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Feb 22, 2016

Tax News Flash - Ontario Reverses Land Transfer Tax Partnership Exemption

On Thursday, February 18, 2016, the Ministry of Finance (Ontario) quietly filed an amendment to the land transfer tax regulations which has potentially far reaching consequences. By way of background, the MOF started imposing land transfer tax on transfers of beneficial interests in land in 1989. Because the MOF does not recognize partnerships for land transfer tax purposes, where a partnership owns land, the owner of a partnership unit is considered to be the beneficial owner of the land. O. Reg. 70/91 was therefore implemented to provide an exemption in respect of “de minimus” transfers of partnership interests

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