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 cancellation of ATR-66 indicates a change of CRA policy regarding debt slides.
Position: No.
Reasons: Cancellation was part of CRA project to purge outdated information from CRA website.
XXXXXXXXXX
2014-052250
April 4, 2014
Dear XXXXXXXXXX,
Re: Cancellation of ATR-66
This is in reply to your email of February 26, 2014 in which you ask whether the cancellation of ATR-66 represents a change in the CRA's view on whether the general anti-avoidance rule would apply to the type of transaction described in ATR-66.
Written confirmation of the tax implications inherent in particular transactions is given by this Directorate only where the transactions are proposed and are the subject matter of an advance income tax ruling request submitted in the manner set out in Information Circular 70-6R5, Advance Income Tax Rulings, dated May 17, 2002. Also, where the particular transactions are completed, the inquiry should be addressed to the relevant Tax Services Office. Nonetheless, we have provided some general comments below.
Our comments
ATR-66 was cancelled effective September 30, 2012 as part of a CRA initiative to remove outdated and redundant content from the CRA website. Some of the statutory references in ATR-66 are out of date. The cancellation of ATR-66 does not represent a change in the CRA's view as to whether the general anti-avoidance rule would apply to the transaction described therein.
We trust this information is of assistance to you.
G. Moore
For Director
International Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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