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10.2 Purpose-built Rental Exemption

In This Volume

  • 10.2 (1) Subject to subsection (2) and sections 10.3 to 10.6, a transferee who, on or after January 1, 2024, applies for registration, at a land title office, of an eligible transaction in respect of a qualifying property is exempt from the obligation to pay tax on the transaction in accordance with section 3(1)(d) if
  • (a) the residential improvement on the qualifying property
    • (i) was constructed or placed on the property, and
    • (ii) on the registration date, has not been used as a dwelling since the construction of the residential improvement began or since the residential improvement was placed on the property, as the case may be,
  • (b) the application is the first application for registration in respect of the qualifying property since the residential improvement was completed or since the residential improvement was placed on the property, as the case may be, and
  • (c) the transferee applies for an exemption under this section by tendering with the application for registration an application for exemption.
  • (2) The exemption under subsection (1) is the amount of the tax payable in accordance with section 3(1)(d)
  • (a) in respect of that portion of residential property value that is applicable to the residential improvement used as required by section 10.4(1), and
  • (b) in respect of that portion of the residential property value, not including improvements, that is applicable to the land that is part of the qualifying property and used in conjunction with the residential improvement.
  • (3) An application for exemption under subsection (1) must be in the form required by the minister and must
  • (a) include a declaration, in the form required by the minister, by which the transferee declares that the residential improvement contains at least 4 apartments,
  • (b) disclose that the property to which the eligible transaction relates is a qualifying property, and
  • (c) include a consent, in the form required by the minister, by which the transferee consents to the administrator conducting inquiries the administrator considers necessary to confirm that the requirements in section 10.4(1) are met.

2023-23-149; 2024-13-177.