30 November 1996 Ruling 9724733 - SUPPLEMENTAL RULING- CHANGE IN FACTS

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:

Supplemental to Ruling 972356. Changes in fact in the percentage of shareholding in XXXXXXXXXX by the XXXXXXXXXX, change in the in the description in the purpose of the proposed transaction, change in the date the proposed transaction must be completed by.

Position:

Ruling will continue to be binding. The changes are not significant enough to change the ruling given.

Reasons:

XXXXXXXXXX							972473
XXXXXXXXXX

Attention: XXXXXXXXXX

XXXXXXXXXX, 1997

Dear Sirs:

Re: XXXXXXXXXX (the "Company")

This is in reply to your facsimile of XXXXXXXXXX wherein you requested certain amendments to advance income tax ruling 972356 dated XXXXXXXXXX, 1997 (the "Ruling") concerning the above mentioned taxpayer.

As a result of your facsimile, the following changes are made to the Ruling:

1.In paragraph 5, the second sentence will be replaced by the following:

"Approximately XXXXXXXXXX of the issued and outstanding common shares of XXXXXXXXXX are held by the public, and the balance XXXXXXXXXX are beneficially held directly or indirectly by certain members of the XXXXXXXXXX (the "Permitted Holders") which you have told us provides the XXXXXXXXXX with defacto control of XXXXXXXXXX."

2.Paragraph 12 will be replaced by the following:

"The Company intends to use the net proceeds of such Notes to refinance substantially all of its outstanding long-term debt and to repay certain indebtedness and obligations to other creditors."

3.The first paragraph on page 4 will be replaced with the following:

This ruling is given subject to the general limitations and qualifications set forth in Information Circular 70-6R3 issued by Revenue Canada, Taxation on December 30, 1996 and is binding provided that the proposed transaction is completed by XXXXXXXXXX. This ruling is based on the Act in its present form and does not take into account the effect of any proposed amendments."

We confirm that the above changes will not otherwise affect the ruling given in the Ruling and it will continue to be binding on the Department as indicated therein.

Yours truly,

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