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 CCRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ADRC.
Principal Issues:
Whether or not a taxpayer may amend, revoke or late file a subsection 14(1.01) election.
Position:
No.
Reasons:
Neither subsection 14(1.01) of the Act, nor subsection 220(3.2) and section 600 of the Regulations, provide the means to do so.
April 8, 2002
Ms. Karen Pit HEADQUARTERS
Verification & Enforcement Division Randy Hewlett, B.Comm.
Kitchener/Waterloo Tax Services Office (613) 957-8973
2002-012310
Technical Interpretation Request - Subsection 14(1.01)
We are writing in response to your letters of February 11, 2002 and March 27, 2002 concerning subsection 14(1.01) of the Income Tax Act (the Act). Your general inquiry concerns whether or not a taxpayer may amend, revoke or late file an election made under this provision.
Subsection 14(1.01) of the Act does not provide for an amended, revoked or late filed election. Further, subsection 220(3.2) of the Act does not provide for such an amended, revoked or late filed election since subsection 14(1.01) is not prescribed in section 600 of the Income Tax Regulations (the Regulations). Therefore, we agree with your position that there is no means under the Act or Regulations for a taxpayer to amend, revoke or late file a subsection 14(1.01) election.
For your information a copy of this memorandum will be severed using the Access to Information Act criteria and placed in the CCRA's electronic library. A severed copy will also be distributed to the commercial tax publishers for inclusion in their databases. The severing process will remove all material that is not subject to disclosure, including information that could disclose the identity of the taxpayer. Should your client request a copy of this memorandum, they can be provided with the electronic library version, or they may request a severed copy using the Privacy Act criteria, which does not remove client identity. You should make requests for this latter version to Mrs. Jackie Page at (819) 994-2898. A copy will be sent to you for delivery to the client.
John Oulton, CA
for Director
Business and Partnerships Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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