Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues: What is the effective date of the new position regarding specific identification and stock options as outlined in Technical News #19?
Position: Effective the date Technical News #19 was published.
Reasons: The new position will apply to taxation years that are open as of the date Technical News #19 was published.
XXXXXXXXXX 2000-003619
M. P. Sarazin
Attention: XXXXXXXXXX
September 8, 2000
Dear Sirs:
Re: Disposition of Identical Properties Acquired Under a Stock Option
This is in response to your letter of June 27, 2000, requesting additional information regarding the effective date of the new position described in Technical News #19 under the heading "Disposition of Identical Properties Acquired Under a Section 7 Securities Option" dated June 16, 2000 (the "New Position").
The New Position is effective as of June 16, 2000, the date Technical News #19 was published, and, in keeping with our normal policy, will apply to all future assessments and reassessments. Consequently, where there is a correlation between the acquisition of securities under a securities option and the disposition of the particular securities, the individual will be able to identify the particular securities acquired under the securities option as being the securities disposed of for any taxation years that are still open as of June 16, 2000. Where a return has been assessed for a previous year and the individual has not objected to the assessment within the time allowed under subsection 165(1) of the Income Tax Act, that return will be closed and the individual will not be entitled to use the New Position.
We trust that the above comments will be of assistance.
Yours truly,
Patricia Spice
for Director
Financial Industries Division
Income Tax Rulings Directorate
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 2000
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 2000
Email this Content