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.
C.J. Muirhead 613-593-6201
February 11, 1980
Dear Sir:
Re: Interpretation Bulletin IT-289 dated February 16, 1976
Thank you for your letter of January 25, 1980 in connection with the above-noted interpretation bulletin.
As you point out, the definitions of "paid-up capital" and "dividend" contained in paragraph 89(1)(c) and subsection 248(1) of the Income Tax Act were amended by the provisions of Bill C-11 (which received Royal Assent on December 15, 1977); however, Interpretation Bulletin IT-289 has not yet been updated to reflect these amendments.
We confirm that the comments in IT-289 are not appropriate with respect to stock dividends paid after 1976 and that IT-289 , together with IT-88 , are currently in the process of being revised.
Yours truly
for Director specialty corporations Rulings Division Corporate Rulings Directorate Legislation Branch
CJM/jw
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