XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
RE: Stock Brokerage Accounts
This is in reply to your letter of November 19, 1993 requesting our opinion regarding the transfer of sole ownership of a stock brokerage account to joint ownership.
The particular circumstances outlined in your letter are factual situations. As explained in Information Circular 70-6R2, it is not the Department's practice to comment on proposed transactions involving specific taxpayers other than in the form of an advance income tax ruling. Taxpayers seriously contemplating a proposed transaction are best advised to seek a formal ruling, submitting a complete statement of facts and issues as well as copies of all relevant documents. Should your situation involve a specific taxpayer and a completed transaction, you should submit all relevant facts and documentation to the appropriate district taxation office for their views. We are therefore not in a position to give you a definitive response unless you submit the pertinent documentation. However, we can offer you the following general comments which may be of assistance.
In the situation briefly described in your letter, the Income Tax Act does not seem to deem a disposition. However, if the transactions result in a real disposition under the Common Law, we are of the opinion that there will be a disposition for income tax purposes.
We hope that these comments will be of some assistance.
We apologize for the delay in responding to your letter.
Yours truly,
for Acting DirectorManufacturing Industries, Partnerships and Trusts Division Rulings DirectorateLegislative and Intergovernmental Affairs Branch