Acts and Regulations

2012-15 - Property Tax Deferral Program for Seniors

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Document at 20 July 2012
NEW BRUNSWICK
REGULATION 2012-15
under the
Real Property Tax Act
(O.C. 2012-68)
Filed March 12, 2012
Under section 26 of the Real Property Tax Act, the Lieutenant-Governor in Council makes the following Regulation:
Citation
1This Regulation may be cited as the Property Tax Deferral Program for Seniors Regulation - Real Property Tax Act.
Definitions for the Act and this Regulation
2The following definitions apply in the Act and this Regulation.
“common-law partner” means(conjoint de fait)
(a) in the case of the death of the owner, a person who, not being married to the owner, was cohabiting in a conjugal relationship with the owner at the time of death of the owner and was cohabiting in a conjugal relationship with the owner for a continuous period of at least one year immediately before the death of the owner, or
(b) in any other case, a person who, not being married to the owner, was cohabiting in a conjugal relationship with the owner at the relevant time and was cohabiting in a conjugal relationship with the owner for a continuous period of at least one year immediately before the relevant time.
“total family income” means(revenu familial total)
(a) if the owner and his or her spouse or common-law partner occupy the same real property, the sum of the owner’s taxable income and the taxable income of his or her spouse or common-law partner, or
(b) if the owner and his or her spouse or common-law partner do not occupy the same real property, the owner’s taxable income.
Definitions for this Regulation
3The following definitions apply in this Regulation.
“Act” means the Real Property Tax Act.(Loi)
“owner” means the person who is entitled to a credit in respect of the real property or a portion of it under section 2.1 of the Residential Property Tax Relief Act, other than a credit under subsections 2.1(3) and (7) of that Act.(propriétaire)
Application for deferral
4(1)To qualify for a deferral in the year 2012, an application under subsection 5.02(2) of the Act must be made between March 1, 2012, and December 31, 2012, both dates inclusive.
4(2)To qualify for a deferral in any given taxation year after the year 2012, an application must be made within the given taxation year.
Exception
5For the purposes of subsection 5.02(4) of the Act, the Minister may authorize an owner who is not at least 65 years of age in the year of the application to defer payment of an amount of taxes if his or her spouse or common-law partner is at least 65 years of age in that year and occupies the same real property as the owner.
Base year
6(1)Subject to subsection (2), for the purposes of subsection 5.02(6) of the Act, the base year is the most recent of the following years:
(a) the year 2011 if the owner is at least 65 years of age in the year 2012;
(b) the year immediately preceding the year the owner reaches 65 years of age if he or she is not at least 65 years of age in the year 2012; and
(c) the year the owner acquired the particular real property.
6(2)If section 5 applies, the base year is the most recent of the following years:
(a) the year 2011 if the owner’s spouse or common-law partner is at least 65 years of age in the year 2012;
(b) the year immediately preceding the year the owner’s spouse or common-law partner reaches 65 years of age if he or she is not at least 65 years of age in the year 2012; and
(c) the year the owner acquired the particular real property.
Interest
7(1)If an amount of taxes deferred for a given taxation year is unpaid on the last day, or the last Saturday if the last day is a Sunday, of the calendar month in which the period described in subsection (2) expires, the amount bears interest at the rate of
(a) for the 2012 taxation year,
(i) 3.25% per year if the anticipated total family income for the year 2012 is less than $124,178, or
(ii) 8.25% per year if the anticipated total family income for the year 2012 is equal to or greater than $124,178; and
(b) for any taxation year after 2012,
(i) the provincial ten-year borrowing rate on December 31 of the year preceding the taxation year if the anticipated total family income for the year in which the application is made is less than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act, or
(ii) the sum of the rate referred to in subparagraph (i) and 5% if the anticipated total family income for the year in which the application is made is equal to or greater than the amount taxable provided for in paragraph 14(3)(d) of the New Brunswick Income Tax Act.
7(2)The period is 85 days after the date on which the assessment and tax notice is mailed under subsection 7(2) of the Act.
7(3)The Minister may examine the total family income at any time for the purposes of determining the applicable rate of interest and may adjust the rate of interest accordingly.
Acceptable transfers
8The circumstances for the purposes of subsection 5.02(11) of the Act are as follows:
(a) there is a transfer or deed of confirmation, rectification or modification;
(b) a person transfers real property to himself or herself for the purpose of consolidation;
(c) easements, rights, liberties or privileges are registered;
(d) there is a transfer or deed by which joint tenants become tenants in common or tenants in common become joint tenants; and
(e) marital property as defined in the Marital Property Act is transferred by
(i) a married person to his or her spouse,
(ii) a married person to himself or herself and his or her spouse, or
(iii) persons married to each other to one of such persons.
Commencement
9This Regulation shall be deemed to have come into force on January 1, 2012.
N.B. This Regulation is consolidated to March 12, 2012.