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.
TPS Internation Tax OfficeRulings Directorate
Attention: G. Rowland
Emigration of Canadian Controlled Private Corporation
This is in response to your Round Trip Memorandum of July 14, 1993 wherein you requested our comments concerning the proposed disposition of the shares of the CCPC by a non-resident of Canada after the CCPC emigrates to the United States.
In accordance with paragraph 21 of Information Circular 70-6R2, dated September 28, 1990, where a requested interpretation relates to a contemplated transaction, the taxpayer is required to submit such a request, in the form set out in paragraph 15 of that Circular for an advance income tax ruling rather than a request for a written opinion.
In addition, we are not in a position to provide you with any general comments since we would require additional details concerning the proposed transaction.
It should also be noted that when they become law, the proposed amendments to the Income Tax Act will repeal sections 48 and 88.1 of the Act and replace them with section 128.1 of the Act which will be applicable to transactions which take place after 1992.
If you have any further questions on the matter you can contact either the writer or the undersigned.
Yours truly,
for DirectorReorganizations and Foreign 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, 1993
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, 1993
Email this Content