Principal Issues: Is the amendment to the loss utilization arrangement acceptable?
Position: YES
Reasons: Meets the established position
XXXXXXXXXX 2011-042733 XXXXXXXXXX XXXXXXXXXX , 2011
Dear XXXXXXXXXX :
Re: Advance Income Tax Ruling
XXXXXXXXXX
This is in reply to your letter of XXXXXXXXXX , wherein you requested an amendment to advance income tax ruling 2011-038932 (the "Original Ruling") on behalf of the above-named taxpayers.
In this letter, all capitalized terms have the meanings specified in the Original Ruling. We acknowledge receipt of the minor changes you sent us to the facts that do not affect the viability of the rulings given.
The Original Ruling is being amended to increase the amounts referred to in paragraphs 16, 17, 18 and 19 of the Original Ruling from $XXXXXXXXXX to an amount that will not exceed $XXXXXXXXXX . This increase will be affected in several tranches and all the other facts and proposed transactions with respect to Structure # 1 will be the same as indicated in the Original Ruling. Structure # 2 as described in paragraphs 34 to 38 of the Original Ruling will be unwound as described no later than XXXXXXXXXX . However, Structure # 2 will not be repeated in 2012; as a result, paragraph 39 of the Original Ruling is being omitted as it will no longer be required.
We hereby confirm that, subject to the same limitations, conditions and qualifications set out in the Original Ruling, as amended by this letter, the rulings given in the Original Ruling will continue to be binding on the CRA.
Yours truly,
XXXXXXXXXX
for Director
Financial Industries Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch