O. Reg. 87/04: Exemption(s) - For Conveyance to Family Farm Corporation or Family Business Corporation

 

ontario regulation 87/04

made under the

land transfer tax act

Made: March 31, 2004
 Filed: April 2, 2004
Printed in The Ontario Gazette: April 17, 2004

Amending Reg. 697 of R.R.O. 1990

(Exemption(s): For Conveyance to Family Farm Corporation
or Family Business Corporation)

1. The title to Regulation 697 of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:

 

Exemption(s) — For Certain Conveyances of Family Farms or Family Businesses

2. The definition of “spouse” in subsection 1 (1) of the Regulation is revoked and the following substituted:

“spouse” includes either of two persons who are married to each other;

3. Subsection 2 (1) of the Regulation is amended by striking out “It is determined that the Act was not intended to apply” at the beginning and substituting “Sections 2 and 2.1 of the Act do not apply”.

4. The Regulation is amended by adding the following section:

2.1 (1) Sections 2 and 2.1 of the Act do not apply to a conveyance of land from one or more individuals, each of whom is a member of the family or a same-sex partner of the other, to one or more individuals, each of whom is a member of the family or a same-sex partner of each transferor, if,

(a) prior to the conveyance, the land was used predominantly in farming which was carried on exclusively by one or more individuals, each of whom is a member of the family or a same-sex partner of each transferor of the land being conveyed; and

(b) the land is being conveyed for the principal purpose of enabling one or more individuals, each of whom is a member of the family or a same-sex partner of each transferor of the land, to continue the farming on the land.

(2) If an exemption under subsection (1) is claimed, each transferee must complete the form approved by the Minister and the form must be attached to the conveyance being tendered for registration and filed with the Minister or the collector.

5. Subsection 3 (1) of the Regulation is amended by striking out “it is determined that the Act was not intended to apply” in the portion before clause (a) and substituting “sections 2 and 2.1 of the Act do not apply”.

6. This Regulation shall be deemed to have come into force on March 28, 2003.