Bill 154 2001

An Act to amend the
Land Transfer Tax Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. (1) Subsection 9.2 (1) of the Land Transfer Tax Act, as enacted by the Statutes of Ontario, 1996, chapter 18, section 13 and amended by 1999, chapter 6, section 32, is further amended by adding the following definition:

"resale home" means an eligible home as defined in the Ontario Home Ownership Savings Plan Act that is not a newly constructed home. ("propriété privée à vendre")

(2) Section 9.2 of the Act, as enacted by the Statutes of Ontario, 1996, chapter 18, section 13 and amended by 1999, chapter 6, section 32, 1999, chapter 9, section 134 and 2000, chapter 10, section 19, is further amended by adding the following subsections:

Refund re resale home

(2.0.1) The Minister may refund, in the manner he or she directs and without interest, tax payable under this Act by a purchaser in respect of the acquisition by the purchaser of a resale home to be used by the purchaser as his or her principal residence if the conveyance or the disposition for which the tax is payable under this Act in respect of the home occurs on or after January 1, 2002.

. . . . .

Same

(2.2) The maximum amount of tax refundable under subsection (2.0.1) in respect of the acquisition of a resale home is $2,000.

(3) Subsection 9.2 (3) of the Act, as enacted by the Statutes of Ontario, 1996, chapter 18, section 13 and amended by 1999, chapter 6, section 32, is further amended by striking out "the refund payable under subsection (2)" in the portion before clause (a) and substituting "the refund payable under subsection (2) or (2.0.1)".

Commencement

2. This Act comes into force on January 1, 2002.

Short title

3. The short title of this Act is the Land Transfer Tax Amendment Act, 2001.

EXPLANATORY NOTE

The Bill amends the Land Transfer Tax Act to extend the tax rebate that is payable on purchases of newly constructed homes to purchases of resale homes as well.