O. Reg. 300/03: TAX MATTERS - ELIGIBLE PROPERTY UNDER SECTION 442.5 OF THE ACT

 

ontario regulation 300/03

made under the

municipal act, 2001

Made: July 22, 2003
Filed: July 23, 2003
Printed in The Ontario Gazette: August 9, 2003

Amending O. Reg. 325/01

(Tax Matters — Eligible Property under Section 442.5 of the Act)

1. The title to Ontario Regulation 325/01 is revoked and the following substituted:

 

tax matters — eligible property under section 364 of the Act

2. (1) Subsection 1 (1) of the Regulation is amended by striking out “section 442.5 of the Act” in the portion before clause (a) and substituting “section 364 of the Act”.

(2) Subsection 1 (2) of the Regulation is amended by striking out “section 442.5 of the Act” in the portion before clause (a) and substituting “section 364 of the Act”.

(3) Subsection 1 (3) of the Regulation is amended by striking out “section 442.5 of the Act” in the portion before clause (a) and substituting “section 364 of the Act”.

(4) Subsection 1 (5) of the Regulation is amended by striking out “section 442.5 of the Act” in the portion before clause (a) and substituting “section 364 of the Act”.

3. (1) Subsection 2 (2) of the Regulation is amended by striking out the portion before paragraph 1 and substituting the following:

(2) The amount of taxes for a taxation year in respect of an eligible property to which the percentage specified in paragraph 2 or 3 of subsection 364 (2) of the Act or referred to in subsection 364 (4) of the Act is to be applied is determined as follows:

. . . . .

(2) Subsection 2 (3) of the Regulation is revoked and the following substituted:

(3) The amount of the rebate for the purposes of section 364 of the Act in respect of an eligible property is determined by multiplying the amount of taxes determined under subsection (2) in respect of the eligible property for the year by the percentage set out in paragraph 2 or 3 of subsection 364 (2) of the Act or referred to in subsection 364 (4) of the Act, whichever percentage applies. 

4. Subsection 3 (1) of the Regulation is amended by striking out “section 442.5 of the Act” in the portion before paragraph 1 and substituting “section 364 of the Act”.

5. Subsection 4 (1) of the Regulation is amended by striking out “section 442 or 443 of the Act” in the portion before clause (a) and substituting “section 357 or 358 of the Act”.

6. Sections 5 and 6 of the Regulation are revoked and the following substituted:

Deadline extension

5. For the purposes of paragraph 5 of subsection 364 (2) of the Act, if the assessment corporation assesses a property during a taxation year under section 33 of the Assessment Act in respect of either of the two preceding taxation years, the deadline for making an application under section 364 of the Act for that preceding taxation year is extended to the day that is 90 days after the day the assessment is mailed to the owner under section 35 of that Act. 

7. (1) Subsection 7 (1) of the Regulation is revoked.

(2) Subsection 7 (2) of the Regulation is amended by striking out “subsection 442.5 (21) of the Act” in the portion before clause (a) and substituting “subsection 364 (20) of the Act”.

(3) Subsection 7 (3) of the Regulation is amended by striking out “subsection 442.5 (21) of the Act” in the portion before clause (a) and substituting “subsection 364 (20) of the Act”.

8. (1) Subsection 8 (1) of the Regulation is amended by striking out “subsection 442.5 (21) of the Act” in the portion before clause (a) and substituting “subsection 364 (20) of the Act”.

(2) Subsection 8 (2) of the Regulation is amended by striking out “subsection 442.5 (21) of the Act” and substituting “subsection 364 (20) of the Act”.

9. Section 9 of the Regulation is amended by striking out “subsection 442.5 (16) of the Act” in the portion before clause (a) and substituting “subsection 364 (15) of the Act”.

 

Janet Lynne Ecker

Minister of Finance

Dated on: July 22, 2003.