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: Whether a XXXXXXXXXX is a resident of XXXXXXXXXX for purposes of Part LIX of the Regulations.
Position: Yes.
Reasons: Wording of paragraph 5907(11.2)(c) of the Regulations.
XXXXXXXXXX 2008-030035
XXXXXXXXXX , 2008
Dear XXXXXXXXXX :
Re: Advance Income Tax Ruling
XXXXXXXXXX
XXXXXXXXXX
This is in response to your XXXXXXXXXX request for an amendment to advance income tax ruling 2008-026782, which was issued on XXXXXXXXXX , 2008 (the "Ruling").
Paragraph 11 of the Ruling is deleted and replaced with:
11. Subco has not paid any dividends to Parent since Parent acquired control of Subco. Subco has, from time to time, used its excess funds to make Canadian dollar denominated, non-interest bearing loans to Parent.
Subject to the limitations and qualifications referred to therein, the rulings given in the Ruling will continue to be binding on the Canada Revenue Agency provided that the proposed transactions are implemented on or before XXXXXXXXXX .
Yours truly,
XXXXXXXXXX
Manager, International Section I
International & Trusts Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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© Her Majesty the Queen in Right of Canada, 2008
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© Sa Majesté la Reine du Chef du Canada, 2008
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