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 CNQ is a prescribed stock exchange in Canada pursuant to section 3200 of the Income Tax Regulations.
Position: No.
Reasons: CNQ is not on the list in section 3200.
XXXXXXXXXX 2003-003172
J. Gibbons, CGA
February 25, 2004
Dear XXXXXXXXXX:
Re: Canadian Trading and Quotation System Inc. (CNQ)
This is in reply to your email dated July 24, 2003, concerning CNQ and whether it is a "prescribed stock exchange in Canada" pursuant to section 3200 of the Income Tax Regulations (the "Regulations"). This may affect, among other things, whether shares listed on CNQ are eligible investments for a trust governed by a registered retirement savings plan, a registered retirement income fund or a deferred profit-sharing plan.
Currently, CNQ is not on the list of prescribed stock exchanges in Canada in section 3200 of the Regulations. According to Mr. Ryan Hall of the Department of Finance, no formal review of CNQ is underway, and typically a new trading forum will not be assessed for purposes of adding it to the list of prescribed stock exchanges until it has actually operated for some time. If you have any questions regarding this process or CNQ's status, you may contact Mr. Hall at (613) 996-5155.
We trust that these comments will be of assistance.
Yours truly,
Roberta Albert, CA
for Director
Financial Industries Division
Income Tax Rulings Directorate
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