Principal Issues: Confirmation that proposed transactions (subsequent events not contemplated at the time of the Ruling) XXXXXXXXXX
Position: Agreed.
Reasons: No additional rulings requested and proposed transactions do not affect validity of Ruling.
XXXXXXXXXX 2010-039166 XXXXXXXXXX XXXXXXXXXX , 2011
Dear XXXXXXXXXX :
Re: Advance Income Tax Ruling 2010-035503 (the "Ruling Letter")
XXXXXXXXXX
This is in reply to your letter of XXXXXXXXXX , requesting confirmation that new proposed transactions as described in that letter, to be effected in XXXXXXXXXX , involving:
1) a borrowing to reduce the paid-up capital and to pay dividends, and
XXXXXXXXXX
that were not contemplated and were unknown at the time the Ruling Letter was issued on XXXXXXXXXX , 2010, would not affect the validity of the rulings given in the Ruling Letter.
We hereby confirm that, subject to the conditions, limitations, qualifications and comments set out in the Ruling Letter, the rulings given in the Ruling Letter will continue to be binding on the Canada Revenue Agency.
Further, as indicated in your XXXXXXXXXX letter concerning the new proposed transactions involving the two issues noted above, you are not requesting any additional rulings and no additional rulings are provided.
Yours truly,
XXXXXXXXXX
for Director
Financial Sector and Exempt Entities Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch