129_2023 — First Nations Trust Property Transfer Tax Exemption Regulation

s. 1 — Definitions

In this regulation,

s. 1 — Act

Act means the Property Transfer Tax Act;

s. 1 — first nation

first nation means a band as defined in the Indian Act (Canada).

s. 2 — Exemption

Subject to the conditions set out in section 3, a transferee who applies for registration of a taxable transaction at a land title office is exempt from the obligation to pay tax under section 2 (1) (a) of the Act.

s. 3 — Conditions for exemption

The exemption under section 2 applies if all of the following conditions are met:

s. 3(a)

at the time of registration, the transferor is an individual who

s. 3(a)(i)

holds a property in trust for a first nation, and

s. 3(a)(ii)

is registered under the Land Title Act as a trustee of the property;

s. 3(b)

the transferee is an entity that is not an individual and that, immediately after registration,

s. 3(b)(i)

holds the property in trust for the first nation, and

s. 3(b)(ii)

is registered under the Land Title Act as a trustee of that property;

s. 3(c)

the change in trustee is for reasons that do not relate, directly or indirectly,

s. 3(c)(i)

to a change in beneficiaries or in a class of beneficiaries of the trust, or

s. 3(c)(ii)

to a change in the terms of the trust, other than in respect of the trustee.