O. Reg. 567/06: Exemptions For Certain Conveyances of Family Farms or Family Businesses

 

ontario regulation 567/06

made under the

Land TransFer Tax Act

Made: December 13, 2006
Filed: December 15, 2006
Published on e-Laws: December 19, 2006
Printed in The Ontario Gazette: December 30, 2006

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

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

1. Clause (c) of the definition of “farming assets” in subsection 1 (1) of Regulation 697 of the Revised Regulations of Ontario, 1990 is amended by striking out “used by that shareholder” and substituting “used in farming by that shareholder”.

2. Subsection 2 (1) of the Regulation is amended by striking out “Sections 2 and 2.1 of the Act do not apply” at the beginning and substituting “Section 2 of the Act does not apply”.

3. (1) Subsection 2.1 (1) of the Regulation is amended by striking out “Sections 2 and 2.1 of the Act do not apply” at the beginning and substituting “Section 2 of the Act does not apply”.

(2) Section 2.1 of the Regulation is amended by adding the following subsection:

(1.1) Sections 2 and 2.1 of the Act do not apply to a conveyance of land to one or more individuals by the personal representative or personal representatives of the estate of a deceased individual if those sections would not, by virtue of subsection (1), have applied to a conveyance of the same land to the same individual or individuals by the deceased individual immediately before his or her death.

(3) Subsection 2.1 (1.1) of the Regulation, as made by subsection 3 (2) of this Regulation, is amended by striking out “Sections 2 and 2.1 of the Act do not apply” at the beginning and substituting “Section 2 of the Act does not apply”.

(4) Subsection 2.1 (2) of the Regulation is amended by striking out “under subsection (1)” and substituting “under this section”.

4. Subsection 3 (1) of the Regulation is amended by striking out “Subject to subsections (2) and (3), sections 2 and 2.1 of the Act do not apply” at the beginning and substituting “Subject to subsections (2) and (3), section 2 of the Act does not apply”.

5. (1) Subject to subsections (2), (3) and (4), this Regulation comes into force on the day it is filed.

(2) Section 1 shall be deemed to have come into force on June 13, 2005.

(3) Subsections 3 (2) and (4) shall be deemed to have come into force on March 28, 2003.

(4) Section 2, subsections 3 (1) and (3) and section 4 shall be deemed to have come into force on December 16, 2004.