Is there an exemption available for transfers of land from an individual carrying on a family business to a family business corporation?
An exemption from land transfer tax is available on certain transfers of land to family business corporations in accordance with R.R.O. 1990, Regulation 697. The general requirement for qualification is that the land is being transferred for the principal purpose of enabling the family business corporation to continue the operation of the business on the land under the direction of a person or persons each of whom is a member of the family of each transferor of the land being transferred. Other specific requirements apply which are outlined in R.R.O. 1990, Regulation 697. Call the ministry at 905 433-6361 for further information.
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