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: tax impliactions of a life lease
Position: no opinion given
Reasons: not enough known. need to see documents
963596
XXXXXXXXXX S. Tevlin
Attention: XXXXXXXXXX
November 18, 1996
Dear Sirs:
Re: Life Leases
We are writing in response to your letter dated October 21, 1996 concerning the above noted subject.
It appears that the information you have requested relates to a fact situation and proposed transactions and therefore should be in the form of a request for an advance income tax ruling in accordance with the procedures set forth in Information Circular 70-6R2 dated September 28, 1990 ("IC-70-6R2").
As a general comment, it is our concern that a particular "life lease" may be nothing more than a financing arrangement, in which case the income tax consequences could only be determined from a thorough review of all the documents.
The foregoing comments are given in accordance with the practice referred to in paragraph 21 of IC-70-6R2 and are not binding on Revenue Canada, Taxation.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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© Her Majesty the Queen in Right of Canada, 1996
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© Sa Majesté la Reine du Chef du Canada, 1996
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