T-0.1 - Act respecting the Québec sales tax

Section 458.0.1.1 Disposition versions

2015-10-21

458.0.1.1. If a selected listed financial institution is a non-stratified investment plan, if units of the investment plan are issued, distributed or offered for sale in a particular fiscal year of the investment plan 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 section 433.19.1 or 433.19.10 or the third paragraph of section 433.16, as the case may be, in respect of the investment plan and the particular fiscal year, section 458.0.1 is to be read as follows for each fiscal quarter of the investment plan that precedes the fiscal quarter that includes the reconciliation day, within the meaning of subparagraph ii of paragraph a of section 59 of those Regulations:

“458.0.1. Where the reporting period of a registrant is a fiscal year or a period determined under section 461.1, the registrant shall, within one month after the end of each fiscal quarter of the registrant that ends in the reporting period, pay to the Minister an amount equal to 1/4 of the amount that would be the net tax of the registrant for the reporting period if subparagraph 3 of the second paragraph of section 433.16 were read as follows:

“(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 c 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 selected listed financial institution is a stratified investment plan, if units of a series of the investment plan are issued, distributed or offered for sale in a particular fiscal year of the investment plan 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 section 433.19.1 or 433.19.11 or the third paragraph of section 433.16.2, as the case may be, in respect of the series and the particular fiscal year, section 458.0.1 is to be read as follows for each fiscal quarter of the investment plan that precedes the fiscal quarter that includes the reconciliation day, within the meaning of subparagraph ii of paragraph a of section 62 of those Regulations:

“458.0.1. Where the reporting period of a registrant is a fiscal year or a period determined under section 461.1, the registrant shall, within one month after the end of each fiscal quarter of the registrant that ends in the reporting period, pay to the Minister an amount equal to 1/4 of the amount that would be the net tax of the registrant for the reporting period if subparagraph 1 of the second paragraph of section 433.16.2 were read as follows:

“(1) A is the value A would have in the formula in subsection 1 of section 48 of the Selected Listed Financial Institutions Attribution Method (GST/HST) Regulations made under the Excise Tax Act (R.S.C. 1985, c. E-15), determined for the particular period as regards Québec, if Québec were a participating province, within the meaning of subsection 1 of section 123 of that Act, and if paragraph c of section 62 of those Regulations were taken into account;”.”

2015, c. 21, s. 770.