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37 Ongoing 6‑monthly fees for developers given exemption certificates under section 57 (new dwellings) of the Foreign Acquisitions Act

(1) The amount of the fee, payable by a developer mentioned in subsection 113(2) of the Foreign Acquisitions Act at the end of a 6 month period covered by that subsection, is the total of the amounts that are payable under subsection (2) of this section for each new dwelling acquisition that occurs during the period.

Note: Subsections 113(3) and (4) of the Foreign Acquisitions Act define 6 month period and new dwelling acquisition.

(2) The amount that is payable for a new dwelling acquisition is equal to the fee that would be worked out under Division 2 of this Part, at the time of the acquisition, if the acquisition were: (a) an action covered by that Division; and (b) an acquisition of an interest in residential land on which there are no established dwellings.