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 1, 1992
Minister/DM's Office Y.S. 92-3646T
Central Records
Author
Section Chief
D.O. (?)
Research File
Subject or Corporate Case File
Return to Rulings, Room 303, Met. Bldg.
Original signed by Pierre Gravelle, Deputy Minister, June 8, 1992
19(1)
Dear 19(1)
The Honourable Otto Jelinek, Minister of National Revenue, has asked me to reply to your letter of April 15, 1992 concerning an April 13 article in the Financial Post regarding a proposed corporate reorganization involving resource companies. Due to taxpayer confidentiality, I am unable to discuss the income tax affairs of another taxpayer with you. I can confirm, however, that the Income Tax Act does not provide for the carryover of "tax pools" (losses and unused capital cost allowance) when there has been a change in control of a corporation. In some cases when a taxpayer acquires a particular resource property, tax pools related to specifically defined resource expenses may be claimed but only against income derived from the assets which generated the pools.
As your concerns relate to tax policy, which is the responsibility of the Department of Finance, I have forwarded a copy of your correspondence to Finance officials for their consideration.
I trust this is satisfactory.
Yours sincerely,
Pierre Gravelle, Q.C.
c.c. Mr. Frederick W. GorbetDeputy Minister of Finance
YS 92-3646T
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© Sa Majesté la Reine du Chef du Canada, 1992
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