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 facts presented in ruling 2001-007039.
Position: N/A
Reasons: Amendments are not material and will not affect the rulings given.
XXXXXXXXXX 2001-007039
XXXXXXXXXX, 2001
Dear XXXXXXXXXX:
Re: XXXXXXXXXX
Advance Income Tax Ruling 2001-006488, dated XXXXXXXXXX, 2001
This is in reply to your letter of XXXXXXXXXX, wherein you advised us of certain amendments to the facts and proposed transactions described in the above-referenced Advance Income Tax Ruling (hereinafter referred to as the "Ruling Letter").
Any reference herein to paragraphs are references to those contained in the Ruling Letter and any defined terms used in this letter have the meanings assigned to them in the Ruling Letter.
The Ruling Letter is hereby amended as follows:
1. The second sentence in 2 is hereby deleted and replaced by:
"The Corporation is a direct, wholly-owned subsidiary of XXXXXXXXXX ("Company D"). Company D is a corporation governed by the XXXXXXXXXX and is a direct, wholly-owned subsidiary of Parent. Company D is exempt from tax under the Act pursuant to paragraph 149(1)(o.2)(iii).
Company D's current mailing address is XXXXXXXXXX. Company D is serviced by the XXXXXXXXXX Tax Services Office and it files its tax returns with the XXXXXXXXXX Taxation Centre."
2. The reference in 4 to "CBCA" is hereby deleted and replaced by "XXXXXXXXXX".
3. Subparagraph 6(a) is hereby deleted and replaced by:
"6.(a) The total area of the Property XXXXXXXXXX are located in Canada. XXXXXXXXXX
4. The following new paragraph will be added after paragraph 8:
"8.1 Company D will acquire XXXXXXXXXX of the units that will be issued by the Trust."
5. The first sentence in 9 is hereby deleted and replaced by:
"The Corporation will acquire the balance of the units of the Trust that are not acquired by Company D, as described in 8.1 above. The Corporation will also make a subordinated, unsecured interest-bearing loan (the "Corporation Loan") to the Trust."
6. The fourth and fifth sentences of 10 are hereby deleted and replaced by:
"The Trust will also acquire XXXXXXXXXX."
7. A following new sentence will be added to end of 10 in the Ruling Letter:
"The Trust will also acquire a leasehold interest in lands XXXXXXXXXX."
Notwithstanding the above changes, we confirm that, subject to the conditions set out therein, the rulings given in the Ruling Letter will continue to be binding on the Canada and Revenue Agency in accordance with the practice outlined in Information Circular 70-6R4 dated January 29, 2001, provided that the proposed transactions are completed by XXXXXXXXXX.
Yours truly,
XXXXXXXXXX
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, 2001
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, 2001
Email this Content