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.
| |
November 16, 1989 |
| Penticton District Office |
Head Office |
| |
Rulings Directorate |
| B. Sixsmith |
Financial Industries Division |
| Chief of Audit |
A.B. Adler |
| |
(613) 957-8962 |
| |
File No. 7-4408 |
Subject: 19(1)
This is in reply to your memorandum (received October 10, 1989) prepared by Mr. R. Pronger in Business Audit regarding the treatment of certain amounts 24(1)
The information provided by you with respect to the amounts in question was discussed with senior counsel and two managers in our Specialty Rulings Directorate i.e. those who deal employment and unincorporated partnership issues respectively.
24(1)
(We understand that it is not uncommon for professional accountants and lawyers to act as nominee shareholders and officers of client corporations in the ordinary course of carrying on their businesses and to treat the income therefrom as business income).
24(1)
It is our general position that when a taxpayer contributes a portion of a reasonable retiring allowance to his RRSP such transfer will be deductible under paragraph 60(j.1) of the Act provided the requirements of that provision are fully met.
for Director Financial Industries Division Rulings Directorate
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1989
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1989
Email this Content