O. Reg. 454/00: TRANSFER TAX ON MUNICIPAL ELECTRICITY PROPERTY

 

ONTARIO REGULATION 454/00

made under the

Electricity Act, 1998

Made: August 2, 2000
Filed: August 3, 2000

Amending O. Reg. 124/99

(Transfer Tax on Municipal Electricity Property)

1. (1) Clause 3 (14) (d) of Ontario Regulation 124/99 is revoked and the following substituted:

(d) the net present value when the lease begins of the lease payments that are required by the lease agreement at that time, including any guarantee of the residual value of the leased property and any penalty payable for a failure to renew the lease or to extend its term, is greater than or equal to 90 per cent of the value of the leased property when the lease begins.

(2) Section 3 of the Regulation is amended by adding the following subsection:

(14.1) Clause (14) (d), as remade by Ontario Regulation 454/00, applies with respect to lease agreements entered into after August 3, 2000.

Ernie Eves

Minister of Finance

Dated on August 2, 2000.