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.
Calgary District Office Head Office Client Assistance Financial Industries Division
Attention: Linda McGuire
Part XI tax; your file 8994 803
This is in response to your letter of August 23, 1993, requesting our opinion whether tax assessed under Part XI of the Income Tax Act is considered to be a penalty for purposes of subsection 220(3.1).
It is our interpretation that subsection 206(2) of the Act levies a tax and not a penalty as referred to in subsection 220(3.1). We are not aware of any other position that would consider Part XI tax to be a penalty for the purposes of the waiver pursuant to subsection 220(3.1).
for DirectorFinancial Industries DivisionRulings Directorate
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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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