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.
MINISTER/DEPUTY MINISTER'S OFFICE 97-01274M
ADM'S OFFICE
RETURN TO 15TH FLOOR, ALBION TOWER
April 1, 1997
XXXXXXXXXX
Dear XXXXXXXXXX:
The Honourable Jane Stewart, Minister of National Revenue, has asked me to respond to your letter of January 30, 1997, concerning the tax policies relating to the demolition of heritage buildings.
The Department of National Revenue is responsible for applying the provisions of the Income Tax Act (the "Act") as enacted by Parliament. This responsibility includes determining the tax consequences of the demolition of buildings. In this respect, you should note that, although the demolition of a building that is a depreciable property may give rise to a terminal loss, there are provisions in the Act which may restrict the potential terminal loss and possibly recapture capital cost allowances previously taken. These provisions are discussed in paragraphs 9 to 16 of Interpretation Bulletin IT-220R2, a copy of which is enclosed.
Any changes to the rules relating to terminal losses would require an amendment to the Act which falls within the purview of the Department of Finance. Since the Department of Finance has previously been made aware of concerns similar to those you raise, I am certain that your views will receive every consideration.
I wish to thank you for bringing your views to our attention.
Yours sincerely,
Rob Wright
Attachment
C. Chouinard
957-2098
March 13, 1997
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, 1997
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, 1997
Email this Content