New Form Requirements for Ontario Provincial Land Transfer Tax

On April 24, the Ontario Government is requiring additional information prior to signing of Transfer Type Instruments

ou may be aware, through a newsletter posted in Teraview, of a new Prescribed Information for Purposes of Section 5.0.1 Form (Form) that is required to be completed and submitted on certain types of conveyancing files. Beginning on April 24, 2017 the submission of the Form will be mandatory.

LDD has reviewed the available information to help you through the implementation process.

Quick Facts

• Persons who purchase or acquire land that contains at least one and not more than six single family residences, or agricultural land, are required to provide this additional information.
• Between April 24 and May 5 there will be no penalties for deficiencies in submitted Forms.
• The Form will be available on the Teranet eXpress website on April 22.
• Once the form has been submitted, you will receive a Confirmation Number that needs to be input into Teraview.
• Note that you will need to save a copy of this form for your own records at this time.
• In Teraview, you will be required to select a statement that indicates either:
  1. the Confirmation Number (for applicable conveyances);
  2. a Reason For Delay (for applicable conveyances); or
  3. this information is not required for this conveyance.
• If you have selected #1 above, you will need to enter the applicable Confirmation Number.

Summary of the Additional Information Required

The prescribed information required includes (but is not limited to) the following:

• whether the home is intended to be occupied by the person who purchases or acquires the land, or their family member(s), as their principal residence
• the type of dwelling (detached, semi‑detached, condominiums, cottages, etc.)
• whether the property, in part or in whole, is intended to be leased out 
• residency, citizenship and permanent resident status, if the person who purchases or acquires the land is an individual
• information about incorporation, ownership and control, if the purchasers are corporations, and
• information about beneficial owners, if the person who purchases or acquires the land is acting as a trustee, nominee or in a similar capacity.

LDD is in contact with the various entities involved in this change and will keep you up to date as we gain access to the Form and learn more about the process. 

 

Resources

Ontario Ministry of Finance bulletin

Teraview newsletter (PDF)