ONTARIO REGULATION 524/00

made under the

Electricity Act, 1998

Made: September 18, 2000
Filed: September 22, 2000

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 subsections:

(16) Subsection (17) applies to a transfer of an interest in property described in subsection 94 (1) or (2) of the Act,

(a) if the transfer is made after November 6, 2000 to 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

(b) if the transfer is made after November 6, 2000 to the Generation Corporation, the Services Corporation or a subsidiary of the Generation Corporation or the Services Corporation (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.

(17) Subsection 94 (1) of the Act does not apply to a transfer described in subsection (16) if an application for approval of the transfer is made to the Ontario Energy Board before November 7, 2000 and if a written agreement to make the transfer is complete before November 7, 2000 and is not materially changed after that date.

 

Ernie Eves

Minister of Finance

Dated on September 18, 2000.