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 status of a society with restricted liability created under the Barbados Societies With Restricted Liability Act ("SRL Act") for the purposes of the Income Tax Act?
Position:
Corporation
Reasons:
The SRL Act gives a society many of the characterstics of a corporation (corporate personality, powers of an individual, restricted liability).
5-953160
XXXXXXXXXX Robert Gagnon
Attention: XXXXXXXXXX
March 18, 1996
Dear Sirs:
Re: Barbados Societies With Restricted Liability
This is in reply to your letter of November 30, 1995 wherein you requested whether the Department would treat a society with restricted liability created under the Barbados Societies With Restricted Liability Act, 1995 ("SRL Act") as a corporation for purposes of the Income Tax Act ("Act").
We have reviewed the copies of the SRL Act and the Barbados Companies Act that you have sent to the Department. We are of the view that a society with restricted liability created under the SRL Act would be a corporation for the purposes of the Act and, in particular for purposes of the definition of a foreign affiliate in subsection 95(1) of the Act.
The foregoing opinion is not a ruling and, in accordance with the guidelines set out in Information Circular 70-6R2 dated September 28, 1990, is not binding on the Department.
We trust our comments will be of assistance to you.
Yours truly,
for Director
Reorganizations and Foreign Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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