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

Section 421.6r3 Disposition versions

2012-09-01

421.6R3. For the purposes of subparagraph g of the second paragraph of section 421.6 of the Act, the amount prescribed is

(a)  with respect to a passenger vehicle leased under a lease entered into between 31 August 1989 and 1 January 1991, $24,000; and

(b)  with respect to a passenger vehicle leased under a lease entered into after 31 December 1990, the amount determined by the formula

A + B.

In the formula in subparagraph b of the first paragraph,

(a)  A is

i.  where the passenger vehicle was leased under a lease entered into before 1 January 1997, $24,000,

ii.  where the passenger vehicle was leased under a lease entered into after 31 December 1996 and before 1 January 1998, $25,000,

iii.  where the passenger vehicle was leased under a lease entered into after 31 December 1997 and before 1 January 2000, $26,000,

iv.  where the passenger vehicle was leased under a lease entered into after 31 December 1999 and before 1 January 2001, $27,000, and

v.  where the passenger vehicle was leased under a lease entered into after 31 December 2000, $30,000; and

(b)  B is the sum of the federal and provincial sales taxes that would have been payable on the acquisition of the passenger vehicle if it has been acquired at the time the lease was entered into at a cost, before those taxes, equal to the amount determined in subparagraph a.

s. 421.6R2; O.C. 1697-92, s. 54; O.C. 1463-2001, s. 60; O.C. 1470-2002, s. 44; O.C. 134-2009, s. 1.