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.
Principal Issues: Changes to facts of ruling 2010-038062
Position: Ruling modified
Reasons: Changes do not affect validity of rulings given
XXXXXXXXXX 2011-040386
Attention: XXXXXXXXXX
XXXXXXXXXX , 2011
Dear Sirs/ Mesdames:
Re: XXXXXXXXXX , XXXXXXXXXX TSO, XXXXXXXXXX Tax Centre)
Advance Income Tax Ruling
We are writing in response to your recent email in which you requested amendments to Advance Income Tax Ruling 2010-038062 (the "Ruling"). Capitalized terms used in this letter have the meanings given to them in the Ruling.
Changes to STATEMENT OF FACTS
1. At Paragraph 4.2, XXXXXXXXXX % is deleted and replaced with XXXXXXXXXX %.
2. The last sentence of Paragraph 11 is deleted, and replaced with the following:
As at XXXXXXXXXX , DC had outstanding XXXXXXXXXX DC Stock Options, exercisable at prices varying from $XXXXXXXXXX per share to $XXXXXXXXXX per share.
3. Paragraph 16.6 is deleted, and replaced with the following:
Following approval of the XXXXXXXXXX shareholders, XXXXXXXXXX raised further funds by issuing additional common shares on or about XXXXXXXXXX , as a result of which the interest of DC in XXXXXXXXXX was reduced from approximately XXXXXXXXXX % to approximately XXXXXXXXXX %. DC did not directly or indirectly acquire any shares of XXXXXXXXXX under this offering.
4. The first sentence of Paragraph 18 is deleted, and replaced with the following:
The transactions described in Paragraphs 15 to 17 have been carried out by DC or XXXXXXXXXX as applicable in the ordinary course of their respective businesses or as part of the ongoing management of their respective portfolios of assets.
XXXXXXXXXX
Confirmation
Notwithstanding the above changes, we confirm that the rulings given in the Ruling, as modified by this letter, will continue to be binding on the Canada Revenue Agency subject to the same limitations and qualifications set out therein.
Yours truly,
for Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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