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.
| |
August 8, 1990 |
| Returns Processing |
Current Amendments and |
| Taxroll Operations Section |
Regulations Division |
| Information Returns Group |
C. Dubé |
| |
957-2076 |
| |
F-3818 |
T4PS Rev 90
This is in reply to your round trip memorandum of July 27, 1990 signed by Mr. Bradshaw in which you requested our review of the above noted form.
We have generally limited our review to policy matters. (We are not aware of any current or pending tax policy initiatives that would affect this form.)
However, we question the basis for the use of "l'intérêt recu" in box 33 and "montants reçus" in box 35. It seems to us that the trust must account for income on the accrual basis and the effect of subsection 144(3) is that the beneficiary must include as ordinary income any amount that is allocated to him by the trust on this basis, except for any amount that is deemed, by virtue of subsection 144(8.2), to have been received as interest.
We perceive that the effect of paragraph 144(3)(f) and subsection 144(8.2) is to require allocations of interest to be in respect of interest computed on the actual basis.
Enclosed are photocopies with suggested alternations noted thereon.
B.J. BrysonActing Director Current Amendments and Regulations Division
Enclosure
c.c. B. BuetowTechnical Review Section
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© Her Majesty the Queen in Right of Canada, 1990
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© Sa Majesté la Reine du Chef du Canada, 1990
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