34. (1) The Minister may provide a rebate to a person equal to the tax paid by the person under this Act on specified inventory that is held by the person immediately before July 1, 2010 and is incorporated into residential premises as part of the repair or improvement of the residential premises after June 30, 2010 and before January 1, 2011.  O. Reg. 263/10, s. 3. (2) An application for a rebate under subsection (1) must be made in writing to the Minister before January 1, 2011 and must include such information and documents as the Minister may specify.  O. Reg. 263/10, s. 3. (3) The rebate under subsection (1) is only available with respect to specified inventory, (a) that is used in a supply for which tax was paid under subsection 165 (2) of the Excise Tax Act (Canada); and (b) that is not used in the construction or substantial renovation of residential premises in respect of which a rebate under section 256.21 of the Excise Tax Act
(Canada) is available.  O. Reg. 263/10, s. 3. (4) No rebate may be made under subsection (1) to a person to the extent that the person or another person otherwise receives or is eligible to receive, directly or indirectly, a payment, credit, refund, rebate, adjustment or other relief in respect of the tax to which the rebate under subsection (1) would relate.  O. Reg. 263/10, s. 3. (5) For the purposes of subsection (1), the specified inventory of a person is to be determined as of immediately before July 1, 2010 and may be determined, (a) on June 30, 2010; (b) if the person’s business is not open for active business on June 30, 2010, on the first day after June 30, 2010 or the last day before June 30, 2010 on which the business is open for active business; or (c) on a day before or after June 30, 2010, if the Minister is satisfied that the person’s inventory system is adequate to permit a reasonable determination of the person’s inventory as of the end of the day on June 30, 2010.  O. Reg. 263/10, s. 3. (6) For the purposes of this section, “capital property” means, in respect of a person, property that is, or that would be if the person were a taxpayer under the Income Tax Act (Canada), capital property of the person within the meaning of that Act; “residential premises” means real property in Ontario that would be a “residential complex” within the meaning of subsection 123 (1) of the Excise Tax Act (Canada) if that definition were read without paragraphs (d) and (e); “specified inventory” means, with respect to a person and as of a particular time, tax-paid property of the person that is construction materials held at that time for use or supply by the person in the repair or improvement of residential premises, but does not include, (a) any such property that, before that time, has been incorporated into residential premises or has otherwise been delivered to a construction, renovation, repair or improvement job site, (b) capital property of the person, (c) property held by the person for use in the construction, renovation, repair or improvement of property that is, or is to be, capital property of the person, or (d) property that is included in any other person’s inventory at that time; “substantial renovation” has the same meaning as in subsection 123 (1) of the Excise Tax Act
(Canada); “supply” has the same meaning as in subsection 123  (1) of the Excise Tax Act (Canada); “tax-paid property” means tangible personal property, (a) purchased or produced by a person before July 1, 2010 for the person’s own use in the repair or improvement of the residential premises, and (b) in respect of which the person paid tax under the Act.  O. Reg. 263/10, s. 3.