18 (1) References in this section to “the predecessor to this section” are references to this section as it read before its re-enactment, effective on May 7, 1997, by the Job Growth and Tax Reduction Act, 1997.  1997, c. 10, s. 18. Cancellation of deferred tax (2) If the payment of tax was deferred under the predecessor to this section and if the time for fulfilling the undertaking in respect of which the deferral was granted or extended has not expired on May 6, 1997, the tax is cancelled and is no longer owing.  1997, c. 10, s. 18. Rebate (3) If a person is entitled on May 7, 1997 to apply for a rebate under subsection (3) of the predecessor to this section, the rebate shall be made despite that subsection if the Minister receives an application for the rebate before January 1, 1998.  However, no interest shall be paid for any period of time after the last day on which the application could have been made under that subsection.  1997, c. 10, s. 18. Cancellation of tax owing (4) If a person owes tax and interest on May 7, 1997 because of the failure to fulfil an undertaking in respect of which a deferral was granted or extended under the predecessor to this section, the tax and interest owing on that date are cancelled and no longer owing if the Minister is satisfied that, (a) the undertaking was substantially fulfilled after the expiry of the period for fulfilling it but on or before May 6, 1997; (b) the failure to fulfil the undertaking was due to circumstances beyond the control of the person who gave the undertaking; or (c) on May 6, 1997, the person, (i) had carried on in Ontario for the 12 months immediately preceding May 7, 1997 an active business in which at least five people were employed full-time throughout the 12-month period, and (ii) owns assets (other than the land the conveyance of which gave rise to the tax owing) in Ontario that are at least equal in value to the value of the consideration of the land for the conveyance of which the tax was owing.  1997, c. 10, s. 18. Compromise or further deferral (5) If subsections (2), (3) and (4) do not apply and if a person owes tax and interest on May 7, 1997 because of the failure to fulfil an undertaking in respect of which a deferral was granted or extended under the predecessor to this section and no notice of assessment for payment of the tax is issued before May 6, 1997, (a) the Minister may cancel the tax and interest owing on May 7, 1997 upon payment to the Minister before January 1, 1998 of an amount equal to one-half of the tax and interest owing on the date of payment; or (b) the Minister may further defer the tax and interest owing on May 7, 1997 for a period of not more than seven years beginning on May 7, 1997 and, in that circumstance, the predecessor to this section continues to apply as if subsection (6) of the predecessor to this section referred to seven years instead of one year.  1997, c. 10, s. 18. Return of security (6) The Minister shall return to the person who furnished it any security held by the Minister for the payment of tax that is cancelled under this section. The Minister shall do so as soon as practicable after the Minister acknowledges the cancellation of the tax.  1997, c. 10, s. 18; 2004, c. 31, Sched. 21, s. 22. Section Amendments with date in force (d/m/y) 1997, c. 10, s. 18 - 07/05/1997 2004, c. 31, Sched. 21, s. 22 - 16/12/2004 19 Repealed:  1997, c. 10, s. 19. Section Amendments with date in force (d/m/y) 1997, c. 10, s. 19 - 07/05/1997