Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues: Amendments and time extension request.
Position: ok
Reasons: Time extension request is a result of a request from the bank to delay the offering of the units until XXXXXXXXXX due to XXXXXXXXXX and Y2K issues. This along with updated facts do not affect the ruling.
XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX 992981
XXXXXXXXXX
Attention: XXXXXXXXXX
XXXXXXXXXX, 1999
Dear Sirs:
Re: XXXXXXXXXX - Advance Income Tax Ruling
File #'s 972851, 982907, 990563, 991307 - Extension of Time
This is in response to your letter of XXXXXXXXXX, wherein you have requested various amendments to, and an extension of time for the completing the proposed transactions, in the above-noted advance income tax ruling and supplementals thereto.
In accordance with your request, the Ruling is amended to reflect the following:
1. Paragraph 3 is amended as follows:
XXXXXXXXXX
XXXXXXXXXX
a) XXXXXXXXXX
b) XXXXXXXXXX
c) XXXXXXXXXX
d) XXXXXXXXXX
XXXXXXXXXX
XXXXXXXXXX
The term paid-up capital ("PUC") as used here and subsequently, has the meaning assigned by subsection 89(1) of the Act.
2. Paragraph 6, second sentence is amended as follows:
XXXXXXXXXX
3. Paragraph 8 is amended as follows:
XXXXXXXXXX
4. Paragraph 10 is amended as follows:
XXXXXXXXXX
5. Subparagraph 20(c) is amended as follows:
For the purpose of returning capital on its issued XXXXXXXXXX Shares outstanding, the proceeds from the issuance of which were used for the purpose of earning income from business or property, to repay amounts previously borrowed for the purpose of earning income from business or property, or to repay amounts payable for property acquired for the purpose of gaining or producing income therefrom or from a business (or deemed by subsection 20(3) of the Act to be payable for such purpose).
6. Consistent with the amendments, as described above, to paragraph 3 and subparagraph 20(c), the reference to "the XXXXXXXXXX shares of ACo owned by ECo" in the Ruling C is revised to refer to "the XXXXXXXXXX Shares of ACo owned by ECo.
Consistent with the amendments described above, the Comment in the Ruling is amended to change the reference to "XXXXXXXXXX shares" to refer to "XXXXXXXXXX Shares."
We confirm that the above amendments will not affect the rulings given except as amended above and that they will continue to be binding on the Agency in the manner set forth in the Ruling and supplemental letters thereto provided that the proposed transactions are completed by XXXXXXXXXX.
Yours truly,
for Director
Financial Industries Division
Income Tax Rulings
and Interpretations Directorate