NEWFOUNDLAND AND LABRADOR REGULATION 17/22

NEWFOUNDLAND AND LABRADOR
REGULATION 17/22

Revenue Administration Regulations (Amendment)
under the
Revenue Administration Act
(O.C. 2022-087)

(Filed April 7, 2022)

Under the authority of sections 107 and 111 of the Revenue Administration Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John’s, April 7, 2022.

Krista Quinlan
Clerk of the Executive Council

REGULATIONS

Analysis

NLR 73/11
as amended

1. Subsection 2(3) of the Revenue Administration Regulations is repealed and the following substituted:

(3) In Part X,

(a) "accident insurance", "sickness insurance", "life insurance", "automobile", "automobile insurance" and "marine insurance" have the same meanings as in the Insurance Companies Act; and

(b) "personal property insurance" means insurance against the loss of, or damage to, personal property and includes insurance against loss caused by forgery.

2. Section 64.5 of the regulations is amended by renumbering it as subsection (1) and by adding immediately after that subsection the following:

(2) Personal property insurance contracts entered into during the period April 7, 2022 to April 6, 2023 shall be excluded from the application of section 91.1 of the Act.

3. Section 64.8 of the regulations is repealed and the following substituted:

Tax advantage

64.8 Where a retail purchaser cancels a contract of personal property insurance before it expires and enters into a new contract of personal property insurance solely for the purpose of availing of the exemption of tax under subsection 64.5(2), the exemption shall not be applied until the expiry of the original contract of personal property insurance.

Commencement

4. These regulations are considered to have come into force on April 7, 2022.