Extension Of Electricity Transfer Tax Exemption For Ontario Municipalities
October 14, 2008 11:06 AM
McGuinty Government Encourages Efficiencies and Promotes Consolidation
To further encourage efficiencies and promote consolidation in
Ontario's electricity sector, Finance Minister Dwight Duncan today
announced the government is extending the exemption of electricity
transfer tax on publicly owned utilities when they sell electricity
assets to other publicly owned utilities in Ontario.
The province commends the efforts of local distribution companies who have diligently worked within the time-frame. This extension will allow others to follow their lead in the coming year.
The province commends the efforts of local distribution companies who have diligently worked within the time-frame. This extension will allow others to follow their lead in the coming year.
QUICK FACTS
- The transfer tax exemption period will be extended by one year until October 16, 2009.
- Certain transfers of an interest in real or personal property that has been used in connection with generating, transmitting, distributing or retailing electricity assets that occur after October 16, 2006 and before October 17, 2009 will be exempt from transfer tax.
- Application for Ontario Energy Board approval, if needed, must be filed before October 17, 2009.
LEARN MORE
Ministry of Finance
ontario.ca/finance
ontario.ca/finance
"We're responding to proposals made by the utilities. Extending the transfer tax exemption will promote consolidation and further efficiencies in the sector and improve the quality of services for consumers."
– Dwight Duncan
Minister of Finance
Communities
