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10.4 Purpose-built Rental Program—initial And Continuing Obligations Of Transferee

In This Volume

  • 10.4 (1) A transferee who has applied for an exemption under section 10.2 or a refund under section 10.3 must,
  • (a) beginning on a date that is not more than 92 days after the registration date, and
  • (b) continuing to a date that is not earlier than the tenth anniversary of the registration date,
  • rent or offer for rent, on a monthly or longer-term basis only, all of the apartments contained in the residential improvement on the qualifying property.
  • (2) A transferee who has obtained an exemption under section 10.2 or a refund under section 10.3 must submit to the administrator written notice of
  • (a) a failure to rent or offer for rent the apartments referred to in subsection (1) of this section as required by paragraph (a) of that provision, and
  • (b) the occurrence of an event described in section 10.5(3) or (5)(a) to (c) that results in the transferee's liability to tax under section 10.5.
  • (3) A notice under subsection (2) must be submitted to the administrator, in the form required by the minister, not more than 92 days after the date the event occurs.
  • (4) A transferee who has obtained an exemption under section 10.2 or a refund under section 10.3 and who is not required to submit a notice under subsection (2) of this section must submit to the administrator a declaration, by which the transferee declares that
  • (a) the residential improvement on the qualifying property contained at least 4 apartments at all times between the registration date and the tenth anniversary of the registration date, and
  • (b) subject to an applicable exception set out in section 10.6, every apartment contained in the residential improvement on the qualifying property was rented or offered for rent only on a monthly or longer-term basis between the date referred to in subsection (1)(a) of this section and the tenth anniversary of the registration date.
  • (5) A declaration under subsection (4) must be submitted to the administrator, in the form required by the minister, not more than 92 days after the tenth anniversary of the registration date.

2023-23-149.