30 October 1990 Income Tax Severed Letter

By services, 22 July, 2022
Language
English
Document number
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
656260
Extra import data
{
"field_external_guid": [
"menu:://Federal Income Tax [CCH Tax ]/Tax Window Files/Tax Window Files/Tax Window Files/1990s/1990 [NV90_433 - OC90_200.201]/OC90_040 — Spousal Rollover - Meaning of \\\"Vested Indefeasibly\\\""
],
"field_proprietary_citation": [],
"field_release_date_new": "1990-10-30 07:00:00",
"field_tags": []
}
Main text
24(1)
                                             5-902013
                                             D.S. Delorey
                                             (613) 957-3495
          19(1)1

October 30, 1990

Dear Sirs:

Re: Family Law Act (Ontario)

This is in reply to your letter of August 20, 1990 concerning the Family Law Act (Ontario) and the "spousal rollover" available under subsection 70(6) of the Income Tax Act (the "Act").

Where a court orders that the capital property of a deceased taxpayer is to be transferred to the surviving spouse absolutely in satisfaction of the latter's equalization claim under the Family Law Act, it is the position of the Department that the provisions of subsection 70(6) of the Act will apply to the transfer provided the property becomes vested indefeasibly in the spouse within the time set out in that subsection. The Department's position in this regard is set out in paragraph 7 of Interpretation Bulletin IT-449R .

We trust that our comments are of assistance.

Yours truly,

for Director Financial Industries Division Rulings Directorate