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.
Principal Issues:
What is the meaning of "portfolio investments" in the context of paragraph 206(1)(d.1) of the Act?
Position TAKEN:
It means all the securities held by a taxpayer.
Reasons FOR POSITION TAKEN:
In the context of 206(1), the ordinary meaning of portfolio must be used.
See definition in - Oxford English Dictionay
- The Random Hpouse Dictionary
- Le Petit Robert
Robert Gagnon
XXXXXXXXXX 5-942133
Attention: XXXXXXXXXX
August 26, 1994
Dear Sirs:
Re: Paragraph 206(1)(d.1)
This is in reply to your letter of July 13, 1994 wherein you requested a technical interpretation concerning the meaning of "portfolio investments" for the purposes of paragraph 206(1)(d.1) of the Income Tax Act ("Act").
Unless as otherwise stated all references to statute are to the Act S.C. 1970-71-72,c.63 as amended consolidated to June 10, 1993.
It is the Department's view that "portfolio investments" in the context of paragraph 206(1)(d.1) of the Act means all the securities held by a taxpayer and is accordingly not confined to the investments defined as portfolio investments in section 3050 of the Canadian Institute of Chartered Accountants Handbook.
The foregoing opinions are not rulings and, in accordance with the guidelines set out in Information Circular 70-6R2 dated September 28, 1990, are not binding on the Department.
We trust our comments will be of assistance to you.
Yours truly,
for Director
Financial Industries Division
Rulings Directorate
Policy and Legislation Branch
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