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: Request for time extension
Position: Granted
XXXXXXXXXX 2007-026265
XXXXXXXXXX , 2007
Dear XXXXXXXXXX
RE: Supplemental Advance Income Tax Ruling
XXXXXXXXXX - Trust Account Number XXXXXXXXXX (XXXXXXXXXX Tax Services Office, XXXXXXXXXX Centre)
XXXXXXXXXX - Business Number XXXXXXXXXX
(XXXXXXXXXX Tax Services Office, XXXXXXXXXX Tax Centre)
XXXXXXXXXX - Business Number XXXXXXXXXX
(XXXXXXXXXX Tax Services Office, XXXXXXXXXX Tax Centre)
Collectively, the "Taxpayers".
This is in reply to your email of XXXXXXXXXX in which you requested an extension of the deadline for the completion of the proposed transactions described in our advance income tax ruling numbered 2006-019256 (the "Ruling") dated XXXXXXXXXX, 2007. The terms LP, MFC Class A Shares, Paragraph and Proposed Transactions have the meaning assigned in the Ruling.
The Ruling will be modified by adding the following sentence at the end of Paragraph 17: MFC will elect to be a public corporation pursuant to paragraph (b) of the definition of "public corporation" in subsection 89(1).
We hereby confirm that the Ruling will continue to be binding on the Canada Revenue Agency provided that the proposed transactions described therein are completed by XXXXXXXXXX. We note that if any of the facts or proposed transactions are changed from those presented in the Ruling, the Ruling may not be binding on the Canada Revenue Agency unless you request a supplemental ruling prior to the implementation of the Proposed Transactions.
On June 22, 2007, legislation pertaining to specified investment flow-through entities ("SIFTs") received Royal Assent. As you are aware the Canada Revenue Agency is considering the issue of whether the subsidiary entities of, for example, an income trust, could be SIFTs, but has not yet reached a conclusion. Consequently, nothing in the Ruling or in this letter should be viewed as providing any assurance that LP is not currently a SIFT or will not become a SIFT by virtue of the proposed transactions.
Yours truly,
for Director
Reorganizations and Resources Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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© Her Majesty the Queen in Right of Canada, 2007
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© Sa Majesté la Reine du Chef du Canada, 2007
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