Definitions

1   In this regulation:

"Act" means the Property Transfer Tax Act;

"application" means an application to the registrar under the Land Title Act;

"effective date", in respect of a final agreement, means the date the final agreement comes into effect in accordance with its terms.

Return exemptions

2   The following persons are exempt in relation to the specified transaction from the requirement under section 2 (1) (b) of the Act to file a return:

(a) a treaty first nation, and any other person, in respect of an application, made on the effective date of the treaty first nation's final agreement, for registration of a taxable transaction for which the treaty first nation or other person is exempt from taxation under that final agreement or section 2.2 (2) of the Act;

(b) a person, other than a member of the treaty first nation, in respect of an application, made on the effective date of the treaty first nation's final agreement, for registration of a leasehold interest in the treaty first nation's treaty lands, which interest is provided under the final agreement to replace a leasehold interest in those lands held by the person before the effective date.

Property transfer tax exemption

3   A person referred to in section 2 (b) is exempt from tax in relation to the taxable transaction for which the person is exempt under that section from the requirement to file a return.