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.
| |
September 19, 1989 |
| Non-Resident Taxation |
Current Amendments and |
| Division |
Regulations Division |
| |
Bernhard Buetow |
| Attention: K. Hillier |
| A/Director |
F-3249 |
Paragraph 48(1)(a) Elections - F-3249 Prescribed Form
We have the following comments for your consideration which we discussed via the telephone on September 11:
(1) In the first paragraph you have the taxpayer electing immediately before ceasing to be resident. That is when he is deemed to have disposed of the property. The election is made when it is filed with the Income Tax Return.
(2) Also in the first paragraph the taxpayer must be an individual.
(3) The title sentence only refers to capital gains not losses.
(4) The form does not provide for late-filed elections for 1985, 1986, 1987 and 1988. Regulation 1302 provides that the prescribed form may be filed on or before the dat that is 180 days after the date of publication of the Regulations in the Canada Gazette, March 16, 1988, for the years 1985, 1986, and 1987. Since the prescribed form is as yet not available to taxpayers provision should be made for late elections for these four years. Please note, however, the 1985 taxation year is statute barred and that could create problems.
(5) A copy of T2061A is attached indicating our suggestions.
B.J. Bryson Acting DirectorCurrent Amendments and Regulations Division
Attach.
c.c.: Mr. A. Cockell
BJB/jab
All rights reserved. Permission is granted to electronically copy and to print in hard copy for internal use only. No part of this information may be reproduced, modified, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in a retrieval system for any purpose other than noted above (including sales), without prior written permission of Canada Revenue Agency, Ottawa, Ontario K1A 0L5
© Her Majesty the Queen in Right of Canada, 1989
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1989
Email this Content