| 24(1) | 5-902602 |
| W.C. Harding | |
| (613) 957-8953 |
19(1)
November 8, 1990
Dear Sirs:
This is in reply to your letter of September 18, 1990 wherein you requested a non-binding opinion in respect of proposed transactions dealing with a factual situation.
Since the subject matter of your letter relates to actual proposed transactions it must be the subject of an advance income tax ruling and we are unable to provide you with our specific comments at this time.
Should you wish to obtain an advance ruling, a request should be made in accordance with the procedures set out in our revised Information Circular 70-6R2 dated September 28, 1990.
While we can not respond directly to your situation, in general, we are of the opinion that the terms of a trust may go beyond those terms specified in a single trust document and could in certain situations encompass the terms attached to a property subject to the trust. This may only be determined after a review of the facts particular to a specific proposal. In our opinion this same issue must also be considered with respect to the power to appoint or replace trustees or any other provision relevant to a transaction or series of transactions undertaken for the purpose of creating a trust.
We trust that these comments are of assistance to you.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate