The province has revised this bulletin to reflect the recent amendment to the Social Service Tax Act, effective September 2, 2009. This amendment causes leased tangible personal property (“TPP”) that becomes part of real property during the lease term, and after August 31, 2009, to be deemed to have been sold immediately before becoming real property. As a result, tax will be payable by the lessee based on the fair market value of the TPP at the time of deemed sale.
BC SST 082