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.
| |
October 11, 1990 |
| Mr. Keith Hillier, Director |
Business and General |
| Non-Resident Taxation Division |
Division |
| |
A. Humenuk |
| |
(613) 957-2135 |
| Attention: Mr. J. Hartwick, Chief |
| Assessing Programs |
901379 |
SUBJECT: 19(1) Calculation of Non-Capital loss
As agreed yesterday by telephone (Weil/Hartwick), we are transferring the attached Minister's correspondence file (YS# 90150021) concerning the above taxpayer to you for reply and reassessment (if necessary) of his returns for 1986, 1987 and 1988.
As you know, this file was previously transferred to us from your division on June 27 for an opinion on a technical question relating to the calculation of 24(1). We apologize for the delay in rendering this opinion which resulted from consultations with our legal advisors and Current Amendments Division.
We are now able to advise you that 24(1)
As discussed with you, we have two concerns with the facts in this case, which we draw to your attention for whatever action you consider necessary:
1) 24(1)
What circumstances changed in 1989 which would warrant a change in the method of reporting 24(1) to that of an income account based reporting.
2) 24(1)
If he was a non-resident for 1989, his losses for the period while non- resident could not be carried back (see IT-262). We would not accept the view that the trading of publicly-held securities by a non-resident through a broker in Canada constitutes a business with a permanent establishment in Canada within the meaning of section 253 of the Act.
If we can be of any further assistance to you in this matter, please contact us.
B.W. DathDirectorBusiness and General DivisionRulings 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