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.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department. Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Subject: SPLIT DOLLAR LIFE INSURANCE Section(s): 6(1)(a), 15(1)]
913437
M. Eisner
(613) 957-2138
XXX
Attention: XXX
February 13, 1992
Dear Sirs:
Re: Split Dollar Life Insurance
This is in reply to your December 9, 1991 in which you asked for confirmation of the Department's general position on split dollar life insurance where an employee/shareholder and a corporation are involved.
In connection with your request you have set out two excerpts from an article you enclosed which makes reference to a letter issued by this Department that was identified by control number 910482. You have also asked us to send you a copy of that letter.
Unfortunately, we are unable to consider a request for correspondence issued by this Department unless a request under the Access To Information Act is submitted. Should you wish information in this regard, you may contact Mr. M. Brake (Tel. 613 957-2133) of Rulings Directorate.
We do, however, confirm that the two excerpts reflect the Department's position on the payment of premiums under a split dollar policy.
The substance of the excerpts represents our opinion of the law as it applies generally and, as indicated in paragraph 21 of Information Circular 70-6R2, this opinion is not binding on the Department. If you are concerned with an actual fact situation involving past transactions, you may wish to submit the details thereof to your local district taxation office. On the other hand, if your concern relates to proposed transactions, you may wish to consider the submission of a request for an advance income tax ruling pursuant to Information Circular 70-6R2.
We trust our comments will be of assistance to you.
Yours truly,
J. Szeszycki
For Director
Business and General Division
Rulings Directorate
Legislative and Intergovernmental
Affairs Branch
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