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.
| |
June 11, 1990 |
| OTTAWA DISTRICT OFFICE |
C. Tremblay |
| Enquiries and Office |
957-2095 |
| Examinations |
| 2nd Floor, 360 Lisgar Street |
| Ed Kutckewich |
File No. 900256 |
Dear Sirs:
This is in reply to your memorandum of March 29, 1990, concerning the non-profit status of 24(1) and whether the 24(1) is organized according to the provisions of paragraph 149(1)(1) of the Income Tax Act (the "Act").
From a review of the Constitution and By-laws, it would appear that the 24(1) is exempt from Part 1 Tax under paragraph 149(1)(e) of the Act, that an agricultural organization is an entity organized and operated for one or more of the following purposes: the advancement or furtherance of agricultural; the betterment of the conditions of those engaged in such pursuits; the improvement of the grade or quality of their pursuits or the development of a higher degree of efficiency in their respective occupations.
24(1) would, in our view, be considered to be an agricultural organization. Thus, if this is the case, you need not be concerned about the accumulation of interest as paragraph 149(1)(e) of the Act contains no words similar to those in paragraph 149(1)(1) of the Act that state "...for any other purpose except profit".
We trust our comments are of assistance.
for DirectorBusiness and General DivisionLegislative 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