Search - contravene

Ruling Given Provided that the above-mentioned facts and proposed transactions are accurate and constitute complete disclosure of all the relevant facts and proposed transactions, that the Assignment and Assumption Agreements are substantially the same as the documents provided to us, that the transaction is carried out as described herein, and that the Assignment and Assumption Agreements for the assignment and assumption of A Co's rights and obligations under the Contracts are executed and assented to by each of the Claimants, A Co and the Assignees, we rule as follows: Because the Assignment and Assumption Agreements as described in 12, will not be considered to contravene the requirements contained in paragraph 5 of IT-365R2 for structured settlements that an annuity be non-assignable and non-transferable (see comment below), the Assignment and Assumption Agreements, in and by themselves, will not cause the payments received by the Claimants (or their respective estates or such other secondary payees related to Claimants as may be named in the Contracts) under the structured settlements, as described in 10, to be subject to taxation in their hands under any provision of the Act. Comment: Provided that the Claimants have consented to the assignment of the structured settlements as described in the Ruling, in our view, the Assignment and Assumption Agreements, in and by themselves, will not contravene the restriction contained in paragraph 5 of IT-365R2 that an annuity be non-assignable and non-transferable. ...

The effect of this action pursuant to the XXXXXXXXXX will be to reduce the par value of the FA 2 Shares and to create a corresponding amount of contributed surplus which does not form part of the retained earnings, share premium account or any other capital account so that the distribution as described in paragraph 6 below does not contravene liquidity or solvency rules under the XXXXXXXXXX. 6. ... Therefore, the dividend payment as described in paragraph 6 above does not contravene liquidity/solvency tests under the XXXXXXXXXX. ...

While we agree that the wording of paragraph 88(1)(d.2) makes it somewhat difficult to ascertain what the appropriate result should be in all circumstances, we are prepared, on a case-by-case basis, to continue to provide rulings on post-mortem "bump" transactions where all relevant facts are identified and the particular transactions in question do not, in our view, contravene our understanding of the current tax policy of the bump rules. ...

Position: No Reasons: It contravenes the provisions of 6801(a)(iii) of the Regulations XXXXXXXXXX 2003-001604 M. ...

Position: No Reasons: It contravenes the provisions of 6801(a)(iii) of the Regulations XXXXXXXXXX 2003-002125 M. ...

You have requested an income tax ruling that the existing terms of a collective agreement, as they relate to a registered pension plan subjected to the Pension Benefits Standards Act, 1985 ("PBSA"), would not contravene the PBSA. ...

As noted by you, in that letter we indicated, that an offer would contravene the provisions of paragraph 146(2)(c.4) of the Act if it is linked in any manner to the issue or the existence of an RRSP. ...

In our view, an offer would contravene the provisions of paragraph 146(2)(c.4) of the Act if it is linked in any manner to the issue or the existence of an RRSP. ...

You inquire whether or not the article contravenes the Income Tax Act (the "Act"). ...

Storry Attention: January 10, 2001 Dear Sirs: Re: Withholding Exemption on Interest Paid to Non-Resident Lender This is in response to your letter dated February 11, 2000, wherein you requested our views regarding the withholding tax exemption pursuant to subparagraph 212(1)(b)(vii) of the Income Tax Act (the "Act") and whether the occurrence of specific events would contravene this exemption. ...