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Volume 66, No. 8

129/2023

The British Columbia Gazette,

Part II

May 23, including May 9, 2023

B.C. Reg. 129/2023 , deposited May 23, 2023, under the PROPERTY TRANSFER TAX ACT [section 37]. Order in Council 317/2023, approved and ordered May 23, 2023.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that, effective January 1, 2022, the attached First Nations Trust Property Transfer Tax Exemption Regulation is made.

— K. CONROY, Minister of Finance ; M. FARNWORTH, Presiding Member of the Executive Council .

FIRST NATIONS TRUST PROPERTY TRANSFER TAX

EXEMPTION REGULATION

Definitions

1 In this regulation,

"Act" means the Property Transfer Tax Act ;

"first nation" means a band as defined in the Indian Act (Canada).

Exemption

2 Subject to the conditions set out in

section 3, a transferee who applies for registration of a taxable transaction at a land title office is exempt from the obligation to pay tax under

section 2 (1) (

a) of the Act.

Conditions for exemption

3 The exemption under

section 2 applies if all of the following conditions are met:

(

a) at the time of registration, the transferor is an individual who

(

i) holds a property in trust for a first nation, and

(ii) is registered under the Land Title Act as a trustee of the property;

(

b) the transferee is an entity that is not an individual and that, immediately after registration,

(

i) holds the property in trust for the first nation, and

(ii) is registered under the Land Title Act as a trustee of that property;

(

c) the change in trustee is for reasons that do not relate, directly or indirectly,

(

i) to a change in beneficiaries or in a class of beneficiaries of the trust, or

(ii) to a change in the terms of the trust, other than in respect of the trustee.

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