1. Ontario Regulation 182/17 is amended by adding the following sections:
Specified Regions and Alternate Rate of Tax
1.2 All areas of land outside of the Greater Golden Horseshoe Region are prescribed as included in the specified region for the purposes of clause (b) of the definition of “specified region” in subsection 1 (1) of the Act.
Alternate rate of tax
1.3 (1) Subject to subsection (2), an alternate tax rate of 20 per cent is prescribed for the purposes of subsection 2 (2.1) of the Act in respect of conveyances of land tendered for registration after March 29, 2022.
(2) The rate set out in clause 2 (2.1) (a) of the Act applies in respect of a conveyance of land tendered for registration after March 29, 2022 if,
(a) the land is conveyed pursuant to an agreement of purchase and sale entered into on or before March 29, 2022;
(b) any assignment of the agreement of purchase and sale to any other person was entered into on or before March 29, 2022;
(c) the land is not conveyed to any foreign corporation other than,
(i) a purchaser under the agreement of purchase and sale, or
(ii) a corporation to which the agreement of purchase and sale was assigned;
(d) the land is not conveyed to any foreign national or taxable trustee other than,
(i) a purchaser under the agreement of purchase and sale,
(ii) a person to whom the agreement of purchase and sale was assigned, or
(iii) the spouse of an individual described in subclause (i) or (ii); and
(e) the land is located within the Greater Golden Horseshoe Region.
Exemption, agreements entered into on or before March 29, 2022
4.1 No tax is payable under subsection 2 (2.1) of the Act in respect of a conveyance of land if,
(a) the land is conveyed pursuant to an agreement of purchase and sale entered into on or before March 29, 2022;
(b) any assignment of the agreement of purchase and sale to any other person was entered into on or before March 29, 2022;
(c) the land is not conveyed to any foreign corporation other than,
(i) a purchaser under the agreement of purchase and sale, or
(ii) a corporation to which the agreement of.