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.
| 24(1) |
File No. 5-9451 |
| |
G. Arsenault |
| |
(613) 957-2126 |
19(1)
June 1, 1990
Dear Sirs:
Re: Non-Resident Business Income Losses
This is in reply to your letter dated January 16, 1990.
We concur with your interpretation that losses that are allowable business investment losses realized by an individual during a taxation year throughout which he was a non-resident of Canada from the disposition of a share of the capital stock of a Canadian controlled private corporation that is a small business corporation or from the disposition of a debt owing to the taxpayer by such a corporation will not be deductible pursuant to subsection 115(1) notwithstanding that such losses also constitute capital losses.
We have brought this matter to the attention of the Department of Finance. You may also wish to communicate your views to the Department of Finance.
Yours truly,
for DirectorReorganizations and Non-Resident DivisionSpecialty Rulings DirectorateLegislative and Intergovernmental Affairs Branch
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© Sa Majesté la Reine du Chef du Canada, 1990
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