5-911819
Dear Sirs:
Re: Self-Funded Leaves of Absence
24(1)
We are writing in reply to your letter of June 25, 1991, in which you request guidelines and information concerning requirements for self funded leave of absence plans.
Enclosed for your information is Income Tax Ruling 39 (Deferred Salary Leave Plan) which describes a leave plan which meets all the requirements of the Income Tax Act and Regulations. A leave plan modelled on the one described in this ruling should be acceptable for income tax purposes.
Once you have drafted a plan you may submit it to the Department for review and we will advise if it is satisfactory or if changes are required. The plan should be forwarded to:
Mr. Wayne Douglas, Chief, Deferred Income Plans and Trusts Section, Rulings Directorate, Revenue Canada Taxation Ottawa, Ontario KlA OL8 (Fax (613) 957-7476).
We trust the foregoing information will assist.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate