O. Reg. 351/08: Exemption(s) - From Tax under Section 3 of the Act

 

ontario regulation 351/08

made under the

Land Transfer Tax Act

Made: September 24, 2008
Filed: October 10, 2008
Published on e-Laws: October 14, 2008
Printed in The Ontario Gazette: October 25, 2008

Amending O. Reg. 70/91

(Exemptions from Tax under Section 3 of the Act)

1. (1) Clauses 3 (c), (c.1) and (c.2) of Ontario Regulation 70/91 are revoked and the following substituted:

(c) if the disposition is made to a member of the family of the person making the disposition and if all requirements and conditions imposed by Regulation 697 of the Revised Regulations of Ontario, 1990 (Exemption(s) — For Certain Conveyances of Family Farms or Family Businesses) made under the Act, have been met which would entitle a person under section 2 or 2.1 of that regulation to register a conveyance evidencing the disposition without payment of tax or to receive a refund of tax paid on such a registration;

(c.1) if the disposition is made to one or more individuals, each of whom is a member of the family of each of the others, and if all the requirements and conditions imposed by Regulation 697 of the Revised Regulations of Ontario, 1990 made under the Act, have been met which would entitle an individual under section 2.2 of that regulation to register a conveyance evidencing the disposition without payment of tax or to receive a refund of tax paid on such a registration;

(c.2) if the disposition is made to a family business corporation as defined in Regulation 697 of the Revised Regulations of Ontario, 1990 made under the Act, and all requirements and conditions imposed by that regulation have been met which would entitle a person under section 3 of that regulation to register a conveyance evidencing the disposition without payment of tax or to receive a refund of tax paid on such a registration; or

(2) Section 3 of the Regulation is amended by adding the following subsection:

(2) In this section,

“member of the family” means a person who is a member of the family for the purposes of Regulation 697 of the Revised Regulations of Ontario, 1990 made under the Act.

2. This Regulation is deemed to have come into force on March 26, 2008.