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:
Changes to ruling given on subparagraph 212(1)(b)(vii)
Position:
Changes given
Reasons:
Wording of 212(1) is paid or credited.
XXXXXXXXXX 971525
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 1997
Dear Sirs:
Re: XXXXXXXXXX
Advance Income Tax Ruling 971067 (the "Ruling")
This is with respect to our telephone conversation of XXXXXXXXXX wherein you request certain amendments to the Ruling dated XXXXXXXXXX, 1997.
The Ruling is hereby amended as follows:
1.Ruling A of the Ruling is amended as follows:
A.The interest paid or credited by XXXXXXXXXX, a corporation resident of Canada, to XXXXXXXXXX with whom XXXXXXXXXX is dealing at arm's length, under the non-revolving credit facility, will not be subject to the application of paragraph 212(1)(b) of the Act by virtue of the provisions of subparagraph 212(1)(b)(vii) of the Act.
We confirm that the Ruling as amended above will continue to be binding in the manner set forth therein.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
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© Her Majesty the Queen in Right of Canada, 1996
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