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I-3, r. 1 - Regulation respecting the Taxation Act

Section 125.1r1
Disposition versions

Full text
125.1R1. For the purposes of section 125.1 of the Act, the following properties are prescribed:
(a)  an exempt property, within the meaning assigned to that expression by the first paragraph of section 130R71, other than a property leased before 3 February 1990 that is
i.  a truck or a tractor that is designed to be used on public highways and has a “gross vehicle weight rating” within the meaning of the Motor Vehicle Safety Regulations made under the Motor Vehicle Safety Act (S.C. 1993, c. 16) of at least 11,778 kg,
ii.  a trailer that is designed to be used on public highways and to be hauled, under normal operating conditions, by a truck or tractor described in subparagraph i, or
iii.  a railway car; and
(b)  a property that is the subject of a lease, where the fair market value of the corporeal property that is the subject of that lease, other than exempt property within the meaning assigned to that expression by the first paragraph of section 130R71, did not exceed, at the time the lease was entered into, $25,000.
s. 125.1R1; O.C. 366-94, s. 3; O.C. 35-96, s. 86; O.C. 134-2009, s. 1; O.C. 164-2021, s. 2.
125.1R1. For the purposes of section 125.1 of the Act, the following properties are prescribed:
(a)  an exempt property, within the meaning assigned to that expression by the first paragraph of section 130R71, other than a property leased before 3 February 1990 that is
i.  a truck or a tractor that is designed to be used on public highways and has a “gross vehicle weight rating” within the meaning of the Motor Vehicle Safety Regulations made under the Motor Vehicle Safety Act (S.C. 1993, c. 16) of at least 11,778 kg,
ii.  a trailer that is designed to be used on public highways and to be hauled, under normal operating conditions, by a truck or tractor described in subparagraph i, or
iii.  a railway car; and
(b)  a property that is the subject of a lease, where the fair market value of the tangible property that is the subject of that lease, other than exempt property within the meaning assigned to that expression by the first paragraph of section 130R71, did not exceed, at the time the lease was entered into, $25,000.
s. 125.1R1; O.C. 366-94, s. 3; O.C. 35-96, s. 86; O.C. 134-2009, s. 1.
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