[39] Bill 10 Royal Assent (PDF)
Bill PR10 2008
An Act respecting Master's College and Seminary
Preamble
The board of governors of Master's College and Seminary 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 the purposes of Master's College and Seminary from January 1, 2008 to July 31, 2013 and to cancel the taxes for municipal and school purposes, other than local improvement rates, that were payable on the land for part of 2003 and for 2004 to 2007. The applicant represents that Master's College and Seminary was incorporated by special legislation in 1983 under the name Eastern Pentecostal Bible College and that it was continued by special legislation in 2001 under the name Master's College and Seminary. The applicant further represents that Master's College and Seminary is a registered charity within the meaning of the Income Tax Act (Canada) and that Master's College and Seminary occupies certain land leased by it.
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:
1. The Master's College and Seminary Act, 2001 is amended by adding the following section:
Tax exemptions and cancellations
Municipal tax exemption by-law
9.1 (1) The council of the City of Toronto may pass by-laws exempting the specified property from taxes for municipal purposes, other than local improvement rates, beginning January 1, 2008 and continuing to July 31, 2013, but only for so long as,
(a) the specified property is occupied and used solely for the purposes of Master's College and Seminary; and
(b) Master's College and Seminary is a registered charity within the meaning of the Income Tax Act (Canada).
Municipal tax cancellation by-law
(2) The council of the City of Toronto may pass by-laws cancelling the taxes for municipal purposes, other than local improvement rates, including interest and penalties, on the specified property for the period from August 1, 2003 to December 31, 2003 and for the years 2004, 2005, 2006 and 2007.
School tax exemption
(3) If the council of the City of Toronto passes a by-law under subsection (1), the specified property is also exempt from taxes for school purposes for the period for which the property is exempt from taxes for municipal purposes, other than local improvement rates, under the by-law.
School tax cancellation
(4) If the council of the City of Toronto passes a by-law under subsection (2), the taxes for school purposes on the specified property, including interest and penalties, are also cancelled for the period for which the taxes for municipal purposes, other than local improvement rates, are cancelled under the by-law.
Chargeback
(5) Sections 301 (adjustments) and 318 (taxes collected on behalf of other bodies) of the City of Toronto Act, 2006 apply, with necessary modifications, to taxes cancelled under subsections (2) and (4).
Definition
(6) In this section,
"specified property" means the lands and premises used and occupied by Master's College and Seminary at 3080 Yonge Street in the City of Toronto, being part of the lands currently assessed as 1904116010059000000.
Commencement
2. This Act comes into force on the day it receives Royal Assent.
Short title
3. The short title of this Act is the Master's College and Seminary Act, 2008.