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 the Lossco being held in part indirectly by Parentco affects the independent source of income condition for the loss consolidation ruling.
Position: No.
Reasons: No affect on independent source of income.
XXXXXXXXXX
2015-058591
XXXXXXXXXX, 2015
Dear XXXXXXXXXX:
Re: Advance Income Tax Ruling
XXXXXXXXXX
We are writing in response to your letter of XXXXXXXXXX, which is in respect of our advance income tax ruling number 2015-056986 (the “Ruling”).
You have advised us that the second sentence of paragraph 2 is to be revised to state:
“Lossco has been a direct and indirect wholly-owned subsidiary of Parentco since XXXXXXXXXX.”
We confirm that the Ruling, as amended herein, remains binding on the Canada Revenue Agency subject to the same limitations and qualifications set out in the Ruling.
Yours sincerely,
XXXXXXXXXX
for Director
Partnerships and Corporate Financing Section
International Division
Income Tax Rulings Directorate
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