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.
XXXX
B.G. Dodd (613) 957-9769
October 29, 1987
Dear Sirs:
We are writing in reply to your letter of September 4, 1987 concerning losses on funds invested with financial institutions which have collapsed.
You enquire whether this Department has formed some type of policy to assist those who have suffered such losses, noting that many would not derive any benefit from the treatment accorded capital losses. We note initially that while capital loss treatment under the Income Tax Act might be applicable, the tax implications in such situations will depend on the particular facts and circumstances of each case. The appropriateness of these implications, as well as consideration of the need for any extraordinary measures, would, however, be a matter of tax policy for which the Department of Finance, rather than Revenue Canada, Taxation, is responsible. Accordingly you might wish to raise the issue with that department.
Yours truly,
for Director Financial industries Division Rulings Directorate Legislative and Intergovernmental Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1987
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© Sa Majesté la Reine du Chef du Canada, 1987
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