108_2020 — Additional School Tax Regulation

s. 1 — Definitions

In this regulation:

s. 1 — Act

Act means the School Act;

s. 1 — long-term lease

long-term lease means a lease registered in the land title office that has a term of 60 years or more, as determined in accordance with section 4 [how term of lease must be determined].

s. 2 — Application

This regulation applies in respect of the 2020 taxation year and subsequent taxation years.

s. 3 — Dwelling property does not include property owned by certain lessees of Crown or other lands

For the purposes of section 117.1 [definitions for this Division] of the Act, "dwelling property" does not include property owned by a person if both of the following apply in respect of a taxation year:

s. 3(a)

the person holds or occupies the property, under a long-term lease, in the manner referred to in one of the following provisions of the Assessment Act:

s. 3(a)(i)

section 26 [assessment of land the fee of which is in the Crown];

s. 3(a)(ii)

section 27 [assessment of exempt land held by occupier];

s. 3(a)(iii)

section 28 [assessment of land the fee of which is in the municipality];

s. 3(b)

as at October 31 of the preceding taxation year, there were less than 30 years remaining in the term of the long-term lease.

s. 4 — How term of lease must be determined

s. 4(1)

For the purposes of this regulation, the term of a long-term lease of a property must be determined by adding

s. 4(1)(a)

the number of years for which a lessee has the right to occupy the property under the long-term lease, and

s. 4(1)(b)

the maximum number of years, not already counted under paragraph (a), for which a lessee would have the right to occupy the property were the lessee to exercise all rights or options to renew or extend the long-term lease.

s. 4(2)

If the number determined under subsection (1) includes a portion of a year, the number must be rounded up to the next whole number.