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: An organization has raised a tax policy issue concerning the definition of "specified investment business" in subsection 125(7) of the Income Tax Act. The organization has been advised to contact the Department of Finance.
Position: See Principal Issues
Reasons: See Principal Issues
XXXXXXXXXX 2001-009866
M. Eisner, CA
September 13, 2001
Dear XXXXXXXXXX:
Re: Specified Investment Business
This is in reply to your letter of August 23, 2001, concerning the "more than 5 full-time employees" test in the definition of "specified investment business" in subsection 125(7) of the Income Tax Act (the "Act").
As you know, the above test is a specific requirement of the Act. Please note that the role of the Canada Customs and Revenue Agency is to administer and enforce the Act as passed by Parliament. The concern raised in your letter relates to tax policy, which is the responsibility of the Department of Finance. Should you wish to pursue that tax policy concern further, you may write to the Tax Policy Branch of the Department of Finance at L'Esplanade Laurier, 140 O'Connor Street, Ottawa, Ontario K1A 0G5.
We trust that our comments are of assistance to you.
Yours truly,
Milled Azzi, CA
for Director
Business and Partnerships Division
Income Tax Rulings
Policy and Legislation Branch
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