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 Sirs:
Re: XXX
We are writing in response to your letter of August 20, 1990 concerning your request for an opinion as to whether a particular arrangement would be considered an "acquisition" prior to July 13, 1990 for purposes of Article 14(3) of the July 13, 1990 Draft Amendments to the Income Tax Act and Related Statutes (the "Draft Amendments").
Our understanding of the relevant fact is as follows:
XXX
Article 14(3) of the Draft Amendments states that certain amendments are applicable with respect to exclusive rights to public and produce `acquired' after the `Announcement Date'. Supplementary Information issued with the Draft Amendments indicates that the expression `Announcement Date' means July 13, 1990 and it is intended that this date will be used in place of this expression when formal legislation is introduced.
Provided that our understanding of the facts as described herein is correct, it is our opinion that an acquisition of rights to produce and public issues of the XXX
The July 13, 1990 Draft Amendments to section 19 of the Act do not contain any accompanying grandfathering provisions which in our view would be necessary before any consideration of exemption from the proposals is possible. As discussed during a telephone conversation XXX Albert), queries concerning the possibility of grandfathering transactions which were substantially advanced at July 13, 1990 should be addressed to the Department of Finance.
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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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