ontario regulation 489/24

made under the

Electricity Act, 1998

Made: November 20, 2024
Filed: December 3, 2024
Published on e-Laws: December 3, 2024
Published in The Ontario Gazette: December 21, 2024

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:

(26) Subsection 94 (1) of the Act does not apply to a transfer by a municipal corporation or by a municipal electricity utility 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 after December 31, 2024.

2. If the approval of the Ontario Energy Board for the transfer is required under the Ontario Energy Board Act, 1998, an application for approval of the transfer is made to the Ontario Energy Board before January 1, 2029.

3. A written agreement to make the transfer is complete before January 1, 2029 and is not materially changed after that date.

Commencement

2. This Regulation comes into force on the day it is filed.

Made by:

Peter Bethlenfalvy

Minister of Finance

Date made: November 20, 2024