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.
| |
March 28, 1990 |
| Mr. J.M. Legault |
Current Amendments and |
| Director |
Regulations Division |
| Returns Processing Division |
D.C. Burnett |
| |
(957-2078) |
| |
File No. F-3421/3576 |
Block Averaging and Minimum Tax
This is in response to your memoranda of November 21, 1990 and March 5, 1990 concerning the above subject.
We have discussed the issues raised in your memoranda with R. Dubrule of the Department of Finance. Unfortunately, the information provided by this Division on December 15, 1987 was based on the premise that without the minimum tax provisions, the taxpayer's Part I tax for the year was nil. The intended result is that for block averaging purposes, the tax payable for the year in question is the tax payable under Division E of Part I. In the example set out in your memorandum, 24(1) .
In this regard, we have been informally asked how discretionary deductions, such as tax credits, available to the taxpayer should be treated. This point was also discussed with Mr. Dubrule. 21(1)(b)
B.J. BrysonActing DirectorCurrent Amendments and Regulations Division
c.c.: R. Dubrule
DCB/jab
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