph,

ii.  was not included in determining the positive or negative amounts that the financial institution is required to add, or may deduct, under this section or section 433.16.2 in determining its net tax for any reporting period other than the particular reporting period, and

iii.  is claimed by the financial institution in a return under Division IV filed by the financial institution for the particular reporting period, and

(b)  where the financial institution and another person have made an election under subsection 4 of section 225.2 of the Excise Tax Act, or under section 433.17, in respect of a supply made during the particular reporting period of property or a service, the aggregate of all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(7)  G is the total of all amounts each of which is a positive or negative prescribed amount.

A selected listed financial institution that is a non-stratified investment plan throughout a particular reporting period in a particular fiscal year may elect in the prescribed form containing prescribed information that the value of A, described in subparagraph 1 of the second paragraph, be determined for the particular reporting period as if an election under section 60 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations were in effect, if

(1)  the investment plan is not a selected listed financial institution for the purposes of Part IX of the Excise Tax Act throughout the particular reporting period;

(2)  units of the investment plan are issued, distributed or offered for sale in the particular fiscal year and immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding; and

(3)  no election under section 433.19.1 or 433.19.10 is in effect in respect of the investment plan and the particular fiscal year.

A reporting period to which subparagraph i of subparagraph a of subparagraph 6 of the second paragraph applies, in relation to a particular reporting period, is any reporting period that precedes the particular reporting period, provided that the particular reporting period ends within two years after the end of the financial institution’s fiscal year that includes the preceding reporting period and the financial institution was a selected listed financial institution throughout the preceding reporting period.

2012, c. 28, s. 157; 2013, c. 10, s. 237; 2015, c. 21, s. 750.

2013-06-05

433.16. In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class, the financial institution shall add the positive amount or deduct the negative amount determined by the formula

[(A − B) × C × (D/E)] − F + G.

For the purposes of the formula in the first paragraph,

(1)  A is the value of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, or the value A would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(2)  B is the value of B in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the particular reporting period, or the value B would have in that formula for the particular reporting period if the financial institution were a selected listed financial institution for the purposes of that Act;

(3)  C is the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the financial institution were a selected listed financial institution for the purposes of that Act;

(4)  D is the tax rate specified in the first paragraph of section 16;

(5)  E is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(6)  F is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada by the financial institution that became payable by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable, and

(b)  where the financial institution and another person have made an election under paragraph c of the description of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act, or under section 433.17, in respect of a supply made during the particular reporting period of a property or a service, all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(7)  G is the total of all amounts each of which is a positive or negative prescribed amount.

2012, c. 28, s. 157; 2013, c. 10, s. 237.

2013-01-01

433.16. In determining the net tax for a particular reporting period in a fiscal year that ends in a taxation year of a selected listed financial institution of a prescribed class, the financial institution shall add the positive amount or deduct the negative amount determined by the formula

[(A − B) × C × (D/E)] − F + G.

For the purposes of the formula in the first paragraph,

(1)  A is the value of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular reporting period, or the value A would have in that formula for the particular reporting period if the financial institution were also a selected listed financial institution for the purposes of that Act;

(2)  B is the value of B in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the particular reporting period, or the value B would have in that formula for the particular reporting period if the financial institution were also a selected listed financial institution for the purposes of that Act;

(3)  C is the percentage corresponding to the value C would have in the formula in subsection 2 of section 225.2 of the Excise Tax Act, determined for the taxation year, for the financial institution as regards Québec, if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act and if, where applicable, the financial institution were a selected listed financial institution for the purposes of that Act;

(4)  D is the tax rate specified in the first paragraph of section 16;

(5)  E is the tax rate specified in subsection 1 of section 165 of the Excise Tax Act;

(6)  F is the total of

(a)  the aggregate of all amounts each of which is the tax (other than a prescribed amount of tax) under the first paragraph of section 16 in respect of supplies made to the financial institution or under the first paragraph of section 17 in respect of corporeal property brought into Québec from outside Canada by the financial institution that became payable by the financial institution during the particular reporting period or that was paid by the financial institution during the particular reporting period without having become payable, and

(b)  where the financial institution and another person have made an election under paragraph c of the description of A in the formula in subsection 2 of section 225.2 of the Excise Tax Act, or under section 433.17, in respect of a supply made during the particular reporting period of a property or a service, all amounts each of which is an amount equal to the tax payable by the other person under the first paragraph of section 16, the first paragraph of section 17, or section 18 or 18.0.1 that is included in the cost to the other person of supplying the property or service to the financial institution; and

(7)  G is the total of all amounts each of which is a positive or negative prescribed amount.

2012, c. 28, s. 157.