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 the position outlined in document 2013-049684 still our position?
Position: No.
Reasons: Subclause 95(2)(a)(ii)(D)(II) applies.
Maryse Patenaude
Montérégie Rive-Sud TSO
3250 Lapinière Blvd. 2014-051980
Brossard, QC J4Z 3T8 Hugo Gravel, LL.B.,
D. Fisc.
September 16, 2014
Ms. Patenaude :
Subject : Document #2013-049684
Further to the e-mail dated February 5, 2014 received from your office, the purpose of this letter is to inform you that we are no longer of the view that the interest received on Note 2 should be included in the FAPI of NR1, as such terms are used in document number 2013-049684. Upon further consideration, we are of the view that subclause 95(2)(a)(ii)(D)(II) of the Income Tax Act, 1985 R.S.C., c.1 (5th suppl.), as amended, applies in the circumstances outlined in that document.
We trust these comments are of assistance.
Dave Beaulne, CPA, CA
Manager
for Director
International & Partnerships Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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