D-17 - Land Transfer Duties Act

Section 29 Disposition versions

1977-12-31

29. (1)  Payment of the duties shall be deferred in the case where the transferee undertakes,

(a)  if he is a physical person who is a Canadian citizen, to reside in Canada before the expiry of five years after the date of transfer;

(b)  if he is a physical person who is not a Canadian citizen, to reside in Canada before the expiry of two years after the date of transfer;

(c)  if it is a corporation not resident in Canada, to reside in Canada before the expiry of five years after the date of transfer.

(2)  For the purposes of paragraph c of subsection 1, where the corporation is a corporation not resident in Canada because shares of its capital stock are directly or indirectly owned by a physical person not resident in Canada, the latter shall undertake that the corporation will reside in Canada before the expiry of five years after the date of transfer, if such physical person is a Canadian citizen, and before the expiry of two years after the date of transfer if he is not a Canadian citizen.

1976, c. 23, s. 29.