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Answers - What is Land Transfer Tax
Land transfer tax is a provincial tax in Ontario which is levied on the purchase of real property, exclusive of chattels. When you purchase a property, y
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
our lawyer will complete a land transfer tax affidavit on your behalf, stating the following (this list is not exhaustive):
1. the names of the transfero
1. the names of the transfero
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
(s);
2. the names of the transferee(s);
3. the legal description of the property;
4. the consideration for the transaction (amount paid for the propert
2. the names of the transferee(s);
3. the legal description of the property;
4. the consideration for the transaction (amount paid for the propert
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
y), including any assumed mortgages, mortgage-back, property transferred in exchange, etc.; and
5. number of single family residences (if consideration i
5. number of single family residences (if consideration i
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
over $400,000.00).
The consideration is necessary in order to calculate the amount of land transfer tax payable for each transaction. Once the total am
The consideration is necessary in order to calculate the amount of land transfer tax payable for each transaction. Once the total am
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
unt of consideration is calculated on the land transfer tax affidavit, the land transfer tax amount is calculated as follows:
a. 1/2 of 1% on the first $
a. 1/2 of 1% on the first $
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
55,000.00;
b. 1% on the amount from $55,000.01 to $250,000.00;
c. 1 1/2% on the amount from $250,000.01 to $400,000.00; and
d. 2% on the amount over $4
b. 1% on the amount from $55,000.01 to $250,000.00;
c. 1 1/2% on the amount from $250,000.01 to $400,000.00; and
d. 2% on the amount over $4
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
0,000.00, if there are at least one and not more than two single-family residences on the property. Otherwise, the amount over $400,000.00 is calculated
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t 1 1/2%.
As a shortcut, you could calculate your own land transfer tax using the following formulas:
a. for a total consideration of $55,000.00 or less
As a shortcut, you could calculate your own land transfer tax using the following formulas:
a. for a total consideration of $55,000.00 or less
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
, multiply the amount by 0.005;
b. for a total consideration of $250,000.00 or less, multiply the amount by 0.01 and subtract $275.00;
c. for a total co
b. for a total consideration of $250,000.00 or less, multiply the amount by 0.01 and subtract $275.00;
c. for a total co
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
sideration of $400,000.00 or less, multiply the amount by 0.015 and subtract $1,525.00;
d. for a total consideration of over $400,000.00 and if the prope
d. for a total consideration of over $400,000.00 and if the prope
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ty does not contain at least one and not more than two single-family residences, multiply the amount by 0.015 and subtract $1,525.00; and
e. for a total
e. for a total
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
consideration of over $400,000.00 and if the property does contain at least one and not more than two single-family residences, multiply the amount by 0.0
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
and subtract $3,525.00.
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.0
Here are some examples of purchase prices and their respective land transfer tax amounts:
1. a total consideration of $48,000.0
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
would generate a land transfer tax amount of $240.00 (1st example above);
2. a total consideration of $120,000.00 would generate a land transfer tax amo
2. a total consideration of $120,000.00 would generate a land transfer tax amo
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
unt of $925.00 (2nd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
3. a total consideration of $300,000.00 would generate a land transfer tax amount of $2,975.00 (3rd example above);
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
. a total consideration of a property not containing one or two single-family residences of $450,000.00 would generate a land transfer tax amount of $5,22
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
.00 (4th example above); and
5. a total consideration of a property containing one or two single-family residences of $450,000.00 would generate a land t
5. a total consideration of a property containing one or two single-family residences of $450,000.00 would generate a land t
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
ransfer tax amount of $5,475.00 (last example above).
Remember that land transfer tax is payable on the day of closing and that you will need to provide
Remember that land transfer tax is payable on the day of closing and that you will need to provide
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
our lawyer with this amount in addition to the remainder of the purchase price (subject to adjustments and any mortgages) and legal fees and disbursements
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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