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O. Reg. 292/03: TRANSFER TAX ON MUNICIPAL ELECTRICITY PROPERTY
filed July 18, 2003 under Electricity Act, 1998, S.O. 1998, c. 15, Sched. A
Skip to contentontario regulation 292/03
made under the
electricity Act, 1998
Made: July 10, 2003
Filed: July 18, 2003
Printed in The Ontario Gazette: July 26, 2003
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:
(18) Subsection 94 (1) of the Act does not apply to a transfer of an interest in property made after March 27, 2003 and before March 28, 2005 if,
(a) the transfer is made to a municipal corporation in Ontario that, at the time of the transfer, is exempt under subsection 149 (1) of the Income Tax Act (Canada) from the payment of tax under that Act, and the interest that is transferred is an interest in a corporation, partnership or other entity that derives its value in whole or in part from real or personal property that has been used in connection with generating, transmitting, distributing or retailing electricity;
(b) the transfer is made to a municipal electricity utility that, at the time of the transfer, is exempt under subsection 149 (1) of the Income Tax Act (Canada) from the payment of tax under that Act; or
(c) the transfer is made to Hydro One Inc., Ontario Power Generation Inc. or a subsidiary of Hydro One Inc. or Ontario Power Generation Inc. (“the transferee”), and, at the time of the transfer, the transferee is exempt under subsection 149 (1) of the Income Tax Act (Canada) from the payment of tax under that Act.
Made by:
janet lynne ecker
Minister of Finance
Date made: July 16, 2003.