Head office C. Robb (613) 957-2744
May 1, 1990
Dear Sirs:
Re: Change of Use of Property
We are writing in response to your letter of March 23, 1990 in which you requested our views concerning the income tax treatment to be accorded to leased automobiles returned to the dealer/lessor at the end of the lease term. The automobiles would be sold shortly thereafter or in certain rare instances re-leased.
The Department's views on this subject are contained in Interpretation Bulletin IT-102R2 , a copy of which is enclosed for your convenience. Should you find that your concerns are not adequately addressed in the bulletin, we would be pleased to provide further assistance.
Yours truly, XXXX for Director Financial Industries Division Rulings Directorate