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.
Revenue Canada Revenu Canada Taxation Impôt
Head Office Bureau principal
Your file Votre reference Our file Notre reference P.K. Tang (613) 995-1787
January 14, 1985
Dear Sirs:
This is in reply to your letter of November 7, 1984 concerning "replacement
property" for income tax purposes. Specifically, you indicate that you have
XXXX You request our view as to whether
or not the two businesses would be considered to be "similar businesses" for
the purpose of the definition of "replacement property" under subsection 14(7)
of the Income Tax Act ("the Act").
It is the practice of the Department to interpret the term "similar business" as used in the phrase "the same or a similar business" in paragraph 14(7)(b) of the Act in a reasonably broad manner. Hence, in the situation described, it is our opinion that the restaurant business and the hotel business would probably be considered to be "similar businesses" for the purpose of paragraph. 14(7)(b) of the Act.
We hope the above will be of assistance to you.
Yours truly,
for Director Specialty Corporations Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1985
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© Sa Majesté la Reine du Chef du Canada, 1985
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