R.R.O. 1990, Reg. 75: GENERAL

Commercial Concentration Tax Act
Loi de l’impôt sur les concentrations commerciales

R.R.O. 1990, REGULATION 75

GENERAL

Note: This Regulation was revoked on September 3, 2010. See: O. Reg. 338/10, ss. 1, 2.

Last amendment: O. Reg. 338/10.

This Regulation is made in English only.

1. (1) In this section,

“adjustment date” means January 1, April 1, July 1 or October 1;

“average prime rate”, on a particular date, means the mean, rounded to the nearest whole percentage point, of the annual rates of interest announced by each of the Royal Bank of Canada, The Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Bank of Montreal and The Toronto-Dominion Bank to be its prime or reference rate of interest in effect on that date for determining interest rates on Canadian dollar commercial loans by that bank in Canada. O. Reg. 307/97, s. 1.

(2) For the purposes of the Act, the prescribed rates of interest shall be determined in accordance with the following rules:

1. A base rate of interest shall be determined for January 1, 1997 and for each adjustment date after January 1, 1997 and shall be equal to the average prime rate on,

i. October 15 of the previous year, if the adjustment date is January 1,

ii. January 15 of the same year, if the adjustment date is April 1,

iii. April 15 of the same year, if the adjustment date is July 1, and

iv. July 15 of the same year, if the adjustment date is October 1.

2. The base rate of interest in effect on a particular date shall be,

i. the base rate for the particular date, if the particular date is an adjustment date, and

ii. the base rate for the last adjustment date before the particular date, otherwise.

3. The prescribed rate of interest payable by a person under the Act in respect of a particular day shall be an annual interest rate that is three percentage points higher than the base rate of interest in effect on that day.

4. The prescribed rate of interest to be paid or allowed by the Minister to a person under the Act, in respect of a particular day before July 1, 2006, shall be an annual interest rate that is two percentage points lower than the base rate of interest in effect for that day.

4.1 The prescribed rate of interest to be paid or allowed by the Minister to a person under the Act, in respect of a particular day after June 30, 2006, shall be an annual interest rate that is three percentage points lower than the base rate of interest in effect for that day.

5. For an overpayment that results from an adjustment referred to in subsection 14 (3) of the Act, the prescribed rate of interest to be paid or allowed by the Minister in respect of a particular day after December 31, 1998 is the base rate of interest in effect for that day. O. Reg. 307/97, s. 1; O. Reg. 448/99, s. 1; O. Reg. 228/06, s. 1.

2. For the purpose of section 2 of the Act,

“shared facilities” includes,

(a) a common utility system, such as a common system for conducting and supplying water, ventilation and air conditioning, lighting or heating,

(b) common entrances, exits, halls, aisles, atria or malls, or

(c) architectural or structural design integrity below ground such as malls,

but excludes structures that connect two or more buildings and are designed only for vehicle parking or pedestrian movement, whether above or below ground. R.R.O. 1990, Reg. 75, s. 2.

2.1 A notice of objection under subsection 16 (8) of the Act shall be in Form 3. O. Reg. 116/92, s. 1.

3. For the purpose of subsection 4 (2) of the Act,

“research and development facility” means land that is used primarily for scientific research and experimental development within the meaning of the Income Tax Act (Canada) and regulations under it. R.R.O. 1990, Reg. 75, s. 3.

4. For the purpose of subsection 4 (4) of the Act,

“on a seasonal basis” refers to a commercial parking lot operating,

(a) for a period not exceeding six consecutive months within any consecutive twelve-month period, or

(b) for a maximum of any ninety days within the taxation year. R.R.O. 1990, Reg. 75, s. 4.

5. The following commercial properties are exempt from the tax imposed by the Act:

1. Toronto International Convention Centre, 6900 Airport Road, Mississauga.

2. Metro East Trade Centre, 1899 Brock Road, Pickering.

3. Canadian Standards Association Building, 178 Rexdale Boulevard, Etobicoke.

4. Bell Canada switching stations at 11-15 Asquith Avenue, Toronto, 220 Simcoe Street, Toronto, and 76 Adelaide Street West, Toronto. R.R.O. 1990, Reg. 75, s. 5.

6. A notice of assessment under subsection 8 (1) of the Act shall be in Form 1. R.R.O. 1990, Reg. 75, s. 6.

7. A tax bill under subsection 15 (1) of the Act shall be in Form 2. R.R.O. 1990, Reg. 75, s. 7.

FORM 1/FORMULE 1
NOTICE OF ASSESSMENT FOR COMMERCIAL CONCENTRATION TAX/
AVIS D’ÉVALUATION POUR L’IMPÔT SUR LES CONCENTRATIONS COMMERCIALES

Commercial Concentration Tax Act
Loi de l’impôt sur les concentrations commerciales

R.R.O. 1990, Reg. 75, Form 1.

FORM 2/FORMULE 2
COMMERCIAL CONCENTRATION TAX BILL FOR 1990/
RELEVÉ D’IMPOSITION SUR LA CONCENTRATION COMMERCIALE POUR L’ANNÉE 1990

Commercial Concentration Tax Act
Loi de l’impôt sur les concentrations commerciales

R.R.O. 1990, Reg. 75, Form 2.

FORM 3
NOTICE OF OBJECTION

Commercial Concentration Tax Act

FORMULE 3
AVIS D’OPPOSITION

Loi de l’impôt sur les concentrations commerciales

O. Reg. 116/92, s. 2.