Responsible Choices for Growth and Fiscal Responsibility Act (Budget Measures), 2001 Flaherty, Hon. Jim Minister of Finance — Bill 127 (37th Parliament, 2nd Session)

Bill 127, 37-2

Ontario — Bills

role="main" class="main-container container js-quickedit-main-content" id="main-content">

Bill 127, Responsible Choices for Growth and Fiscal Responsibility Act (Budget Measures), 2001

Flaherty, Hon. Jim Minister of Finance

Please select

View bill

Status

Debates

Acts affected

Original

Royal Assent

[37] Bill 127 Royal Assent (PDF)

Bill 127 2001

An Act to implement measures

contained in the Budget

and to implement other initiatives

of the Government

CONTENTS

Part I

Part II

Part III

Part IV

Part V

Part VI

Part VII

Part VIII

Part IX

Part X

Part XI

Part XII

Part XIII

Part XIV

Part XV

Part XVI

Part XVII

Part XVIII

Part XIX

Part XX

Part XXI

Part XXII

Part XXIII

Part XXIV

Part XXV

Part XXVI

Schedule A

Schedule B

Assessment Act

Business Corporations Act

Commodity Futures Act

Community Small Business Investment Funds Act

Corporations Tax Act

Education Act

Electricity Act, 1998

Employer Health Tax Act

Estate Administration Tax Act, 1998

Fuel Tax Act

Gasoline Tax Act

GO Transit Act, 2001 and Greater Toronto Services Board

Act, 1998

Highway 407 East Completion Act, 2001

Income Tax Act

Land Transfer Tax Act

Mining Tax Act

Municipal Act

Municipal Property Assessment

Corporation Act, 1997

Ontario Guaranteed Annual Income Act

Ontario Northland Transportation

Commission Act

Provincial Land Tax Act

Race Tracks Tax Act

Retail Sales Tax Act

Securities Act

Tobacco Tax Act

Commencement and

Short title

GO Transit Act, 2001

Highway 407 East Completion Act, 2001

______________

Her Majesty, by and with the advice and consent of the Legislative

Assembly of the Province of Ontario, enacts as follows:

PART I

ASSESSMENT ACT

1. (1) Subsection 2 (2) of the

Assessment Act , as amended by the Statutes of Ontario, 1994,

chapter

36,

section 1, 1997,

chapter 5,

section 2, 1997,

chapter 29,

section 2, 1997,

chapter 43,

Schedule G,

section 18 and 2000,

chapter 25,

section 1, is

further amended by adding the following clause:

(

f) prescribing buildings or structures or portions of buildings or

structures for the purposes of subsection 19.0.1 (1) and the manner of

determining the assessed value of them for the purposes of that

subsection.

(2) Section 2 of the Act, as amended by the Statutes of

Ontario, 1994,

chapter 36,

section 1, 1997,

chapter 5,

section 2, 1997,

chapter 29,

section 2, 1997,

chapter 43,

Schedule G,

section 18, 1998,

chapter 3,

section 1, 1998,

chapter 33,

section 1 and 2000,

chapter 25,

section 1, is further amended by adding the following

subsection:

General or specific

(2.1) A regulation made under clause (2) (

f) may be general or

specific in its application and may apply differently to different buildings,

structures or properties or to different portions of buildings, structures or

properties.

(3) Section 2 of the Act, as amended by the Statutes of

Ontario, 1994,

chapter 36,

section 1, 1997,

chapter 5,

section 2, 1997,

chapter 29,

section 2, 1997,

chapter 43,

Schedule G,

section 18, 1998,

chapter 3,

section 1, 1998,

chapter 33,

section 1 and 2000,

chapter 25,

section 1, is further amended by adding the following

subsection:

Scope of certain regulations

(3.3.1) A regulation to which clause (3.2) (

e) applies may be

general or specific in its application and may apply differently to different

municipalities or different property classes.

(1) Subsection 19.0.1 (1) of the Act, as

re-enacted by the Statutes of Ontario, 1999,

chapter 9,

section 12, is

repealed and the following substituted:

Electricity generating and transformer stations

(1) For the purposes of this Act, the assessed value of

generating station buildings or structures, transformer station buildings or

structures or any buildings or structures prescribed by the Minister that are

situated on land owned by a designated electricity utility or municipal

electricity utility shall be determined,

(

a) on the basis of $86.11 for each square metre of inside ground floor

area of,

(

i) each actual generating station building or structure housing the

generating equipment and machinery and any auxiliary equipment and

machinery,

(ii) each transformer station building or structure housing the

transforming equipment and machinery and any auxiliary equipment and

machinery, and

(iii) any buildings or structures or portions of buildings or structures

prescribed by the Minister; or

(

b) in the manner prescribed by the Minister for a building or structure

or portion of a building or structure prescribed by the Minister.

(2) Subsection 19.0.1 (6) of the Act, as enacted by the

Statutes of Ontario, 1999,

chapter 9,

section 12, is repealed and the

following substituted:

Deemed ownership

(6) For the purposes of subsection (1), a building or structure

or portion of a building or structure to which subsection (1) applies shall

be deemed to be owned by a designated electricity utility or a municipal

electricity utility if the land is owned by the Crown or a municipality and

is occupied by the designated electricity utility or the municipal

electricity utility.

3. (1) Subsection 46 (1) of the Act, as

re-enacted by the Statutes of Ontario, 1997,

chapter 5,

section 31 and

amended by 1997,

chapter 43,

Schedule G,

section 18, is further amended by

striking out "Ontario Court (General Division") and substituting "Superior

Court of Justice".

(2) Subsection 46 (4) of the Act is amended by striking

out "Ontario Court (General Division)" and substituting "Superior Court of

Justice".

(3) Subsection 46 (5) of the Act is amended by striking

out "Ontario Court (General Division)" and substituting "Superior Court of

Justice".

(4) Subsection 46 (6) of the Act, as re-enacted by the

Statutes of Ontario, 1997,

chapter 5,

section 31, is amended by striking out

"Ontario Court (General Division)" and substituting "Superior Court of

Justice".

Section 48 of the Act is amended by striking out

"Ontario Court (General Division)" and substituting "Superior Court of

Justice".

Commencement

(1) Subject to subsection (2), this

Part

comes into force on the day this Act receives Royal Assent.

Same

(2) Section 2 shall be deemed to have come into force

on April 1, 1999.

PART II

BUSINESS CORPORATIONS ACT

(1) Clause 3.3 (1) (

e) of the

Business Corporations Act , as enacted by the Statutes of Ontario,

2000,

chapter 42, Schedule,

section 2, is repealed and the following

substituted:

(

e) the occurrence of such other event or the existence of such other

circumstance as may be prescribed.

(2) Clause 3.3 (3) (

a) of the Act, as enacted by the

Statutes of Ontario, 2000,

chapter 42, Schedule,

section 2, is repealed and

the following substituted:

(

a) prescribing events and circumstances for the purposes of clause (1)

(e);

(a.1) providing that, despite clause (1) (a), (b), (c), (

d) or (e),

whichever applies, a professional corporation's certificate of authorization

or other authorizing document ceases to be valid and the corporation ceases

to be a professional corporation because of a failure to meet the terms and

conditions described in the regulation;

events and circumstances referred to in clauses (1) (a), (b), (c), (

d) and

(e);

(a.3) prescribing exceptions to the events and circumstances referred to

in clauses (1) (a), (b), (c), (

d) and (e);

Commencement

7. This

Part comes into force on the day this Act

receives Royal Assent.

PART III

COMMODITY FUTURES ACT

8. Subsection 9 (4) of the Commodity Futures

Act , as enacted by the Statutes of Ontario, 1999,

chapter 9,

section 30,

is amended by striking out "Superior Court of Justice" and substituting

"Ontario Court of Justice".

Commencement

9. This

Part comes into force on the day this Act

receives Royal Assent.

PART IV

COMMUNITY SMALL BUSINESS

INVESTMENT FUNDS ACT

(1) Subclause 14 (1) (c) (

i) of the

Community Small Business Investment Funds Act is repealed and the

following substituted:

(

i) Class A shares that are issuable to eligible investors only,

(2) Clause 14 (1) (

e) of the Act, as amended by the

Statutes of Ontario, 1994,

chapter 17,

section 84 and 2000,

chapter 42,

section 4, is repealed.

Section 14.1 of the Act, as enacted by the Statutes

of Ontario, 1997,

chapter 43,

Schedule C,

section 7 and amended by 2000,

chapter 42,

section 5, is repealed and the following

substituted:

Disposition of Class A shares

14.1

(1) This

section applies if a

Class A share of a labour sponsored investment fund corporation that was

issued after May 6, 1996 is redeemed, acquired or cancelled by the

corporation less than eight years after the day on which the share was

issued.

Tax payable

(2) Subject to subsection (3), the person who was the

shareholder immediately before the redemption, acquisition or cancellation of

the Class A share shall pay a tax under this Part equal to the amount

calculated using the formula,

A × B

in which,

"A" is 20 per cent if the corporation issued the share as a research

oriented investment fund and 15 per cent in any other case, and

"B" is the lesser of,

(

a) the amount of equity capital received by the corporation on the

issuance of the share, and

(

b) the amount that is payable by the corporation on the redemption,

acquisition or cancellation of the share.

Exception

(3) No amount is payable under subsection (2) if any of the

following conditions is satisfied:

1. After the shareholder acquired the share, the shareholder became

disabled and permanently unfit for work or became terminally ill.

2. Within 60 days after the day on which the share was issued to the

original purchaser,

i. the shareholder asks the corporation to redeem it, and

ii. the tax credit certificate referred to in subsection 25 (5) that was

issued in respect of the share is returned to the corporation.

3. The shareholder acquired the share from another person as a consequence

of,

i. the death of the other person, or

ii. the death of an annuitant under a trust governing a registered

retirement savings plan or registered retirement income fund that previously

held the share.

4. The shareholder is a trust governing a registered retirement savings

plan or registered retirement income fund and, after the shareholder acquired

the share, the annuitant under the plan or fund became disabled and

permanently unfit for work or became terminally ill.

5. No tax credit certificate was issued under this Act at any time in

respect of the share.

Withholding and remittance of tax

(4) If tax is payable under subsection (2) as a result of the

redemption, acquisition or cancellation of a Class A share, the labour

sponsored investment fund corporation that redeems, acquires or cancels the

share shall,

(

a) withhold from the amount otherwise payable to the shareholder on the

redemption, acquisition or cancellation of the share the amount of tax

calculated under subsection (2); and

(

b) remit to the Minister on behalf of the shareholder the amount withheld

under clause (a), and do so within 30 days after the redemption, acquisition

or cancellation.

Liability for failure to withhold or remit

(5) If the labour sponsored investment fund corporation fails

to withhold or remit an amount under subsection (4), the corporation is

liable to pay to the Minister as tax under subsection (2) on behalf of the

shareholder the amount that the corporation failed to withhold or remit.

Same

(6) If the labour sponsored investment fund corporation paid an

amount to the Minister under subsection (5) as tax under subsection (2) on

behalf of the shareholder, the corporation is entitled to recover from the

shareholder the amount remitted to the Minister but not withheld by the

corporation.

Definition

(7) In subsections (3) to (6),

"shareholder" means the person who was the shareholder immediately before

the redemption, acquisition or cancellation of the Class A share.

(1) Clause 16.1 (2) (

a) of the Act, as

enacted by the Statutes of

Document details

Collection	Ontario — Bills
Citation	Bill 127, 37-2
Type	bill
Volume / chapter	p37 s2 bill 127 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	6d1f98d607bf800948e4950416a1f39123fe1775

Source file is stored in the law ingest library (html).