5 February 1990 Ministerial Correspondence 59434 F - When trust is a unit trust?

By services, 18 January, 2022
Official title
When trust is a unit trust?
Language
French
CRA tags
108(2)(b)(iii)
Document number
Citation name
59434
Severed letter type
Ministerial Correspondence
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
629584
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1990-02-05 07:00:00",
"field_tags": []
}
Main text
19(1) File No. 5-9434
  A.B. Adler
  613-957-8962

February 5, 1990

Dear Sirs:

This is in reply to your letter dated December 4, 1989 in which you requested our comments with respect to certain property described in subparagraph 108(2)(b)(iii) of the Income Tax Act ("Act").

Specifically you are concerned whether the term "cash" used in subparagraph 108(2)(b)(iii) of the Act includes money held on deposit with a bank or trust company.  Provided the depositor has the right to withdraw the money on deposit at anytime, we agree such deposits would qualify as cash for purposes of that subparagraph. 

We trust that our comments are sufficient for your purposes.

for DirectorFinancial Industries DivisionRulings Directorate