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.
| |
February 15, 1990 |
| Roy C. Shultis, Director |
Specialty Rulings |
| Publications Division |
Directorate |
| Legislative Affairs Directorate |
G. Ozols |
| |
957-2139 |
| G.J. O'Reilley |
| |
File No. 7-4679 |
Subject: Publication of Advance Tax Ruling No. 3-2179
Further to your memorandum of January 29, 1990, we have reviewed your latest draft of the above proposed ATR.
Our first comment is that the words "for Personal Injuries" should be inserted after the word "Damages" in the "Issue" line on page 1.
Secondly, the third sentence in the "Law and Analysis" paragraph on page 2 should be deleted and the following substituted for it:
"Since the casualty insurer is the owner and annuitant under the annuity contract, it will be taxed on the interest element of the annuity payments. The Department considers the payments received by Master X to be non-taxable payments for damages."
Our final comment concerns the "Ruling Given" paragraph on page 3. We prefer that the expression "is similar to " in line 4 be changed to "is substantially the same as".
The draft is satisfactory in all other respects.
B.W. DathDirector business and General DivisionSpecialty Rulings DirectorateLegislative and Intergovernmental Affairs Branch
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