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 CCRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ADRC.
Principal Issues: Change in facts and proposed transactions regarding ruling 2003-000100.
Position: No change in the rulings given.
Reasons: N/A
XXXXXXXXXX 2003-005087
XXXXXXXXXX, 2003
Dear XXXXXXXXXX:
Re: XXXXXXXXXX ("A Co")
XXXXXXXXXX ("Canadian Advisor")
Supplementary Advance Income Tax Ruling
We are writing in reply to your letter of XXXXXXXXXX in which you requested a supplementary advance income tax ruling on behalf of the above-referenced taxpayers with respect to our advance income tax ruling number 2003-000100 dated XXXXXXXXXX, 2003 (the "Ruling Letter").
The companies and entities referred to below have their meanings under the heading "Definitions" in the Ruling Letter.
You outlined in your letter the following changes or additions to the facts and proposed transactions set out in the Ruling Letter:
1. Paragraph 33 of the Ruling Letter is deleted because International is no longer controlled by XXXXXXXXXX. International is not controlled by any one shareholder or a group of shareholders.
2. On XXXXXXXXXX, A Co will continue from XXXXXXXXXX to XXXXXXXXXX. As a result of the continuance, A Co will cease to be a XXXXXXXXXX company and will become a XXXXXXXXXX company. Hence, from that time onward, the fact stated in paragraph 17 of the Ruling Letter will no longer apply.
3. The swaps contracts held by International to Bank described in paragraphs 31 and 32 of the Ruling Letter will be terminated on XXXXXXXXXX and International will hold an interest in A Co directly.
Notwithstanding the above changes, we confirm that the rulings given in the Ruling Letter will continue to be binding on the Canada Customs and Revenue Agency (the "CCRA"), subject to the same limitations and qualifications set out in the Ruling Letter.
Nothing in this letter should be construed as implying that the CCRA has agreed or reviewed the Canadian tax consequences, if any, of the transactions described in paragraphs 1 to 3 above.
Yours truly,
XXXXXXXXXX
Section Manager
for Division Director
International and Trusts Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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