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12.01 (1) In this section and in sections 12.02 to 12.08:

  • “eligible transaction”, for the purposes of determining the eligibility of a qualifying individual for an exemption or refund under sections 12.02 to 12.08, means a taxable transaction not referred to in paragraph (f) or (g) of the definition of “taxable transaction” in section 1(1), for which an application for registration is made at a land title office after February 16, 2016;
  • “principal residence” means the usual place where an individual makes his or her home;
  • “property” means a parcel of land and the improvements in respect of which an application is made for
  • (a) an exemption under section 12.02 or 12.03, or
  • (b) a refund under section 12.04 or 12.06;
  • “qualifying individual” means an individual who is a Canadian citizen or a permanent resident of Canada;
  • “qualifying property” means a property the fair market value of which does not, on the registration date, exceed the sum of the qualifying value of that property and $50 000;
  • “qualifying value”, in respect of a property, means $750 000;
  • “registration date”, in respect of an eligible transaction, means the date on which the application for registration of the eligible transaction is made at a land title office;
  • “residential improvement”, in respect of a property, means
  • (a) an improvement that is permanently affixed to the property and is intended to be a dwelling, or
  • (b) if only part of an improvement that is permanently affixed to the property is intended to be a dwelling, that part of the improvement that is intended to be a dwelling.
  • (2) For the purposes of the definition of “property”, if the same residential improvement is located on more than one parcel, the parcels are deemed to be one parcel.

2016-3-54, effective February 17, 2016.