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
R. Nanner (613)957-3494
October 13, 1988
Dear Sirs:
This is in response to your letter of September 23, 1988 regarding the acquisition of U.S. dollar denominated Government of Canada treasury bills and other securities by deferred income plans.
We are of the view that an investment which is not a foreign property (within the context of subsection 206(1)) in itself would not be considered foreign property should it be denominated in U.S. dollars. Furthermore, investment income and proceeds of disposition of such investments are not considered to be foreign property provided they are immediately converted to Canadian currency or promptly used to acquire property that is not foreign property.
We hope these comments are of assistance to you.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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© Her Majesty the Queen in Right of Canada, 1988
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© Sa Majesté la Reine du Chef du Canada, 1988
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