Excise Tax Act — E-15 191
Self-supply of single unit residential complex or residential condominium unit 191 (1) For the purposes of this Part, where (a) the construction or substantial renovation of a residential complex that is a single unit residential complex or a residential condominium unit is substantially completed, (b) the builder of the complex (i) gives possession or use of the complex to a particular person under a lease, licence or similar arrangement (other than an arrangement, under or arising as a consequence of an agreement of purchase and sale of the complex, for the possession or occupancy of the complex until ownership of the complex is transferred to the purchaser under the agreement) entered into for the purpose of its occupancy by an individual as a place of residence, (ii) gives possession or use of the complex to a particular person under an agreement for (A) the supply by way of sale of the building or part thereof in which the residential unit forming part of the complex is located, and (B) the supply by way of lease of the land forming part of the complex or the supply of such a lease by way of assignment, other than an agreement for the supply of a mobile home and a site for the home in a residential trailer park, or (iii) where the builder is an individual, occupies the complex as a place of residence, and (c) the builder, the particular person, or an individual who has entered into a lease, licence or similar arrangement in respect of the complex with the particular person, is the first individual to occupy the complex as a place of residence after substantial completion of the construction or renovation, the builder shall be deemed (d) to have made and received, at the later of the time the construction or substantial renovation is substantially completed and the time possession or use of the complex is so given to the particular person or the complex is so occupied by the builder, a taxable supply by way of sale of the complex, and (e) to have paid as a recipient and to have collected as a supplier, at the later of those times, tax in respect of the supply calculated on the fair market value of the complex at the later of those times. Self-supply of residential condominium unit (2) For the purposes of this Part, where (a) the construction or substantial renovation of a residential condominium unit is substantially completed, (b) the builder of the unit gives possession of the unit to a particular person who is the purchaser under an agreement of purchase and sale of the unit at a time when the condominium complex in which the unit is situated is not registered as a condominium, (c) the particular person or an individual who is a tenant or licensee of the particular person is the first individual to occupy the unit as a place of residence after substantial completion of the construction or renovation, and (d) the agreement of purchase and sale is at any time terminated (otherwise than by performance of the agreement) and another agreement of purchase and sale of the unit between the builder and the particular person is not entered into at that time, the builder shall be deemed (e) to have made and received, at the time the agreement is terminated, a taxable supply by way of sale of the unit, and (f) except where possession of the unit was transferred to the particular person before 1991, to have paid as a recipient and to have collected as a supplier, at that time, tax in respect of the supply calculated on the fair market value of the unit at that time. Self-supply of multiple unit residential complex (3) For the purposes of this Part, where (a) the construction or substantial renovation of a multiple unit residential complex is substantially completed, (b) the builder of the complex (i) gives, to a particular person who is not a purchaser under an agreement of purchase and sale of the complex, possession or use of any residential unit in the complex under a lease, licence or similar arrangement entered into for the pur