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Newfoundland and Labrador
Regulation 2009


NEWFOUNDLAND AND LABRADOR REGULATION 9/09

NEWFOUNDLAND AND LABRADOR
REGULATION 9/09

Resort Property Investment Tax Credit Regulations
(Amendment)
under the
Income Tax Act, 2000
(O.C. 2009-028)

(Filed February 10, 2009)

Under the authority of section 46.1 of the Income Tax Act, 2000, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, February 2, 2009.

Gary Norris
Clerk of the Executive Council

REGULATIONS

Analysis


        1.   S.4 Amdt.
Certificate of registration as a qualifying resort developer

        2.   S.5 Amdt.
Application for tax credit receipt


NLR 85/07

        1. Section 4 of the Resort Property Investment Tax Credit Regulations is amended by adding immediately after subsection (1) the following:

          (1.1)  In issuing a certificate under subsection (1) the minister may determine the qualifying resort development complex to be a seasonal operation and may require it to be available to the rental pool during specific times of the year, reserving the right to reassess a unit holder's tax credit for failure to comply with the minister's requirement.

 

        2. (1) Section 5 of the regulations is amended by adding immediately after subsection (5) the following:

          (5.1)  Where a qualifying resort development property unit is acquired by 2 persons who are co-habiting spouses or common-law partners of one another, they may jointly decide how the tax credit is to be allocated between them.

             (2)  Paragraphs 5(7)(d) and (e) of the regulations are repealed and the following substituted:

             (d)  title to the property has been passed to the purchaser, cash payment has been received in full by the developer and the property is made available to the rental pool for a 20 year period;

          (d.1)  where the property is determined to be a seasonal operation under subsection 4(1.1), that the property is available to the rental pool during the times of the year required under that subsection;

             (e)  the property unit was sold in whole at one time, so that where there is more than one investor in a unit, all the investors participate in ownership of the property as either joint tenants or tenants in common;

             (3)  Paragraph 5(7)(g) of the regulations is repealed and the following substituted:

             (g)  the qualifying investor who has applied for the receipt and the qualifying resort developer have complied with all the requirements of these regulations.