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.
Dear Madam:
Re: Advance Income Tax Ruling Request
This is in reply to your ruling request of July 6, 1990 wherein you requested rulings, among others, that XXX
In our telephone conversation of July 12, 1990 we advised you that we will not rule on the proposed leasing transaction described in your ruling request. Our general position in considering ruling requests regarding proposed leasing transactions is that the nature of the legal relationship between the parties must be represented to us and there must be no contradiction between the form and the substance of the documents that are intended to govern the transaction. Additionally, while we will not rule on the nature of the legal relationship between the parties, we may question whether the form of the documents reflects the proper legal characterization of the relationship represented to us.
We also have fundamental concerns with any arrangement that may take advantage of differing tax laws in two or more jurisdictions to create the potential for simultaneous claims in those jurisdictions of a capital cost allowance in respect of the same property.
Although we will not rule on how the proposed transaction described in your ruling request would be viewed for purposes of the Income Tax Act (the "Act"), should your client decide to proceed with the proposed transaction you may wish to consider the impact, if any, of subsection 212(13) of the Act and Article XII of the Canada-Singapore Income Tax Convention, 1976.
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© Her Majesty the Queen in Right of Canada, 1990
Tous droits réservés. Il est permis de copier sous forme électronique ou d'imprimer pour un usage interne seulement. Toutefois, il est interdit de reproduire, de modifier, de transmettre ou de redistributer de l'information, sous quelque forme ou par quelque moyen que ce soit, de facon électronique, méchanique, photocopies ou autre, ou par stockage dans des systèmes d'extraction ou pour tout usage autre que ceux susmentionnés (incluant pour fin commerciale), sans l'autorisation écrite préalable de l'Agence du revenu du Canada, Ottawa, Ontario K1A 0L5.
© Sa Majesté la Reine du Chef du Canada, 1990
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