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.
9118085
A. Seidel
(613) 957-3496
24(1)Attention: 19(1)
December 10, 1991
Dear Sirs:
This is in reply to your letter dated June 25, 1991 with respect to the definition of "long-term debt" in subsection 181(1) of the Income Tax Act (the "Act"). We apologize for the delay in replying.
The Department of Finance has released draft legislation with repect to banks and banking (Bill C-19), insurance companies and fraternal benefit societies (Bill C-28) and revisions and amendments to the law governing federal trust and loan companies and related and consequential matters (Bill C-4).
The legislation proposes changes to the definition of "subordinated indebtedness" for financial institutions. We are currently reviewing the effect of these proposed amendments to the definition of "long-term debt" in subsections 190(1) and 181(1) of the Act. Once we have completed our review, we will reply to your letter dated June 26, 1991.
Yours truly,
for Director Financial Industries Division Rulings Directorate
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