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: Minor Changes.
Position: The rulings remain binding.
Reasons: Clarification only.
XXXXXXXXXX 2004-009611
XXXXXXXXXX , 2004
Dear XXXXXXXXXX,
Re: Supplementary Advance Income Tax Ruling - Structured Settlement
XXXXXXXXXX
We are replying to your letter of XXXXXXXXXX, wherein you advised us of four minor changes to the Advance Income Tax Ruling 2004-009408 (the "Ruling").
The Ruling is amended as follows:
1. In the definition section, the following is added after the definition "Deceased",
"Defendants" means XXXXXXXXXX
2. Paragraph 5 of the Ruling is amended to delete the word "negotiate" after the words "...XXXXXXXXXX has been retained to..." and replace it with the words, "present and prepare".
3. Paragraph 6 of the Ruling is amended to add in parenthesis after the words "The Settlement Agreement..." the following words, "(only the structured settlement portion of the Settlement Agreement is subject to a favourable income tax ruling and not the entire settlement)".
4. Paragraph 10 of the Ruling is amended to add a further sentence, "The assignment to make future periodic payments will not be effective until the Canada Revenue Agency (the "CRA") and the XXXXXXXXXX have issued favourable income tax rulings."
We confirm that the Ruling, as amended herein, remains binding on the CRA subject to the same limitations and qualifications set out in the Ruling.
Yours truly,
XXXXXXXXXX
For Director
Financial Industries Division
Policy and Planning Branch
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© Her Majesty the Queen in Right of Canada, 2004
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© Sa Majesté la Reine du Chef du Canada, 2004
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