Regulation - LGIC
Ontario Regulation made under the Land Transfer Tax Act: Exemption – Charity Reorganization
Regulation Number(s):
Ontario Regulation 386/10
Instrument Type:
Regulation - LGIC
Bill or Act:
Land Transfer Tax Act
Summary of Decision:
Filed as proposed.
Further Information:
Ontario Regulation 386/10
Proposal Number:
10-MOF042
Posting Date:
November 4, 2010
Summary of Proposal:
Budget 2010 proposed a limited exemption from land transfer tax for certain transfers of land by registered charities after March 25, 2010 resulting solely from an internal reorganization.
Generally, the exemption would be available to registered charities (as defined under the federal Income Tax Act, with a registration neither suspended nor revoked), which are non-profit, non-share capital corporations and which acquire land from a trust or corporation that is also a registered charity.
In addition, 1) the transferred land must be held for a charitable purpose, 2) the transferred land must continue to be held for the same charitable purpose for at least one year after the transfer, and 3) no consideration is given other than the assumption of any debts registered against the land.
Generally, the exemption would be available to registered charities (as defined under the federal Income Tax Act, with a registration neither suspended nor revoked), which are non-profit, non-share capital corporations and which acquire land from a trust or corporation that is also a registered charity.
In addition, 1) the transferred land must be held for a charitable purpose, 2) the transferred land must continue to be held for the same charitable purpose for at least one year after the transfer, and 3) no consideration is given other than the assumption of any debts registered against the land.
Contact Address:
2nd Floor, Frost Building N., 95 Grosvenor Street
Queen’s Park, Toronto, ON
M7A 1Z1
Queen’s Park, Toronto, ON
M7A 1Z1
Effective Date:
March 26, 2010
Decision:
Approved