Definitions

1   In this regulation:

"Act" means the School Act;

"long-term lease" means a lease registered in the land title office that has a term of 60 years or more, as determined in accordance with section 4 [how term of lease must be determined].

Application

2   This regulation applies in respect of the 2020 taxation year and subsequent taxation years.

Dwelling property does not include property
owned by certain lessees of Crown or other lands

3   For the purposes of section 117.1 [definitions for this Division] of the Act, "dwelling property" does not include property owned by a person if both of the following apply in respect of a taxation year:

(a) the person holds or occupies the property, under a long-term lease, in the manner referred to in one of the following provisions of the Assessment Act:

(i) section 26 [assessment of land the fee of which is in the Crown];

(ii) section 27 [assessment of exempt land held by occupier];

(iii) section 28 [assessment of land the fee of which is in the municipality];

(b) as at October 31 of the preceding taxation year, there were less than 30 years remaining in the term of the long-term lease.

How term of lease must be determined

4   (1) For the purposes of this regulation, the term of a long-term lease of a property must be determined by adding

(a) the number of years for which a lessee has the right to occupy the property under the long-term lease, and

(b) the maximum number of years, not already counted under paragraph (a), for which a lessee would have the right to occupy the property were the lessee to exercise all rights or options to renew or extend the long-term lease.

(2) If the number determined under subsection (1) includes a portion of a year, the number must be rounded up to the next whole number.