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 time to complete the proposed transaction can be extended to XXXXXXXXXX.
Position: Yes.
Reasons: The extended time will allow the taxpayer to receive a notice of assessment for the XXXXXXXXXX taxation year and a clearance certificate, which are required to complete the proposed transactions.
XXXXXXXXXX
2015-058986
XXXXXXXXXX, 2015
Dear XXXXXXXXXX:
Re: XXXXXXXXXX
Time Extension to Advance Income Tax Ruling 2014-053979, as Amended by Supplemental Advance Income Tax Ruling 2014-056322
Further to your request for an extension of time to implement the Proposed Transactions described in advance income tax ruling 2014-053979 issued on XXXXXXXXXX, 2014 (the "Original Ruling"), as amended by supplemental advance income tax ruling 2014-056322 issued on XXXXXXXXXX, 2015 (the "Supplemental Ruling"), the Original Ruling is further amended by:
(1) Amending paragraph 19 by adding at the end of the first sentence the following words: "after obtaining a certificate pursuant to subsection 159(2) of the Act, as described in paragraph 21 below"; and
(2) Amending paragraph 21 by adding at the beginning of the sentence the following words: "Upon receiving a notice of assessment under subsection 152(2) of the Act for the Trust's XXXXXXXXXX taxation year,".
We confirm that the rulings in the Original Ruling, as amended by the Supplemental Ruling and as further amended above, remain binding on the Canada Revenue Agency provided that the Proposed Transactions are completed prior to XXXXXXXXXX. This ruling is subject to the limitations and qualifications set out in the Original Ruling and Information Circular 70-6R6 dated August 29, 2014, and in particular, without limiting the generality of the foregoing, those noted in paragraphs 16 and 17 of IC 70-6R6:
16. If legislation is amended after a Ruling is issued and the Ruling ceases to be supported by the legislation due to the amendment(s), the Ruling will cease to bind the CRA on the effective date of the amendment.
17. If a court decision is rendered after a Ruling is issued and the court decision stands for a proposition that cannot be reconciled with an interpretation of the legislation on which the Ruling is based, the Ruling will cease to bind the CRA in respect of transactions occurring after the date of the court decision.
Yours truly,
XXXXXXXXXX
Section Manager
For Division Director
International Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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