O. Reg. 198/06: DEFINITIONS, EXEMPTIONS AND REBATES (FORMERLY DEFINITIONS BY MINISTER, EXEMPTIONS, FORMS AND REBATES)

 

ontario regulation 198/06

made under the

Retail Sales Tax Act

Made: May 16, 2006
Filed: May 16, 2006
Published on e-Laws: May 17, 2006
Printed in The Ontario Gazette: June 3, 2006

Amending Reg. 1012 of R.R.O. 1990

(Definitions, Exemptions and Rebates)

1. Subsection 24.4 (2) of Regulation 1012 of the Revised Regulations of Ontario, 1990 is revoked and the following substituted:

(2) Despite subsection (1),

(a) if, at the time it is registered under the Highway Traffic Act for use only in Ontario, the multijurisdictional vehicle is not more than 60 months old, the depreciated value of the multijurisdictional vehicle cannot be less than 40 per cent of the vehicle’s taxable value, as defined in subsection 24 (1); and

(b) if, at the time it is registered under the Highway Traffic Act for use only in Ontario, the multijurisdictional vehicle is more than 60 months old and has been owned for the previous 60 months or longer by the person who is liable to pay the tax, the depreciated value of the multijurisdictional vehicle cannot be less than the lesser of,

(i) 40 per cent of the vehicle’s taxable value, as defined in subsection 24 (1), and

(ii) the current appraised value of the vehicle as established not more than 90 days after that time by a person who satisfies the requirements in subsection (2.1).

(2.1) For the purposes of subclause (2) (b) (ii), the person must be,

(a) a person who is recognized by an insurer licensed under the Insurance Act to appraise motor vehicles; or

(b) a new or used motor vehicle dealer licensed under the Motor Vehicle Dealers Act who sells at retail an average of at least 25 motor vehicles in a year. 

Made by:

Dwight Douglas Duncan

Minister of Finance

Date made: May 16, 2006.