21 November 1990 External T.I. 9029355 F - Availability of Mortgage Reserve where Original Due Date Extended

By services, 18 January, 2022
Official title
Availability of Mortgage Reserve where Original Due Date Extended
Language
French
CRA tags
20(8), 40(1)(a)(iii)
Document number
Citation name
9029355
Severed letter type
Technical Interpretation - External
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
631329
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1990-11-21 07:00:00",
"field_tags": []
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Main text
24(1) 5-902935
  Bill Guglich
  (613) 957-2102

19(1)

November 21, 1990

Dear Sirs:

This is in reply to your letter of October 16, 1990, concerning the availability of a mortgage reserve where the original due date of the mortgage has been extended. You have made reference to the fact that the comments which were in paragraphs 9 & 10 of IT-436 were not included in IT-436R.

The comments in paragraphs 9 & 10 of IT-436 were not included in IT-436R as it was considered that they would have limited application since subsection 20(8) and subparagraph 40(1)(a)(iii) of the Act had been amended to restrict the time limit to 36 months and 5 years respectively for the deduction of reserves. However, our comments in paragraphs 9 & 10 of IT-436 remain valid provided all the requirements of the Act are otherwise met.

We trust this will be of assistance to you.

Yours truly,

for DirectorBusiness and General DivisionRulings DirectorateLegislative and Intergovernmental Affairs Branch