O. Reg. 9/05: Transfer Tax on Municipal Electricity Property
filed January 27, 2005 under Electricity Act, 1998, S.O. 1998, c. 15, Sched. ASkip to content
ontario regulation 9/05
made under the
Electricity Act, 1998
Made: January 26, 2005
Filed: January 27, 2005
Printed in The Ontario Gazette: February 12, 2005
Amending O. Reg. 124/99
(Transfer Tax on Municipal Electricity Property)
1. Section 3 of Ontario Regulation 124/99 is amended by adding the following subsection:
(19) Subsection 94 (1) of the Act does not apply to a transfer of an interest in property described in subsection 94 (1), (1.1) or (2) of the Act if the following conditions are satisfied:
1. The transfer is made after March 27, 2005,
2. The transfer is made to,
i. a municipal electricity utility that is exempt under subsection 149 (1) of the Income Tax Act (Canada) from the payment of tax under that Act at the time of the transfer, or
ii. Hydro One Inc., Ontario Power Generation, Inc. or a subsidiary of either of them (the “transferee”) and the transferee is exempt under subsection 149 (1) of the Income Tax Act (Canada) from the payment of tax under that Act at the time of the transfer.
3. An application for approval of the transfer is made to the Ontario Energy Board before March 28, 2005.
4. A written agreement to make the transfer is complete before March 28, 2005 and is not materially changed after that date.
Minister of Finance
Date made: January 26, 2005.