1996 Ruling 9632783 - : XXXXXXXXXX

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.

Principal Issues:

Change in facts - minor amendments to the Ruling letter and a delay in physically issuing the letters patent of amalgamation.

Position:

Granted.

Reasons:

The letters patent of amalgamation will specify effective date of amalgamation as originally proposed in the Ruling. This is the time of the amalgamation under XXXXXXXXXX the Income Tax Act (E5C758, E53949 and E9300835). Other changes are minor.

XXXXXXXXXX

XXXXXXXXXX

Attention: XXXXXXXXXX

Dear Sirs:

RE: Advance Income Tax Ruling #962267

XXXXXXXXXX

We are writing in response to your facsimile letter dated XXXXXXXXXX, wherein you requested certain amendments to advance income tax ruling #962267 dated XXXXXXXXXX, 1996, and as amended by our subsequent letter datedXXXXXXXXXX, 1996 (the "Ruling").

Your request relates to the fact that the authorized share capital of the XXXXXXXXXX referred to in paragraphs 15 and 17 of the Ruling should be changed to reflect that XXXXXXXXXX

Further, you advise that the "letters patent of amalgamation" to be issued by XXXXXXXXXX may actually be physically issued sometime after the time referred to in paragraph 13 of the Ruling (ie: XXXXXXXXXX). However, you advise that the letters patent of amalgamation will specify that the effective time of the amalgamation will still be XXXXXXXXXX You request confirmation that this fact will not cause us to consider the Ruling invalid.

We understand that the proposed transactions have not been completed and accordingly, we confirm that the Ruling is hereby amended as follows:

Paragraph 15 of the Ruling is replaced with the following:

XXXXXXXXXX

Paragraph 17 of the Ruling is replaced with the following:

XXXXXXXXXX

Paragraph 18 of the Ruling is replaced with the following:

XXXXXXXXXX

We also confirm that the fact that the letters patent of amalgamation may not be issued until sometime after XXXXXXXXXX will not, by itself, cause us to consider the Ruling invalid as long as the letters patent of amalgamation, when issued, will make the amalgamation effective at the earliest moment on XXXXXXXXXX, as described in the Ruling. Accordingly, the Ruling, as amended above, will continue to be binding in the manner set forth therein provided the letters patent of amalgamation are issued prior to XXXXXXXXXX.

Yours truly,

for Director
Financial Industries Division
Income Tax Rulings and Interpretations Directorate
Policy and Legislation Branch