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: Whether document 2001-0066667 continues to reflect the current position of the CRA
Position: Yes
Reasons: wording of the legislation
November 26, 2010
Legislative Policy Directorate HEADQUARTERS
Income Tax Rulings
Directorate
Attention : Linda Urgulo Sandro D'Angelo
(613)952-5803
2010-038642
Rulings document 2001-0066667 - Loan Corporation
This is in reply to your e-mail of October 28, 2010 where you asked us to confirm whether the position in the above-noted Rulings document continues to reflect the CRA's position.
The position in Rulings document 2001-0066667 is that a corporation whose principal business is the lending of money or the making of loans could be considered to be a "loan corporation" for purposes of section 405 of the Regulations.
The position in Rulings document 2001-0066667 was arrived at after consultations with Legal Services and the Department of Finance, and continues to reflect our current position.
We trust that these comments will be of assistance.
Yours truly,
S. Parnanzone
For Director
Business and Partnerships Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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