Toronto International Film Festival Inc. Act (Tax Relief), 2014 Marchese, Rosario — Private Bill PR27 (40th Parliament, 2nd Session)

Bill PR27, 40-2

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Bill PR27, Toronto International Film Festival Inc. Act (Tax Relief), 2014

Marchese, Rosario

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Status

Original

Royal Assent

[40] Bill 27 Royal Assent (PDF)

Bill PR27 2014

Act respecting Toronto International Film Festival Inc.

Toronto

International Film Festival Inc. has applied for special legislation to exempt

certain land from taxation for municipal and school purposes, other than local

improvement rates, beginning January 1, 2014, while the land is occupied and used

by Toronto International Film Festival Inc., and to cancel the taxes for

municipal and school purposes, other than local improvement rates, that were

payable on the land from September 1, 2010 to December 31, 2013. The applicant

represents that it was incorporated under the Corporations

Act by letters patent dated February 28, 1975 under the name World Film

Festival of Toronto Inc., and that it changed its name by supplementary letters

patent dated October 18, 1994 to Toronto International Film Festival Inc. The

applicant represents that it is a registered charity within the meaning of the Income Tax Act (Canada) and that it owns a freehold

interest in the land.

is appropriate to grant the application.

Therefore,

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

the Province of Ontario, enacts as follows:

Definition

1. In this Act,

"specified

property" means the land, as defined in the Assessment Act ,

municipally known as 350 King Street West in the City of Toronto, more

specifically described as:

Part of the Lane (closed by By-law 14-2002,

Instrument No. CA766959); Part of the Lane (closed by By-law 20917, Instrument

No. ES50552); Parts of the 0.305 meter reserve; and Parts of Lots 1-9, Plan

D-255, and Parts of Lots 1-6 on Plan 84, designated as Parts 1, 3-8, 14-15, and

17 on Plan 66R25315 and Parts 2-4 on Plan 66R-25347.

Municipal

tax exemption by-law

(1) The

council of the City of Toronto may pass by-laws exempting the specified

property from taxation for municipal purposes, other than local improvement

rates, beginning January 1, 2014, if,

(

a) the

specified property is occupied and used solely by Toronto International Film

Festival Inc.;

(

b) Toronto

International Film Festival Inc. is the registered owner of the specified

property; and

(

c) Toronto

International Film Festival Inc. is a registered charity within the meaning of

the Income Tax Act (Canada).

Non-exempt

portion of land

(2) For greater certainty, if any portion

of the specified property is occupied and used by an entity other than Toronto

International Film Festival Inc., that portion of the specified property so

occupied and used is not exempt from taxation under a by-law passed under subsection

(1).

Municipal

tax cancellation by-law

(1) If

the council of the City of Toronto passes a by-law under

section 2, it may pass

by-laws cancelling the taxes for municipal purposes, other than local

improvement rates, including interest and penalties, on the specified property,

or any portion of it,

(

a) for

the period from September 1, 2010 to December 31, 2010;

(

b) for

the years 2011, 2012 and 2013; and

(

c) for

any year or part of a year,

(

i) to

which the exemption applies, and

(ii) for

which taxes have been levied.

Non-exempt

portion of land

(2) For greater certainty, if any portion

of the specified property is not exempt from taxation under a by-law passed

under subsection 2 (1), as described in subsection 2 (2), a cancellation of

taxes for municipal purposes under this Act does not apply to that portion.

School

taxes

Tax

exemption

(1) If

the council of the City of Toronto passes a by-law under

section 2, the

specified property is also exempt from taxation for school purposes for the

period for which the specified property is exempt from taxation for municipal

purposes, other than local improvement rates, under the by-law.

Tax

cancellation

(2) If the council of the City of Toronto passes

a by-law under

section 3, the taxes for school purposes on the specified

property, including interest and penalties, are also cancelled for the period

for which the taxes for municipal purposes, other than local improvement rates,

are cancelled.

Non-exempt

portion of land

(3) For greater certainty, if any portion

of the specified property is not exempt from taxation under a by-law passed

under subsection 2 (1), as described in subsection 2 (2), an exemption from

taxation for school purposes or a cancellation of taxes for school purposes does

not apply to that portion.

Chargeback

(4) Section 318 (taxes collected on behalf

of other bodies) of the City of Toronto Act, 2006 applies

to taxes cancelled by subsection (2).

specified property is sold

(1) A

by-law passed under

section 2 or 3 may state that it does not come into force

unless Toronto International Film Festival Inc. enters into an agreement with

the City of Toronto providing that, if Toronto International Film Festival Inc.

sells, leases or otherwise disposes of the specified property, the amount

described in subsection (2) becomes payable to the City unless, pursuant to the

provision described in subsection 6 (1), the amount described in subsection 6

(3) becomes payable instead.

Amount

of taxes

(2) For the purposes of subsection (1), the

amount is the amount of taxes that would have been payable, if the by-law under

section 2 or 3 had not been passed, by Toronto International Film Festival Inc.

to the City of Toronto in respect of the specified property for the shorter of

the following two periods:

1. The

10 years preceding the date of the sale, lease or other disposition.

2. The

period that started on the date the by-law was passed and ended on the date of

the sale, lease or other disposition.

Charge

registered on title

(3) The City of Toronto may register an agreement

described in subsection (1) against the title of the specified property in the

appropriate land registry office and any amounts payable under the agreement

shall, until paid, be a lien or charge on that land and may be added by the clerk

of the City of Toronto to the collector's roll and collected in the same manner

as real property taxes.

subsequent land is acquired

Collection

of taxes postponed

(1) An

agreement described in subsection 5 (1) may provide that, if Toronto

International Film Festival Inc. sells, leases or otherwise disposes of the specified

property and, within two years of the date of the sale, lease or other disposition,

acquires other land in the City of Toronto, and if the conditions set out in

subsection (2) are met,

(

a) the

amount described in subsection 5 (2) is not payable to the City of Toronto upon

the sale, lease or other disposition of the specified property; and

(

b) the

amount described in subsection (3) is payable to the City of Toronto upon the sale,

lease or other disposition of the acquired land.

Conditions

(2) The conditions referred to in

subsection (1) are that,

(

a) the

acquired land is occupied and used solely by Toronto International Film

Festival Inc.;

(

b) Toronto

International Film Festival Inc. is the registered owner of the acquired land;

and

(

c) Toronto

International Film Festival Inc. is a registered charity within the meaning of

the Income Tax Act (Canada).

Amount

of taxes

(3) For the purposes of subsection (1), the

amount is the amount of taxes that would have been payable, if the by-law under

section 2 or 3 had not been passed, by Toronto International Film Festival Inc.

to the City of Toronto in respect of the specified property or the acquired

land for the shorter of the following two periods:

1. The

10 years preceding the date of the sale, lease or other disposition of the

acquired land.

2. The

period that started on the date the by-law was passed and ended on the date of

the sale, lease or other disposition of the acquired land.

Transfer

of tax exemption and lien

(4) If an agreement described in subsection

5 (1) has been entered into and Toronto International Film Festival Inc. sells,

leases or otherwise disposes of the specified property and, within two years of

the date of the sale, lease or other disposition, acquires other land in the

City of Toronto, and if the conditions set out in subsection (2) are met,

(

a) the

City of Toronto may by by-law transfer the tax exemption under

section 2 to the

acquired land;

(

b) the

City of Toronto may register the agreement against the title of the acquired

land in the appropriate land registry office and upon such registration any

lien or charge described in subsection 5 (3) on the specified property is

discharged; and

(

c) any

amounts payable under the agreement shall, until paid, be a lien or charge on

the acquired land and may be added by the clerk of the City of Toronto to the

collector's roll and collected in the same manner as real property taxes.

Non-exempt

portion of land

(5) For greater certainty, the transfer

under clause (4) (

a) of a tax exemption to the acquired land does not apply to any

portion of land that is occupied and used by an entity other than Toronto International

Film Festival Inc.

Revocation

of by-law

7. If

the council of the City of Toronto revokes a by-law passed under

section 2 or 3

or clause 6 (4) (a), the revocation does not affect the validity of any

agreement described in subsection 5 (1) between Toronto International Film

Festival Inc. and the City of Toronto or change any of its terms respecting the

payment of amounts owing under the agreement.

Commencement

8. This

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

Short

title

9. The

short title of this Act is the Toronto International Film

Festival Inc. Act (Tax Relief), 2014 .

[40] Bill 27 Original (PDF)