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:
Request for amendments to the proposed transactions described in the Ruling & Supplemental thereto.
Position TAKEN:
Requested amendments were incorporated into the Ruling by way of a Supplemental Ruling document.
Reasons FOR POSITION TAKEN:
IT-80.
XXXXXXXXXX
XXXXXXXXXX 2000-003754
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 2000
Dear Sirs:
Re: Advance Income Tax Ruling - XXXXXXXXXX
Corporation - Ruling # 2000-00478 and Supplemental 2000-003458
This is in reply to your facsimile dated XXXXXXXXXX in which you requested amendments to the Ruling issued to the above-referenced taxpayer on XXXXXXXXXX, 2000 and the Supplemental thereto on XXXXXXXXXX, 2000 (collectively the "Ruling").
Following our review of your request, the Ruling is revised as follows:
1. In paragraph 29(b), line 3, the words "XXXXXXXXXX% per annum", are replaced with the words "XXXXXXXXXX% per annum, or such other rate of interest as the parties determine is reasonable in the circumstances."
2. In paragraph 30(b), line 3, the words "XXXXXXXXXX% per annum", are replaced with the words "XXXXXXXXXX% per annum, or such other rate of interest as the parties determine is reasonable in the circumstances."
3. In paragraph 30(b.1), line 3, the words "XXXXXXXXXX% per annum", are replaced with the words "XXXXXXXXXX% per annum, or such other rate of interest as the parties determine is reasonable in the circumstances, which in any event will be at least XXXXXXXXXX% greater than the rate of interest applicable to the ACO XXXXXXXXXX Loan."
Notwithstanding the above-mentioned changes, we confirm that the Ruling will continue to be binding on the Agency in the manner described therein, provided that the proposed transactions are completed before XXXXXXXXXX.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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