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. 900073 |
| |
Bill Guglich |
| |
(613) 957-2102 |
Attention: 19(1)
June 6, 1990
Dear Sirs:
This is in reply to your letter of November 14, 1989 concerning disposition of assets of a corporation which has been involuntarily dissolved pursuant to the provisions of the Alberta Business Corporation Act (ABCA).
The Registrar may dissolve a corporation pursuant to subsection 205(1) of the ABCA.
Subsection 221(1) of the ABCA provides that "...property of a body corporate that has not been disposed of at the date of its dissolution under this Act vests in Her Majesty in the right of Alberta."
Section 201 of the ABCA provides a mechanism whereby a corporation which has been dissolved can be revived. In particular subsection 201(4) of the ABCA provides:
"A corporation is revived on the date shown in the certificate of revival and, subject to any reasonable terms that the Registrar may impose and to rights acquired by any person prior to the revival, the corporation is deemed to have continued in existence as if it had not been dissolved."
Subsection 221(2) of the ABCA provides that:
"If a body corporate is revived as a corporation under section 201 or section 202, any property, other than money that vested in Her Majesty pursuant to subsection (1), that has not been disposed of shall be returned to the corporation and there shall be paid to the corporation out of the General Revenue Fund
(a) an amount equal to any money received by Her Majesty pursuant to subsection (1), and
(b) if property other than money vested in Her Majesty pursuant to subsection (1) and that property has been disposed of, an amount equal to the lesser of
(i) the value of that property at the date it vested in Her Majesty, and
(ii) the amount realized by Her Majesty from the disposition of that property."
Where a corporation has been revived, it is the Department's view that there has been no disposition by the corporation of the assets that it owned at dissolution and which were not disposed of by Her Majesty.
As you note, this is inconsistent with our view respecting shares of the corporation as set forth in Interpretation Bulletin IT-444.
We trust this will be of assistance to you.
Yours truly,
E.M. Wheeler for DirectorBusiness and General DivisionSpecialty Rulings DirectorateLegislative and Intergovernmental Affairs Branch
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, 1990
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, 1990
Email this Content