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In This Volume

3.1 (1) In this section:

  • “correcting transaction” means a taxable transaction that is a transfer made for the purpose of transferring land that was intended to be transferred to the transferee when the original transaction was registered;
  • “original transaction” means a taxable transaction in which land was transferred to a transferee and
  • (a) the land was transferred in error, or
  • (b) an error was made in the description or survey under which title to the land was registered.
  • (2) Despite sections 2.02(3) and 3(1), the tax payable under this Act for a correcting transaction is the tax payable calculated in accordance with this Act and the regulations, as they read on the date of registration of the original transaction and as if the fair market value of the correcting transaction were determined at that date.
  • (3) On the registration of a correcting transaction, the amount of tax paid under this Act by a transferee in respect of the original transaction is deemed to be tax
  • (a) paid by the transferee in respect of the correcting transaction, and
  • (b) paid on the date the correcting transaction is registered.

2010-2-93, effective March 3, 2010; 2016-3-47, effective February 17, 2016; 2016-27-6, effective August 2, 2016.