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.
932460
XXXXXXXXXX D. Patrick
(613) 957-2125
Attention: XXXXXXXXXX
October 25, 1993
Dear Madam:
Re: Interpretation of subsection 116(5.3)
This is in reply to your letter of August 26, 1993, concerning our interpretation of 116(5.3) of the Income Tax Act (the "Act") as it applies to a mortgagee instituting a foreclosure action in various jurisdictions in Canada operating under different land registration systems.
We wish to confirm that the position taken in paragraph 3 of IT-150R2 and in paragraph 47 of IC 72-17R4 applies to all jurisdictions in Canada, whether the mortgage is secured under the "Torrens" system, or registered under a "Registry" system.
We trust this adequately responds to your inquiry.
for Director Reorganizations and Foreign 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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