O. Reg. 485/06: Transfer Tax on Municipal Electricity Property

 

ontario regulation 485/06

made under the

Electricity Act, 1998

Made: October 18, 2006
Filed: October 18, 2006
Published on e-Laws: October 19, 2006
Printed in The Ontario Gazette: November 4, 2006

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:

(20) 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 to,

i. a municipal corporation in Ontario 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,

ii. 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

iii. 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.

2. The transfer is made after October 16, 2006.

3. An application for approval of the transfer is made to the Ontario Energy Board before October 17, 2008.

4. A written agreement to make the transfer is complete before October 17, 2008 and is not materially changed after that date.

2. This Regulation shall be deemed to have come into force on October 17, 2006.

Made by:

Gregory Sorbara

Minister of Finance

Date made: October 18, 2006.