I-3, r. 1 - Regulation respecting the Taxation Act

Section 130r197 Disposition versions

2012-09-01

130R197. A separate class is hereby prescribed for the property included in a class in Schedule B that is exempt property within the meaning assigned to that expression by the first paragraph of section 130R71, of the taxpayer referred to in section 130R92 and in respect of which the taxpayer has elected, in the manner referred to in the second paragraph, to apply this section.

Such election must be made by the taxpayer by means of a letter attached to the taxpayer’s fiscal return filed pursuant to sections 1000 to 1003 of the Act for the taxation year during which the property was acquired.

Such election is effective from the first day of the taxation year for which it is made and continues to be effective for all subsequent taxation years.

s. 130R98.8; O.C. 366-94, s. 16; O.C. 134-2009, s. 1.