T-0.1 - Act respecting the Québec sales tax

Section 437.1.1 Disposition versions

2015-10-21

437.1.1. If a person is a non-stratified investment plan and is required to file an interim return under section 470.1 for a reporting period in a particular fiscal year, if units of the investment plan are issued, distributed or offered for sale in the particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the investment plan are issued and outstanding and if no election is in effect under any of sections 49, 60 and 61 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15) or under the third paragraph of section 433.16 or section 433.19.1 or 433.19.10, as the case may be, in respect of the investment plan and the particular fiscal year, the person shall calculate the amount (in sections 437 and 437.2 to 437.4 referred to as the ”interim net tax”) that would be the net tax of the person for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows, for each reporting period of the investment plan that precedes the reporting period that includes the reconciliation day, within the meaning of subparagraph ii of paragraph a of section 59 of those Regulations:

“(3)  C is an estimate of the financial institution’s percentage as regards Québec for the preceding taxation year of the financial institution that would be determined by the financial institution in accordance with paragraph b of section 59 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act if Québec were a participating province within the meaning of subsection 1 of section 123 of that Act.”

If a person is a stratified investment plan and is required to file an interim return under section 470.1 for a reporting period in a particular fiscal year, if units of a series of the investment plan are issued, distributed or offered for sale in a particular fiscal year that ends in a particular taxation year of the investment plan, if immediately before the issuance, distribution or offering for sale no units of the series are issued and outstanding and if no election is in effect under any of sections 49, 63 and 64 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations or under the third paragraph of section 433.16.2 or section 433.19.1 or 433.19.11, as the case may be, in respect of the series and the particular fiscal year, the person shall calculate the amount (in sections 437 and 437.2 to 437.4 referred to as the “interim net tax”) that would be the net tax of the person for the reporting period if, for each reporting period of the investment plan that precedes the reporting period that includes the reconciliation day, within the meaning of subparagraph ii of paragraph a of section 62 of those Regulations, the value of A in the formula in the first paragraph of section 433.16.2 were determined for that reporting period with reference to paragraph b of section 62 of those Regulations.

2015, c. 21, s. 760.