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:
Are the T3D, T3P, T3S and T3RI information returns for the purposes of applying subsection 162(7) of the Act?
Position:
Yes
Reasons:
Specifically included under subsection 204(1) of the Regulations.
January 4, 1996
HEADQUARTERS HEADQUARTERS
Processing Division M.P. Sarazin
Pat McLaughlin (613) 957-3499
953151
Information Returns
This is in reply to your memorandum dated December 1, 1995 wherein you requested our comments regarding the inclusion of the T3D, T3P, T3S and T3RI forms (the "Forms") as information returns for the purposes of applying subsection 162(7) of the Income Tax Act (the "Act").
Subsection 162(7) of the Act provides for penalties for failure to file an information return required by the Act or Income Tax Regulations (the "Regulations"). Paragraph 221(d) of the Act provides the Governor in Council the authority to make regulations "requiring any class of persons to make information returns respecting any class of information required in connection with assessments under this Act". Part II of the Regulations lists the various information returns that are prescribed.
You are of the view that paragraph 221(1)(d) of the Act applies to include such forms as T4As as information returns but does not apply to include any of the Forms as information returns for purposes of the Act.
The Forms are income tax returns that have to be filed pursuant to paragraph 150(1)(c) of the Act and various other provisions of the Act. Paragraphs 43 to 52 of Information Circular 78-14R2 refer to the various provisions of the Act which require the filing of each of the Forms.
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Consequently, the Forms would also be considered tax returns and, except for the T3D, information returns for purposes of the Act. Subsection 204(3) of the Regulations excludes any trust governed by a deferred profit sharing plan from the application of section 204 of the Regulations.
We trust the above comments will be of assistance to you.
for Director
Financial Industries Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
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