24. (1) In this section and in sections 24.1 to 24.9,  “acquisition date” means, in respect of a multijurisdictional vehicle, (a) the date on which the vehicle is purchased, (b) in the case of a leased vehicle, the date on which the lessee first becomes entitled, under the lease, to have access to the vehicle, or (c) in the case of a vehicle that is a gift, the date the recipient of the gift receives possession of the vehicle; “acquisition year” means, in respect of a multijurisdictional vehicle, (a) the calendar year in which the vehicle is purchased, (b) in the case of a leased vehicle, the calendar year in which the lessee first becomes entitled, under the lease, to have access to the vehicle, or (c) in the case of a vehicle that is a gift, the calendar year in which the recipient of the gift receives possession of the vehicle; “broker driver” means a person who has entered into a written agreement with a registrant to provide a multijurisdictional vehicle and driver for haulage of the registrant’s trailers or who provides a multijurisdictional vehicle, trailer and driver for use at the registrant’s direction, and who is under the direct control and vehicle registration of the registrant; “bus” means a multijurisdictional vehicle designed for carrying 10 or more passengers and used for the transportation of individuals; “calculation year” means the period beginning on July 1 of a year and ending on the following June 30; “fleet of vehicles” means one or more multijurisdictional vehicles that are designated as a fleet by the registrant; “fleet registration date” means the date in the year that the fleet of vehicles is licensed in Ontario, including licensing renewals or re‑registration; “fleet registration year” means, in respect of a fleet of vehicles, the period, not exceeding 12 months, beginning on the fleet registration date; “Ontario travel ratio” means, in respect of a multijurisdictional vehicle, (a) in respect of the fleet registration year, if a fleet of vehicles operated in Ontario for at least 90 days during the previous calculation year, the ratio that the actual distance travelled in Ontario by the fleet of vehicles during the previous calculation year is of the total actual distance travelled by the fleet of vehicles during that same period, or (b) if clause (a) does not apply, the ratio that a reasonable estimate of the distance that the fleet of vehicles will travel in Ontario during the fleet registration year is of a reasonable estimate of the total distance that the fleet of vehicles will travel in the fleet registration year; “registration date”, in respect of a fleet of vehicles, means the first date in the calendar year that the vehicle or fleet is registered under the International Registration Plan; “tractor” means a motor vehicle that is designed and used primarily to draw other vehicles, but is not built to carry a load other than part of the weight of the vehicle and load being drawn; “vehicle taxable value” means, (a) the fair value of the multijurisdictional vehicle, if acquired new, including the purchase price of any accessories and modifications made to the vehicle at the vehicle’s acquisition date, but excluding any credit under subsection 2 (20) of the Act, (b) if the multijurisdictional vehicle is leased, the purchase price of the vehicle as described in the lease agreement or, if no purchase price is provided in the lease agreement, the value of the vehicle determined in accordance with subsection (3), including the purchase price of any accessories and modifications made to the vehicle at the vehicle’s acquisition date, or (c) the fair value of the multijurisdictional vehicle, if acquired used, or the value of the vehicle as determined in accordance with subsection (3), whichever is greater, including the purchase price of any accessories and modifications made to the vehicle at the used vehicle’s acquisition date, but excluding any credit under subsection 2 (20) of the Act. (2) Where, by reason of severe damage or excess use of the multijurisdictional vehicle, the value of the used vehicle, as determined in accordance with subsection (3), exceeds its purchase price, the Minister may, upon submission of proof satisfactory to the Minister, accept its purchase price as the vehicle taxable value. (3) For the purpose of determining the value of the vehicle in clauses (b) and (c) of the definition of “vehicle taxable value” and in subsection (2), the following formula shall be used: V = N × D where, V is the value of the used vehicle for the purposes of clause (b) and (c) of the definition of “vehicle taxable value”, N is the new value for the vehicle as set out in Schedule 2, D is the depreciation percentage for the year of acquisition for the used vehicle as set out in Schedule 3. O. Reg. 379/01, s. 6.