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.
XXX
Re: Paragraph 212(1)(b)(vii)
Lease - Option Agreements
Thank you for your letter of February concerning the application of paragraph 212(1)(b)(vii) of the Act to 'financial leases'.
As we indicated to you last August, we have some difficulty accepting the view that a 'financial lease' technically can qualify as an 'evidence of indebtedness' for purposes of paragraph 212(1)(b)(vii) of the Income Tax Act.
Since this is primarily a matter of tax policy, we have approached officials of the Department of Finance to clarify the intended policy of this provision. At the present time, this matter is still outstanding and as soon as we have received the necessary information, we will write to you again.
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© Her Majesty the Queen in Right of Canada, 1981
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© Sa Majesté la Reine du Chef du Canada, 1981
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