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:
Whether the recommendation to amend IT-233R to state that the position therein would apply for all purposes of the Act has been approved.
Position:
Recommendation referred to in the question has not yet been acted on.
Reasons:
Review of IT-233R is in abeyance until a decision is reached concerning several cases currently before the courts.
TEI Conference
VII PART XIII NON RESIDENT TAX ISSUES
B. LEASES
QUESTION
In a technical interpretation dated March 28, 1991, Revenue Canada recommended that, when certain lease transactions are treated as financed purchases for the purposes of paragraph 18(1)(b) and subsection 16(1) of the Income Tax Act, the same assessing policy should be applied for all purposes of the Act, including Part XIII. Please provide an update on the status of the Department's recommendation. Has the recommendation been approved? If so, what is its effective date?
ANSWER
The letter in question refers to a proposed amendment to IT-233R. As stated in July 28, 1995, Income Tax Technical News No. 5, the revision to IT-233R has been deferred since several cases involving issues pertinent to this bulletin are currently before the courts. For this reason, the recommendation referred to in the question has not yet been acted on.
As soon as a decision is reached by the courts, it is expected that we will be in a position to complete our review of this bulletin.
Prepared by A. St-Amour
December 5, 1996
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, 1996
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, 1996
Email this Content