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:
Whether a subsection 48.1(1) election can be amended or revoked.
Position TAKEN:
Forwarded to Audit Directorate for reply.
Reasons FOR POSITION TAKEN:
While section 48.1 contains provisions for the late filing of a subsection 48.1(1) election, it does not contain any provision for the amendment or revocation of such an election. In addition, subsection 48.1(1) is not prescribed under Regulation 600, for purposes of subsection 220(3.2). Accordingly, there is no specific provision in the Act providing for the amendment or revocation of a subsection 48.1(1) election. The issue is therefore whether there is any administrative relief in this area.
July 9, 1999
Claude Englehart HEADQUARTERS
Manager M. Azzi
Technical Applications Section 957-8972
Audit Directorate
5-991657Election under section 48.1 of the Income Tax Act (the “Act”)
Pursuant to our discussion of July 8, 1999 (Azzi/Ryan), we are forwarding the enclosed enquiry for your reply. The taxpayer is enquiring whether a subsection 48.1(1) election can be amended or revoked in certain circumstances.
While section 48.1 of the Act contains provisions for the late filing of a subsection 48.1(1) election, it does not contain any provision for the amendment or revocation of such an election. In addition, subsection 48.1(1) of the Act is not prescribed under Regulation 600, for purposes of the discretion allowed the Minister under subsection 220(3.2) of the Act. Accordingly, there is no specific provision in the Act providing for the amendment or revocation of a subsection 48.1(1) election. As discussed, we are forwarding this enquiry for your reply, as the taxpayer recognizes that there is no such provision, and is therefore enquiring whether there is any administrative relief in this area.
We have advised the taxpayer that the enquiry was forwarded to you for reply. We would also appreciate receiving a copy of your reply.
Jim Wilson
for Director
Business and Publications Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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