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.
| 19(1) |
File No. 5-9434 |
| |
A.B. Adler |
| |
613-957-8962 |
February 5, 1990
Dear Sirs:
This is in reply to your letter dated December 4, 1989 in which you requested our comments with respect to certain property described in subparagraph 108(2)(b)(iii) of the Income Tax Act ("Act").
Specifically you are concerned whether the term "cash" used in subparagraph 108(2)(b)(iii) of the Act includes money held on deposit with a bank or trust company. Provided the depositor has the right to withdraw the money on deposit at anytime, we agree such deposits would qualify as cash for purposes of that subparagraph.
We trust that our comments are sufficient for your purposes.
for DirectorFinancial Industries DivisionRulings Directorate
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© Sa Majesté la Reine du Chef du Canada, 1990
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