AI-assisted research summary: This section sets the payment timing for tax on certain dispositions of a beneficial interest in land, with different due dates depending on the quarter in which the disposition occurs.
Rules re when tax payable under s. 3 (2) of the Act 1. (1) This section sets out rules respecting when the tax imposed under subsection 3 (2) of the Act is payable other than as required under that subsection. (2) This section applies with respect to a disposition of a beneficial interest in land that results from, (a) an acquisition by a person of an interest, whether directly or indirectly through a trust or partnership, in a qualifying entity; or (b) an increase, whether directly or indirectly through a trust or partnership, in a person’s interest in a qualifying entity. (3) For the purposes of subsection (2), a qualifying entity is a trust or partnership in which 50 or more persons hold an interest, whether directly or indirectly through one or more partnerships or trusts, on the first day of the year in which the disposition described in subsection (2) occurs. (4) Subject to subsection (5), the tax imposed under subsection 3 (2) of the Act on a disposition of a beneficial interest in land described in subsection (2) of this section is payable in accordance with the following rules: 1. If the disposition occurs on or after January 1 and on or before March 31 of a calendar year, the tax is payable on April 30 of the year. 2. If the disposition occurs on or after April 1 and on or before June 30 of a calendar year, the tax is payable on July 30 of the year. 3. If the disposition occurs on or after July 1 and on or before September 30 of a calendar year, the tax is payable on October 30 of the year. 4. If the disposition occurs on or after October 1 and on or before December 31 of a calendar year, the tax is payable on January 30 of the subsequent year. (5) The rules set out in subsection (4) do not apply with respect to the amount of tax imposed under subsection 3 (2) of the Act that was determined at the rate under subsection 2 (2.1) of the Act. 2. Omitted (provides for coming into force of provisions of this Regulation).