O. Reg. 506/22: TAX PAYABLE UNDER SUBSECTION 2 (2.1) OF THE ACT BY FOREIGN ENTITIES AND TAXABLE TRUSTEES
filed October 25, 2022 under Land Transfer Tax Act, R.S.O. 1990, c. L.6
Skip to contentontario regulation 506/22
made under the
Land Transfer Tax Act
Made: October 19, 2022
Filed: October 25, 2022
Published on e-Laws: October 25, 2022
Printed in The Ontario Gazette: November 12, 2022
Amending O. Reg. 182/17
(TAX PAYABLE UNDER SUBSECTION 2 (2.1) OF THE ACT BY FOREIGN ENTITIES AND TAXABLE TRUSTEES)
1. (1) Subsection 1.3 (1) of Ontario Regulation 182/17 is revoked and the following substituted:
Alternate tax rate
(1) Subject to subsections (2) and (3), an alternate tax rate is prescribed for the purposes of subsection 2 (2.1) of the Act of,
(a) 25 per cent in respect of conveyances of land tendered for registration after October 24, 2022; and
(b) 20 per cent in respect of conveyances of land tendered for registration after March 29, 2022 but on or before October 24, 2022.
(2) Section 1.3 of the Regulation is amended by adding the following subsection:
(3) The alternate rate of 20 per cent applies in respect of a conveyance of land tendered for registration after October 24, 2022 if,
(a) the land is conveyed pursuant to an agreement of purchase and sale entered into after March 29, 2022 but on or before October 24, 2022;
(b) any assignment of the agreement of purchase and sale to any other person was entered into on or before October 24, 2022;
(c) the land is not conveyed to any foreign corporation other than,
(i) a purchaser under the agreement of purchase and sale, or
(ii) a corporation to which the agreement of purchase and sale was assigned; and
(d) the land is not conveyed to any foreign national or taxable trustee other than,
(i) a purchaser under the agreement of purchase and sale,
(ii) a person to whom the agreement of purchase and sale was assigned, or
(iii) the spouse of an individual described in subclause (i) or (ii).
Commencement
2. This Regulation comes into force on the day it is filed or, if this Regulation is filed after October 25, 2022, this Regulation is deemed to have come into force on October 25, 2022.
Made by:
Pris par :
Le ministre des Finances,
Peter Bethlenfalvy
Minister of Finance
Date made: October 19, 2022
Pris le : 19 octobre 2022