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.
ADM'S OFFICE (2) 98-00885M
RETURN TO 15TH FLOOR, ALBION TOWERS
April 1, 1998
XXXXXXXXXX
Dear XXXXXXXXXX:
The Honourable Herb Dhaliwal, Minister of National Revenue, has asked me to respond to your letter of November 6, 1997, concerning the tax implications resulting from the demolition of a building. A copy of your letter was sent to Mr. Dhaliwal, by the Office of the Honourable Sheila Copps, Minister of Canadian Heritage, on February 6, 1998.
The Income Tax Act provides that in certain cases an owner of a building is entitled to a deduction for part of the cost of a building where the building has been destroyed in the year. Currently there is no provision in the Act that limits this deduction where it is a heritage building that has been destroyed. However, this deduction may be reduced, depending on the circumstances, if the taxpayer or a related person owned the land upon which the building is situated. The Department of Finance is responsible for changing the Act and I understand that a copy of your letter was forwarded to that department for consideration.
I trust that this information will be of assistance to you.
Yours sincerely,
Denis Lefebvre
Assistant Deputy Minister
Policy and Legislation Branch
B. Kerr
957-2139
March 5, 1998
Finalized March 25, 1998 LC/gt
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© Her Majesty the Queen in Right of Canada, 1998
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© Sa Majesté la Reine du Chef du Canada, 1998
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