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.
| 19(1) |
File No. 5-8878 |
| |
C. Robb |
| |
(613) 957-2744 |
November 3, 1989
19(1)
Re: Subsection 132(6) and Securities Lending
We are writing in response to your letter of October 6, 1989, wherein you requested our opinion as to whether securities lending by a trust constitutes the investment of funds for the purposes of subsection 132(6) of the Income Tax Act (Canada).
It is our opinion that, in general, the lending of securities would constitute an undertaking that is the investing of funds of the trust within the meaning of subsection 132(6).
This opinion is of a purely general nature. In accordance with paragraph 24 of Information Circular IC 70-6R, it does not constitute an advance income tax ruling and consequently is not binding on the Department.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1989
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© Sa Majesté la Reine du Chef du Canada, 1989
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