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.
Principal Issues: Is a from T5008 required where it is made on behalf of a person exempt from tax under section 149 of the Act.
Position: No
Reasons: 230(7) of the regulations
2004-007756
XXXXXXXXXX C. Tremblay, CMA
(613 957-2139
August 25, 2004
Dear XXXXXXXXXX:
This is in reply to your letter of February 11, 2004, which was forwarded to us by the Sudbury Taxation Centre for reply. You ask confirmation that XXXXXXXXXX need not file T5008 returns for its tax-exempt clients.
We confirm that XXXXXXXXXX is generally required to report the sale of a security on form T5008 but is exempt from the reporting requirements where it is made on behalf of a person exempt from tax under section 149 of the Income Tax Act.
We trust that the above comments are of assistance.
For/Steve Tevlin
For Director,
Financial Industries Division
Income Tax Rulings Directorate
Policy and Planning Branch
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