T-0.1 - Act respecting the Québec sales tax

Section 255.4 Disposition versions

2013-01-01

255.4. Where, at a particular time, a registrant ceases to be a financial institution and, immediately before that time, the registrant was using movable property of the registrant as capital property, the following rules apply:

(1)  where, immediately before the particular time, the registrant was using the movable property as capital property but not exclusively in commercial activities of the registrant and, immediately after that time, the property is for use primarily in commercial activities of the registrant, the registrant is deemed to have begun, at that time, to use the property exclusively in commercial activities of the registrant, and sections 256 and 257 apply, with the necessary modifications, to the change in use as if the property were an immovable; and

(2)  where, immediately before the particular time, the registrant was using the property as capital property in commercial activities of the registrant and, immediately after that time, the property is not for use primarily in commercial activities of the registrant, the registrant is deemed to have ceased, at that time, to use the property in commercial activities of the registrant, and sections 233 and 258 apply, with the necessary modifications, to the change in use as if the property were an immovable.

2012, c. 28, s. 78.