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: Minor amendments to the facts and proposed transactions.
Position: N/A
Reasons: No effect on rulings provided.
XXXXXXXXXX 972191
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 1997
Dear Sirs:
Re: XXXXXXXXXX
Advance Income Tax Ruling 971300, dated XXXXXXXXXX, 1997
This is in reply to your letter dated XXXXXXXXXX, wherein you advised us of certain amendments to the facts and proposed transactions described in the above-referenced Advance Income Tax Ruling (hereinafter referred to as the "Ruling Letter").
Any reference herein to paragraphs are references to those contained in the Ruling Letter and any defined terms used in this letter have the meanings assigned to them in the Ruling Letter.
The Ruling Letter is hereby amended as follows:
1. The last sentence of paragraph 3 is deleted and replaced by the following:
"At present, all of the directors are residents of Canada but it is possible in the future that non-residents may be elected to the Board."
2. The reference to "Annual Board Retainer" in the last sentence of subparagraph 4(b) is deleted and replaced by "Annual Chairman's Retainer".
Notwithstanding the above changes, we confirm that, subject to the conditions set out therein, the rulings given in the Ruling Letter will continue to be binding on the Department in accordance with the practice outlined in Information Circular 70-6R3, dated December 30, 1996.
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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