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 our administrative position contained in Interpretation Bulletin IT-450R will be extended to transactions that are subject to draft subsections 85.1(5) and (6).
Position: Yes.
Reasons: Consistency
XXXXXXXXXX 2000-000076
F. Francis
Attention: XXXXXXXXXX
June 2, 2000
Dear Sirs:
Re: Proposed subsections 85.1(5) and (6) contained in the Legislative Proposals relating to the Income Tax Act (the "Act") in November 1999 ("draft subsections 85.1(5) and (6)")
This is in reply to your letter of January 4, 2000, wherein you enquired as to whether our position contained in paragraph 7 of Interpretation Bulletin IT-450R dated April 8, 1993, will be extended to transactions which are subject to draft subsections 85.1(5) and (6).
We confirm that our administrative position contained in paragraph 7 of Interpretation Bulletin IT-450R will be extended to transactions which are subject to draft subsections 85.1(5) and (6), provided that these provisions are enacted substantially as proposed.
We trust the above comments are of assistance to you. However, as noted in Information Circular 70-6R3 issued on December 30, 1996, these comments are not binding on the Canada Customs and Revenue Agency.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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