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.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues:
Inter-spousal transfers of interest in mutual funds.
Position:
May qualify for rollover.
Reasons:
subsection 73(1)
960474
XXXXXXXXXX B.G. Dodd
Attention: XXXXXXXXXX
February 13, 1996
Dear Sirs:
Re: Mutual Fund Re-registration
We are writing in connection with your letter dated January 1996 requesting a ruling in advance of changing the registration of your clients' mutual funds.
The Department does not comment on proposed transactions other than by way of an advance ruling. The advance income tax rulings service is intended to provide a particular taxpayer with the Department's interpretation of specific provisions of the Income Tax Act with respect to one or more transactions which are being seriously contemplated by the taxpayer. The parameters of this service are described in the enclosed Information Circular 70-6R2 and the related special release dated September 30, 1992. (Please note that it does not include making recommendations in respect of tax planning initiatives.) Should you wish to pursue such a request, we would direct your attention particularly to paragraph 15 of the Circular which sets out the procedures for requesting an advance ruling. Among other things, this entails a request which completely describes the specific facts and proposed transactions as well as the provisions of the Act with which you are concerned, your interpretation thereof, and the basis for such interpretation.
The fee of $80 which you enclosed is being returned under separate cover. Should you wish to proceed with an advance ruling, please note that the fee charged is $90 (plus Goods and Services Tax) per hour and a deposit of $481.50 (i.e., five hours) is required.
While we are therefore unable to address the particular situation outlined in your letter, we would direct your attention to subsection 73(1) of the Act.
We hope this will be of assistance to you.
Yours truly,
for Director
Manufacturing Industries,
Partnerships and Trusts Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislative Branch
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