[38] Bill 31 Royal Assent (PDF)
Bill Pr31 2006
An Act respecting the Perimeter Institute
Preamble
The board of directors of the Perimeter Institute has applied for special legislation to exempt certain land from taxation for municipal and school purposes, other than local improvement rates, while the land is used for a specified purpose. The applicant represents that the Perimeter Institute was incorporated under the Canada Corporations Act by letters patent dated September 28, 1999. The applicant further represents that the Perimeter Institute is a not-for-profit corporation, the purpose of which is to operate a research institute into foundational theoretical physics and that it has a freehold interest in the land at 35 King Street North, Waterloo, which is used as its head office, and a leasehold interest in the land at 31 Caroline Street North, Waterloo, which is used as its research and training facilities. The applicant represents that the Perimeter Institute is a registered charity within the meaning of the Income Tax Act (Canada).
It is appropriate to grant the application.
Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
Definitions
1. In this Act,
"Caroline Street property" means the land, as defined in the Assessment Act, municipally known as 31 Caroline Street North in the City of Waterloo;
"King Street property" means the land, as defined in the Assessment Act, municipally known as 35 King Street North in the City of Waterloo.
Tax exemption by-law
2. (1) The council of the City of Waterloo may pass by-laws exempting the Caroline Street property from taxation for municipal purposes, other than local improvement rates, if,
(a) the Caroline Street property is occupied and used solely for the research and educational purposes of the Perimeter Institute; and
(b) the Perimeter Institute is a registered charity within the meaning of the Income Tax Act (Canada).
Same
(2) The council of the City of Waterloo may pass by-laws exempting the King Street property from taxation for municipal purposes, other than local improvement rates, if,
(a) the King Street property is occupied and used solely for the research and educational purposes of the Perimeter Institute; and
(b) the Perimeter Institute is a registered charity within the meaning of the Income Tax Act (Canada).
Exemption applies to lower-tier and upper-tier taxes
(3) For greater certainty, a by-law passed under subsection (1) or (2) exempts the relevant property from both lower-tier and upper-tier taxes for municipal purposes, other than local improvement rates.
Property exempt from school taxes
3. (1) If the council of the City of Waterloo passes a by-law under subsection 2 (1), the Caroline Street property is also exempt from taxes for school purposes for so long as the by-law remains in effect.
Same
(2) If the council of the City of Waterloo passes a by-law under subsection 2 (2), the King Street property is also exempt from taxes for school purposes for so long as the by-law remains in effect.
Commencement
4. This Act comes into force on the day it receives Royal Assent.
Short title
5. The short title of this Act is the Perimeter Institute Act, 2006.