D-17 - Land Transfer Duties Act

Section 24 Disposition versions

1994-06-17

24. (1)  Every following transaction is deemed to be a transfer relating to land to a transferee:

(a)  the issue or transfer of shares of the capital stock of a corporation of which at least 50% of the property, at any time after 11 May 1976 and within the two years immediately preceding the issue or transfer, consists of land, where, following such issue or transfer, one or more persons not resident in Canada who did not control the corporation previously control it directly or indirectly in any manner whatever;

(b)  the amalgamation of two or more corporations, where at least 50% of the property of one of such corporations, at any time after 11 May 1976 and within the two years immediately preceding the amalgamation, consists of land, and the control over such land is exercised directly or indirectly in any manner whatever, after the amalgamation, by one or more persons not resident in Canada who did not control it previously;

(c)  the transfer or change which occurred after 11 May 1976 of an interest or share in a partnership, association, syndicate, or any other group which owns land or capital or income interests in a trust which itself owns land, where, pursuant to such transfer or such change, the partnership, association, syndicate, group or trust becomes a person not resident in Canada.

(2)  For the purposes of subsection 1, the word “land” includes the rights on land arising from emphyteusis and from a contract of lease, providing that the period running from the date of the transfer to that of the termination of the contract of lease, including any extension or renewal mentioned therein, is 40 years or longer.

1976, c. 23, s. 24; 1976, c. 24, s. 3; 1994, c. 22, s. 13.

1977-12-31

24. (1)  Every following transaction is deemed to be a transfer relating to land to a transferee:

(a)  the issue or transfer of shares of the capital stock of a corporation of which at least 50 per cent of the property, at any time after 11 May 1976 and within the two years immediately preceding the issue or transfer, consists of land, where, following such issue or transfer, one or more persons not resident in Canada who did not control the corporation previously control it directly or indirectly in any manner whatever;

(b)  the amalgamation of two or more corporations, where at least 50 per cent of the property of one of such corporations, at any time after 11 May 1976 and within the two years immediately preceding the amalgamation, consists of land, and the control over such land is exercised directly or indirectly in any manner whatever, after the amalgamation, by one or more persons not resident in Canada who did not control it previously;

(c)  the transfer or change which occurred after 11 May 1976 of an interest or share in a partnership, association, syndicate, or any other group which owns land or capital or income interests in a trust which itself owns land, where, pursuant to such transfer or such change, the partnership, association, syndicate, group or trust becomes a person not resident in Canada.

(2)  For the purposes of subsection 1, the word “land” includes the rights on land arising from an emphyteutic lease and from a contract of lease, providing that the period running from the date of the transfer to that of the termination of the contract of lease, including any extension or renewal mentioned therein, is 40 years or longer.

1976, c. 23, s. 24; 1976, c. 24, s. 3.