This is page numbers 5877 - 5944 of the Hansard for the 18th Assembly, 3rd Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was report.

Topics

Some Hon. Members

Agreed.

The Chair

The Chair R.J. Simpson

Thank you, committee. We will defer the bill number and title until after consideration of each clause. There are 11 clauses stretched out over 26 pages. I will call each clause individually. Clause 1.

---Clauses 1 through 6 inclusive approved

The Chair

The Chair R.J. Simpson

Thank you, committee. Clause 7. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Thank you, Mr. Chair. This clause of the bill brings about changes to the Land Titles Act, and I will just note from the Minister's opening remarks that it will increase fee rates in respect to the registration of certain instruments and caveats under the Land Titles Act. Is this related to the government's proposal for increasing land transfer fees or land transfer taxes? Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Minister.

Louis Sebert

Louis Sebert Thebacha

It is an increase of fees, of course, but it is not a land transfer tax.

The Chair

The Chair R.J. Simpson

Thank you. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Thank you. What is the policy rationale for increasing these fees? Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Minister.

Louis Sebert

Louis Sebert Thebacha

The fees had not been changed in many, many years, and we thought it wise to update the fees.

The Chair

The Chair R.J. Simpson

Thank you. Minister, when you are done speaking, I would just ask that you let the audio people know so that they can change the mics. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Thank you. For the benefit of people trying to understand these kind of collections of rate adjustments, when do these fees kick in? Is it when people buy and sell property? Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Minister.

Louis Sebert

Louis Sebert Thebacha

Yes, of course. The fees are phased in over three years. The fee could be imposed when you buy a property, certainly, but it could also be imposed when a mortgage is registered. That might not always be when you buy a property; there could be remortgaging, for example. Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Thank you. My understanding is that the majority of land transfers or land title transfers take place in the City of Yellowknife. Is that information correct?

The Chair

The Chair R.J. Simpson

Thank you. Minister.

Louis Sebert

Louis Sebert Thebacha

Yes, that's correct, Mr. Chair. Thanks.

The Chair

The Chair R.J. Simpson

Thank you. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Following through that logic, then, the majority of the revenues that are raised by this fee increase are going to be paid in majority by Yellowknife land transfers. Is that also correct? Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Minister.

Louis Sebert

Louis Sebert Thebacha

Yes, that's likely. Thank you, Mr. Chair.

The Chair

The Chair R.J. Simpson

Thank you. Mr. Testart.

Kieron Testart

Kieron Testart Kam Lake

Thank you, Mr. Chair. How much revenue is this expected to bring in year 1, year 2, and finally, year 3? Thank you.

The Chair

The Chair R.J. Simpson

Thank you. Minister.