CRA confirms that it generally will not provide advance guidance on TCP status

CRA confirmed that it does not offer a program to confirm, before the transfer of property (or an audit), whether it is taxable Canadian property, so that a purchaser may consider that it needs to withhold under s. 116 where there is uncertainty as to whether the purchased property is TCP. Although Rulings will not make determinations of fair market value or of facts, it could be contacted for a pre-ruling consultation, in response to which it could provide a view on its ability to rule or not, and on what information would be expected from the taxpayer.

Neal Armstrong. Summary of 29 November 2022 CTF Roundtable, Q.2 under s. 116(5).