28 July 1999 Internal T.I. 9920787 - FILING OF SUBSECTION 144(10) ELECTION144(10)

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: What does a T.C. do with a 144(10) election?

Position: Files it with the T2 of the electing employer.

Reasons: Decision by IRPPD and Audit that this was the appropriate location to keep 144(10) elections (note Regulation 1500(3) says elections to be mailed to DM).

		July 28, 1999

	SUMMERSIDE  TAX  CENTRE	Income Tax &
	Dan Woodin, Director	  Interpretations Directorate
P. Spice		ATTENTION:  Employer Services	957-2098
	992078

RE: Subsection 144(1) Election for XXXXXXXXXX

This is in reply to your routing slip received on July 21, 1999, in which you ask for our advice on what action should be taken with regard to a subsection 144(10) election. You enclosed the election by the above-named corporation and a copy of the Special Release to IT-280R Employees Profit Sharing Plans - Payments Computed by Reference to Profits.

As indicated in the Special Release which amends paragraph 11 of the IT, a subsection 144(10) election is made by a participating employer of an employees profit sharing plan by sending the required documents to the Revenue Canada tax centre serving the employer. We understand that the election is kept with the T2 file of the employer. If an employer has a question concerning the interpretation of subsection 144(10) of the Income Tax Act, we would be pleased to respond.

We are returning the election for the above-named employer so that it may be filed as indicated above.

P. Spice
for Director
Financial Industries Division
Income Tax Rulings &
Interpretations Directorate