28 May 1990 Income Tax Severed Letter ACC9022 - Rights Offering

By services, 22 July, 2022
Official title
Rights Offering
Language
English
Document number
Citation name
ACC9022
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
656454
Extra import data
{
"field_external_guid": [],
"field_proprietary_citation": [],
"field_release_date_new": "1990-05-28 08:00:00",
"field_tags": []
}
Main text
900517
                   24(1)                      W.C. Bailey
                                              957-2061
                   19(1)                      EACC 9022
May 28, 1990

Dear Sirs:

Re: Rights Offering

This will reply to your letter of April 18, 1990.

Your concern is whether the exception in paragraph 15(1)(c) of the Act will apply to the situation where residents of Quebec are excluded from a rights offering in order to avoid compliance with the requirement of Quebec law that the offering material be in the French language.

While the matter of French language requirements in Quebec was not considering or addressed in the second part of paragraph 2 of IT-116R2 , we do confirm that where residents of Quebec are excluded from a rights offering in order to avoid compliance with Quebec's language laws, paragraph 15(1)(c) will apply provided the rights are in fact issued to such shareholders and they are entitled to sell such rights.

Yours sincerely,

Director Business and General Division Specialty Rulings Division Legislative and Intergovernmental Affairs Branch a