2001 Ruling 2000-0061673 - EMPLOYEE SAVINGS PLAN AND FUND

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:

Amend ruling to include references to the guarantee provided by the bank.

Position:

Amended ruling provided.

Reasons:

The original rulings used wording previously used in the file noted below. The wording was provided to the representative and he did not disagree. However, he is now concerned the omission of a reference to the guarantee agreement in ruling D may be misleading. It was considered that the terms of the guarantee were detailed in the proposal and implicit in the rulings. The change does not impact on the rulings provided.

XXXXXXXXXX 							2000-006167

Attention: XXXXXXXXXX

XXXXXXXXXX, 2001

Dear Sirs:

Re: XXXXXXXXXX
Advance Income Tax Ruling (the "Ruling")

This is in reply to your facsimile of XXXXXXXXXX, in respect of the above noted Ruling issued on XXXXXXXXXX, 2000 (our file 2000-003813).

As requested, ruling D of the Ruling is hereby amended to read as follows:

D. Except for the income inclusions identified in 11 above, and the gain or loss described in Rulings E and F below, no amount will be included in the income of a Participant under the Act as a consequence of the terms or operation of the Swap Agreement or the Guarantee Agreement.

We confirm that the rulings previously provided and ruling D as amended above remain subject to the limitations and qualifications set forth in Information Circular 70-6R3 dated December 30, 1996, issued by Revenue Canada, and are binding upon Revenue Canada provided the Offering is implemented by XXXXXXXXXX.

Yours truly,

XXXXXXXXXX
for Director
Financial Industries Division
Income Tax Rulings Directorate
Policy and Legislation Branch