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O. Reg. 224/18: TAX PAYABLE UNDER SUBSECTION 2 (2.1) OF THE ACT BY FOREIGN ENTITIES AND TAXABLE TRUSTEES
filed April 9, 2018 under Land Transfer Tax Act, R.S.O. 1990, c. L.6
Skip to contentontario regulation 224/18
made under the
Land Transfer Tax Act
Made: April 5, 2018
Filed: April 9, 2018
Published on e-Laws: April 9, 2018
Printed in The Ontario Gazette: April 28, 2018
Amending O. Reg. 182/17
(TAX PAYABLE UNDER SUBSECTION 2 (2.1) OF THE ACT BY FOREIGN ENTITIES AND TAXABLE TRUSTEES)
1. Section 1 of Ontario Regulation 182/17 is amended by adding the following definition:
“business day” means a day from Monday to Friday, other than a holiday as described in section 1.1. (“jour ouvrable”)
2. The Regulation is amended by adding the following section:
Holidays
1.1 (1) This section applies for the purposes of the definition of “business day” in section 1.
(2) The following days are holidays:
1. New Year’s Day.
2. Family Day.
3. Good Friday.
4. Easter Monday.
5. Victoria Day.
6. Canada Day.
7. Civic Holiday.
8. Labour Day.
9. Thanksgiving Day.
10. Remembrance Day.
11. Christmas Day.
12. Boxing Day.
13. Any special holiday proclaimed by the Governor General or the Lieutenant Governor.
(3) If New Year’s Day, Canada Day or Remembrance Day falls on a Saturday or a Sunday, the following Monday is a holiday.
(4) If Christmas Day falls on a Saturday or a Sunday, the following Monday and Tuesday are holidays.
(5) If Christmas Day falls on a Friday, the following Monday is a holiday.
3. Section 9 of the Regulation is revoked and the following substituted:
Interest on rebates
9. (1) If the Minister makes a rebate of tax under section 5, 6 or 7, including as a result of an objection made under section 13 of the Act or an appeal under section 14 of the Act, interest shall be paid or applied on the amount of the rebate calculated at the rate determined under section 10 and compounded daily from the 40th business day following the date the application for the rebate was made to the date the rebate is paid or applied by the Minister against other liabilities of the person entitled to the rebate.
(2) No interest is payable on an amount that is rebated to a person under section 5, 6 or 7 with respect to the period from the date the person paid the amount until the 40th business day following the date the application for the rebate was made.
(3) Interest shall not be paid or applied under this Regulation with respect to a rebate if the amount of the interest would be less than $1.
Rates of interest
10. (1) In this section,
“adjustment date” means January 1, April 1, July 1 or October 1; (“date de rajustement”)
“average prime rate”, on a particular date, means the mean, rounded to the nearest whole percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Bank of Montreal and The Toronto-Dominion Bank to be its prime or reference rate of interest in effect on that date for determining interest rates on Canadian dollar commercial loans by that bank in Canada. (“taux préférentiel moyen”)
(2) For the purposes of section 9, the rates of interest shall be determined in accordance with the following rules:
1. A base rate of interest shall be determined for January 1, 2017 and for each adjustment date after January 1, 2017 and shall be equal to the average prime rate on,
i. October 15 of the previous year, if the adjustment date is January 1,
ii. January 15 of the same year, if the adjustment date is April 1,
iii. April 15 of the same year, if the adjustment date is July 1, and
iv. July 15 of the same year, if the adjustment date is October 1.
2. The base rate of interest in effect on a particular date shall be,
i. the base rate for the particular date, if the particular date is an adjustment date, and
ii. the base rate for the last adjustment date before the particular date, otherwise.
3. The rate of interest to be paid or allowed by the Minister to a person under section 9, in respect of a particular day after January 1, 2017, shall be an annual interest rate that is three percentage points lower than the base rate of interest in effect for that day.
Commencement
4. This Regulation is deemed to have come into force on April 21, 2017.
Made by:
Pris par :
Le ministre des Finances,
Charles Sousa
Minister of Finance
Date made: April 5, 2018
Pris le : 5 avril 2018