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.
930046
XXXXXXXXXX Michèle Trotier
(613) 957-3494
Attention: XXXXXXXXXX
January 26, 1993
Dear Sirs:
Re: Section 116 of the Income Tax Act ("Act")
This is in reply to your facsimile dated January 7, 1993 wherein you requested further clarification to our letter dated December 22, 1992.
In our letter dated December 22, 1992 we expressed the view that the property referred to in paragraph 810(1)(a) of the Income Tax Regulations would be property used or held by XCo in the course of carrying on its insurance business in Canada. It is our understanding that this position reflects the intention of the legislator when this measure was enacted notwithstanding that paragraph 810(1)(a) of the Income Tax Regulations does not contain a specific qualification to the effect that the property must be property used or held by an insurer in the course of carrying on its insurance business in Canada.
We thank you for bringing this matter to our attention and we will advise the Department of Finance in due course.
While we hope that our comments are of assistance to you they do not constitute an advance income tax ruling and therefore are not binding on the Department in respect of a specific situation.
Yours truly,
Section Chief
Financial Institutions
Financial Industries Division
Rulings Directorate
Legislative and Intergovernmental
Affairs Branch
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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