15 August 1990 Ruling 901291 F - Prescribed Prize

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.

August 15, 1990

Dear Sirs:

Re:  24(1)

We are responding to your letter of June 14, 1990 requesting confirmation that the   24(1) as described in the  brochure enclosed with your letter, is considered to be a prescribed prize as referred to in Part LXXVII of the Income Tax Regulations.

Part LXXVII of the Regulations was passed by Order-in-Council No. 1989-1923 on September 28, 1989 applicable to the 1983 and subsequent taxation years.  It describes a prescribed prize, for the purposes of subparagraph 56(1)(n)(i) of the Income Tax Act, as any prize which is recognized by the general public and which is awarded for meritorious achievement in the arts, sciences or service to the public except an amount received as compensation for services rendered or to be rendered.

From a review of the information contained in the brochure you forwarded to us.             24(1)

We trust that this information will be of assistance to you.

Yours truly,

for DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch