RESIDENTIAL PROPERTY REBATES UNDER SECTION 51.2 OF THE ACT

CONTENTS 1. Interpretation 2. Payment by Minister 3. Entitlement to payment 4. Assignment — supplier payment or credit 5. Determination of amount of payment 6. Amount, additional rebate under s. 41 (2.01) of the Federal Regulation 7. Amount, additional rebate under s. 43 (1.01) of the Federal Regulation 8. Amount, additional rebate under s. 45 (2.01) of the Federal Regulation 9. Amount, additional rebate under s. 46 (2.01) of the Federal Regulation 10. Amount, additional rebate under s. 47 (3.3) of the Federal Regulation 11. Amount, additional rebate under s. 47 (5.1) of the Federal Regulation 12. Amount, additional rebate under s. 47 (7.3) of the Federal Regulation 13. Amount, additional rebate under s. 47 (9.1) of the Federal Regulation 14. Record keeping Interpretation 1. (1) In this Regulation, “Federal Act” means the Excise Tax Act (Canada); (“loi fédérale”) “Federal Regulation” means the New Harmonized Value-added Tax System Regulations, No. 2 made under the Federal Act; (“règlement fédéral”) “supplier” has the same meaning as in Part IX of the Federal Act. (“fournisseur”) (2) In this Regulation, a reference to an additional rebate is a reference to a rebate under subsection 256.21 (1) of the Federal Act the amount of which is determined under any of the following provisions of the Federal Regulation: 1. Subsection 41 (2.01). 2. Subsection 43 (1.01). 3. Subsection 45 (2.01). 4. Subsection 46 (2.01). 5. Subsection 47 (3.3). 6. Subsection 47 (5.1). 7. Subsection 47 (7.3). 8. Subsection 47 (9.1). (3) Words and expressions used in this Regulation have the same meaning as in the Federal Regulation unless the context requires otherwise. Payment by Minister 2. (1) The Minister shall provide a payment to, (a) a person who is entitled to the payment under section 3; or (b) a supplier who has been assigned the payment under section 4 by a person described in clause (a). (2) The payment is payable if the person or supplier applies for the payment in the form and manner required by the Minister within one year after the applicable deadline under the Federal Regulation for an application for the additional rebate to which the payment relates. (3) For the purposes of a payment the amount of which is determined under sections 6 to 9, if a supply of a residential complex or a share of the capital stock of a co-operative housing corporation is made to two or more individuals or if two or more individuals construct or substantially renovate, or engage another person to construct or substantially renovate, a residential complex, the following rules apply in respect of those individuals: 1. A reference in this Regulation to a person in relation to a payment is a reference to those individuals as a group. 2. Only one of those individuals may apply for the payment. 3. The individual who applies for the payment must be the same individual who applied for the additional rebate in respect of the residential complex or share. Entitlement to payment 3. (1) A person who is eligible for and has received an additional rebate is entitled to a payment. (2) In the case of a person who is eligible for and has received an additional rebate the amount of which is determined under subsection 47 (3.3) or (5.1) of the Federal Regulation, the person is entitled to a separate payment in respect of each residential unit that is a qualifying residential unit of the person at the specified time and that forms part of the residential complex or the addition to a multi-unit residential complex in respect of which the person was eligible for and received the additional rebate. (3) Despite subsection (2), no payment shall be made in respect of a residential unit referred to in that subsection whose unit market value is equal to or greater than $1,850,000. Assignment — supplier payment or credit 4. (1) In this section, reference to an additional rebate is reference only to an additional rebate the amount of which is determined under subsection 41 (2.01) or 43 (1.01) of the Federal Regulation. (2) A person is deemed to have received an additional rebate for the purposes of subsection 3 (1) if, under subsection 256.21 (3) of the Federal Act, the person receives from a supplier a payment or credit in the amount of the additional rebate. (3) A person may assign to the supplier of a residential complex for which the person is entitled to an additional rebate the payment to which the person is entitled under this Regulation. Determination of amount of payment 5. (1) Subject to subsections (2) and (3), the amount of a payment to which a person is entitled under section 2 is determined using the applicable formula under sections 6 to 13. (2) If a person is entitled to claim a federal rebate with respect to a transaction for which the person is entitled to the additional rebate, the amount of a payment to which the person is entitled shall be reduced by the amount of the federal rebate or, in the case of an additional rebate the amount of which is determined under subsection 47 (3.3) or (5.1) of the Federal Regulation, by the amount of the federal rebate that is attributable to the residential unit. (3) If the amount of a payment calculated in accordance with this section exceeds $50,000, the amount of the payment shall be reduced to $50,000. (4) In this section, “federal rebate” means a rebate under the Federal Act in respect of tax paid or payable under subsection 165 (1) or section 212 or 218 of that Act. Amount, additional rebate under s. 41 (2.01) of the Federal Regulation 6. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 41 (2.01) of the Federal Regulation. (2) If the total consideration for the supply of the residential complex in respect of which the person is entitled to claim the additional rebate is not more than $1,500,000, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 41 of the Federal Regulation. (3) If the total consideration for the supply of the residential complex in respect of which the person is entitled to claim the additional rebate is more than $1,500,000 but less than $1,850,000, the amount of the payment is determined using the formula, (X – Y) × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 41 of the Federal Regulation, and “Y” is equal to the amount determined, in respect of the residential complex, under subsection 41 (2) of the Federal Regulation. Amount, additional rebate under s. 43 (1.01) of the Federal Regulation 7. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 43 (1.01) of the Federal Regulation. (2) If the fair market value of the residential complex in respect of which the person is entitled to claim the additional rebate, as that fair market value is described in paragraph 43 (1.01) (c) of the Federal Regulation, is not more than $1,695,000, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 43 of the Federal Regulation. (3) If the fair market value of the residential complex in respect of which the person is entitled to claim the additional rebate, as that fair market value is described in paragraph 43 (1.01) (c) of the Federal Regulation, is more than $1,695,000 but less than $2,090,500, the amount of the payment is determined using the formula, (X – Y) × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 43 of the Federal Regulation, and “Y” is equal to the amount determined, in respect of the residential complex, under subsection 43 (1) of the Federal Regulation. Amount, additional rebate under s. 45 (2.01) of the Federal Regulation 8. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 45 (2.01) of the Federal Regulation. (2) If the total consideration for the supply of the share of the capital stock of a co-operative housing corporation in respect of which the person is entitled to claim the additional rebate is not more than $1,695,000, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the share, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 45 of the Federal Regulation. (3) If the total consideration for the supply of the share of the capital stock of a cooperative housing corporation in respect of which the person is entitled to claim the additional rebate is more than $1,695,000 but less than $2,090,500, the amount of the payment is determined using the formula, (X – Y) × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the share, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 45 of the Federal Regulation, and “Y” is equal to the amount determined, in respect of the share, under subsection 45 (2) of the Federal Regulation. Amount, additional rebate under s. 46 (2.01) of the Federal Regulation 9. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 46 (2.01) of the Federal Regulation. (2) If the fair market value of the residential complex in respect of which the person is entitled to claim the additional rebate, as that fair market value is described in paragraph 46 (2.01) (c) of the Federal Regulation, is not more than $1,500,000, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 46 of the Federal Regulation. (3) If the fair market value of the residential complex in respect of which the person is entitled to claim the additional rebate, as that fair market value is described in paragraph 46 (2.01) (c) of the Federal Regulation, is more than $1,500,000 but less than $1,850,000, the amount of the payment is determined using the formula, (X – Y) × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential complex, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under section 46 of the Federal Regulation, and “Y” is equal to the amount determined, in respect of the residential complex, under subsection 46 (2) of the Federal Regulation. Amount, additional rebate under s. 47 (3.3) of the Federal Regulation 10. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 47 (3.3) of the Federal Regulation. (2) In this section, “specified time”, in respect of a residential unit, means the time described in subsection 47 (3) of the Federal Regulation in respect of the residential unit. (3) If the unit market value of the residential unit that is a qualifying residential unit of the person at the specified time and that forms part of the residential complex or the addition to a multiple unit residential complex in respect of which the person is entitled to claim the additional rebate is not more than $1,500,000 at the specified time, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential complex or addition, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsections 47 (3) and (3.3) of the Federal Regulation, that is attributable to the residential unit. (4) If the unit market value of the residential unit that is a qualifying residential unit of the person at the specified time and that forms part of the residential complex or the addition to a multiple unit residential complex in respect of which the person is entitled to claim the additional rebate is more than $1,500,000 but less than $1,850,000 at the specified time, the amount of the payment is determined using the formula, X × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential complex or addition, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsection 47 (3.3) of the Federal Regulation, that is attributable to the residential unit. Amount, additional rebate under s. 47 (5.1) of the Federal Regulation 11. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 47 (5.1) of the Federal Regulation. (2) In this section, “specified time”, in respect of a residential unit, means the time described in subsection 47 (5) of the Federal Regulation in respect of the residential unit. (3) If the unit market value of the residential unit or, in the case of a multiple unit residential complex or an addition to a multiple unit residential complex, the unit market value of the qualifying residential unit of the person that forms part of the residential complex or the addition to a multiple unit residential complex in respect of which the person is entitled to claim the additional rebate is not more than $1,500,000 at the specified time, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential complex or addition, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsections 47 (5) and (5.1) of the Federal Regulation, that is attributable to the residential unit. (4) If the unit market value of the residential unit or, in the case of a multiple unit residential complex or an addition to a multiple unit residential complex, the unit market value of the qualifying residential unit of the person that forms part of the residential complex or the addition to a multiple unit residential complex in respect of which the person is entitled to claim the additional rebate is more than $1,500,000 but less than $1,850,000 at the specified time, the amount of the payment is determined using the formula, X × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential complex or addition, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsection 47 (5.1) of the Federal Regulation, that is attributable to the residential unit. Amount, additional rebate under s. 47 (7.3) of the Federal Regulation 12. (1) This section applies in the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 47 (7.3) of the Federal Regulation. (2) In this section, “specified time”, in respect of a residential unit, means the specified time referred to in paragraph 47 (7.1) (f) or (7.2) (c) of the Federal Regulation, as applicable, in respect of the residential unit. (3) If the unit market value of the residential unit in respect of which the person is entitled to claim the additional rebate is not more than $1,500,000 at the specified time, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is equal to the amount of the rebate, in respect of the residential unit, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsections 47 (7) and (7.3) of the Federal Regulation. (4) If the unit market value of the residential unit in respect of which the person is entitled to claim the additional rebate is more than $1,500,000 but less than $1,850,000 at the specified time, the amount of the payment is determined using the formula, X × 25 / 28 in which, “X” is equal to the amount of the rebate, in respect of the residential unit, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsection 47 (7.3) of the Federal Regulation. Amount, additional rebate under s. 47 (9.1) of the Federal Regulation 13. In the case of a person entitled to a payment under section 2 on the basis of an additional rebate the amount of which was determined under subsection 47 (9.1) of the Federal Regulation in respect of the supply of land, the amount of the payment is determined using the formula, X × 5 / 8 in which, “X” is the amount of the rebate, in respect of the land, to which the person is entitled under subsection 256.21 (1) of the Federal Act, as determined under subsections 47 (9) and (9.1) of the Federal Regulation. Record keeping 14. A person who applies for a payment under section 2 shall keep records containing the information that will enable the accurate determination of the person’s entitlement to the payment. 15. Omitted (provides for coming into force of provisions of this Regulation).