British Columbia HST Regulations

Marginal note:Basic tax content — property in British Columbia

• 3 (1) For the purposes of determining, at any time on or after February 17, 2012, the basic tax content of real property that is situated in British Columbia or of tangible personal property that is ordinarily situated in that province, no tax under subsection 165(2) or section 212.1 or 218.1 of the Act or Division IV.1 of Part IX of the Act is to be included in determining, in respect of the property, the value of A or B in paragraph (a) of the definition basic tax content in subsection 123(1) of the Act or the value of J or K in paragraph (b) of that definition.

• Marginal note:Basic tax content — selected listed financial institutions

  (2) For the purposes of determining, at any time on or after February 17, 2012, the basic tax content of property of a person that is, or was at any time, a selected listed financial institution, in applying in respect of British Columbia the formula in subparagraph (v) of the description of A in paragraph (a) of the definition basic tax content in subsection 123(1) of the Act or the formula in subparagraph (vi) of the description of J in paragraph (b) of that definition, the description of F in paragraph (a) of that definition and the description of O in paragraph (b) of that definition are adapted to be read as “is 0%, and”.

• Marginal note:Basic tax content — real property

  (3) Subsections (1) and (2) do not apply for the purposes of applying section 193 or 257 of the Act in respect of a taxable supply of real property if

  • (a) the supply is made by a particular person to another person, the particular person and the other person deal with each other at arm’s length and are not associated with each other and tax in respect of the supply becomes payable before April 1, 2013; or

  • (b) the supply is deemed to have been made under section 191 of the Act and tax in respect of the supply is deemed under that section to have been paid before April 1, 2013.

• Marginal note:Exception

  (4) If a particular person is entitled to claim, in respect of a supply of real property referred to in paragraph (3)(a), an input tax credit under section 193 of the Act or a rebate under section 257 of the Act, if the amount of the input tax credit or rebate exceeds the amount of the input tax credit or rebate, as the case may be, that would be determined in the absence of that paragraph and if, within one year of the time at which tax becomes payable in respect of the supply, the particular person, or another person that does not deal at arm’s length with the particular person or with which the particular person is associated, acquires an interest in the property, then the particular person is deemed, to the extent of that excess, to have never been entitled to claim the input tax credit or rebate.