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.
932525
XXXXXXXXXX Glen Thornley
(613) 957-2101
Attention: XXXXXXXXXX
November 23, 1993
Dear Sirs:
Re: Status Indians—Funds Invested on or off-Reserve
This is in reply to your faxed letter of September 7, 1993 with attached memorandum covering notes made from a telephone conversation of August 23, 1993 with Denis Lefebvre, Assistant Deputy Minister, Legislative and Intergovernmental Affairs of this Department.
As a result of your conversation you ask two further questions which will be answered in the order asked.
Our Comments
1) The Canadian Tax system is self-assessing so it is often not until an audit has taken place that it becomes known that conformity with the rules and regulation on the Income Tax Act has not taken place. Provision is made for reassessment in these cases. Further, the Income Tax Regulations require reporting from financial institutions of interest earned. A matching program would soon determine the source of an individual's or a band's investment income.
2) Banks require information regarding the signing officers of firms dealing with them. In the case of a band, reassessments would be made against such individuals if income taxes became owing by the band.
We trust this is the information you require.
Yours truly,
Roberta Albert for Director Business and General Division Rulings Directorate Legislative and Intergovernmental Affairs Branch
c.c. Rick Owen
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
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